Rotating Equipment Market Size And Forecast Worldwide
According to Verified Market Research, The Global Rotating Equipment Market was valued at USD 1,20,725.2 Million in 2018 and is projected to reach USD 1,75,184.2 Million by 2026, growing at a CAGR of 4.87% from 2019 to 2026.
The Rotating Equipment are mechanical components, used in various industries, that use kinetic energy in order to move gases, liquids, and other process materials. The different types of rotating equipment include, but are not limited to:
Rotating equipment plays an integral role in most operations and given their different design, maintenance, and inspection requirements; they are often managed separately from fixed equipment. Rotating Equipment is a common classification of mechanical components used to add kinetic energy to any process in order to make a material move.
The growth in the market is supported by the tremendous growth in the Oil & Gas and Power generation industries. Owing to this demand the market for rotating equipment is anticipated to remain steady during the forecast period. Rotating machinery is a major and critical component of many mechanical systems in industrial plants, air and ground transportation vehicles, and in many other applications. Being of the critical part of industrial plant set-ups, especially in process industries, rotating equipment is relied upon for the continuing functioning of the overall plant operations. They have more demand in physically demanding applications and hence face continuous wear and tear during the operations. Any drop in operational reliability or failure of equipment can result in significant losses, leading to a cascading effect across the chain. This may possibly result in affecting the other industrial processes in a plant or at a location. Hence, the global demand for rotating equipment repair is likely to remain steady over the next few years.
The Global Rotating Equipment Market is segmented on the basis of Voltage Type, Product, Industry, and Geography.
More info on: Verified Market Research