Rising Importance of IoT-Based Smart Equipment Drives Demand for Rotating Equipment Repair: Persistence Market Research
NEW YORK CITY, UNITED STATES, USA, Jan. 20, 2022 /EINPresswire.com/ — Increasing industrialization and the development of consumer-driven economies have led to steady growth in key end-use sectors for the rotating equipment repair, such as oil and gas, power generation, mining, HVAC, water and wastewater treatment, general manufacturing, etc. While finding ways to optimize a manufacturing plant in terms of machine efficiency and overall productivity is only possible by reducing maintenance, downtime, breakdowns and common plant problems , this is the major driving force behind the growing demand for rotating equipment repair.
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The global rotating equipment repair market is expected to be valued at over US$17 billion in 2021, with stable long-term projections, according to revised information from Persistence Market Research, an ESOMAR-certified research and advisory firm. The report estimates the market to grow at nearly 5% CAGR over the period 2021 to 2031.
The market experienced a substantial fall in fiscal 2020, due to the recessive effects of COVID-19 on the global economy. Nationwide shutdowns in countries around the world, coupled with the unavailability of labor, have resulted in the closure of manufacturing plants. However, except for a few countries, economic and industrial activities have resumed at a steady pace after the second quarter of 2020. With the industrial sector being in recovery mode, the demand for rotating equipment repair is increasing positively.
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Key insights from market research
The environments in which rotating equipment operates are becoming increasingly harsh, especially for industries such as oil and gas, mining and power generation. As such, they require high-quality maintenance, repair and upgrade services, thus fueling the growth of the market.
An increasing number of end users are realizing the high savings potential of proactive maintenance and opting for the same. Additionally, there is also a growing awareness of using data analytics and predictive modeling to anticipate sudden equipment failures.
Health monitoring and reliability services are expected to dominate the market in terms of market share and growth rate. This is attributed to the increased demand for proactive or preventative maintenance services, in light of the huge cost savings that can be achieved by minimizing the possibility of sudden equipment breakdown or failure.
Major end-use industries such as Oil & Gas, Power Generation, Mining, HVAC, Water & Wastewater Treatment, General Manufacturing, etc. are seeing demand growing for the repair of rotating equipment
Asia-Pacific, Europe and North America are the main regions of this market.
The market in the United States is expected to grow at over $4 CAGR through 2031, while that in Germany is expected to grow around 5%.
The market value in India is expected to grow at over 8% CAGR through 2031, while that of China at nearly 7%.
Due to the COVID-19 pandemic, 2020 saw a substantial decline in market growth, to -4.3%. However, with a gradual recovery in industrial activity, 2021 should see growth of around 4%, with even more promising long-term prospects.
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“Services such as regular maintenance, repair, refurbishment, component upgrades, etc., play a vital role in maintaining industrial process chains and reducing downtime. Manufacturers and service providers are focusing on developing and delivering smart solutions with the integration of IoT-enabled equipment, thereby creating new avenues for market growth,” says an analyst from Persistence Market Research.
The rotating equipment repair market is significantly fragmented due to the presence of a large number of small and medium-sized players operating in the market. The major players are estimated to account for almost one-third of the overall market value share. These players are likely to invest in new technological developments and in the expansion of their networks in order to maintain their market share. Some of the major players operating in the market are The Weir Group PLC, Flowserve Corporation, General Electric Company, Siemens AG, KSB SE & Co. KGaA, Ebara Corporation, and Sulzer AG.
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