Global Rotating Equipment Market for the Oil and Gas Industry Projected to Reach USD 50.18 Billion by 2021: Technavio

LONDON–(BUSINESS WIRE)–#OilandGas–According to the latest market study released by Technavio,
the global
rotating equipment market for the oil and gas industry is
projected to grow to USD 50.18 billion by 2021, at a CAGR of close to 6%
over the forecast period.

This research report titled ‘Global
Rotating Equipment Market for the Oil and Gas Industry 2017-2021’
provides an in-depth analysis of the market in terms of revenue and
emerging market trends. This market research report also includes up to
date analysis and forecasts for various market segments and all
geographical regions.

This report is available at a USD 1,000 discount for a limited time
only: View
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Based on the product, the report categorizes the global rotating
equipment market for the oil and gas industry into the following
segments:

• Pumps
• Compressors
• Turbines

Pumps

“Pumps occupied the largest segment of the rotating equipment
market in 2016, due to their key role in managing the power consumption
in oil and gas operations. They are used to move extremely demanding
media and work under extreme environmental conditions,” says
Thanikachalam Chandrasekaran, a lead analyst at Technavio for oil
and gas research.

The demand for pumps will rise owing to the increase in the supply and
demand for LNG from the Pacific trade region to the Atlantic trade
region due to the new liquefication plant capacity, which will use LNG
trains and pipelines that require rotating equipment. Also, the adoption
of intelligent pumping solutions in the oil and gas industry will create
additional revenue in the market.

Compressors

The global rotating equipment market for the oil and gas industry by the
compressors segment is expected to reach USD 19.40 billion by 2021,
owing to the development of unconventional oil and gas resources
worldwide, especially in North America and China. Compressors have wide
applications in the entire value chain of the oil and gas industry, used
widely in the upstream, midstream, and downstream segments.

The industry will be influenced by the need for environmental compliance
and energy efficiency while choosing these products. Therefore,
next-generation compressor technologies will gain prominence during the
forecast period.

Turbines

“Turbines are installed in natural gas plants, oil booster
stations, gas compression stations, petrochemical plants, and power
generation and cogeneration plants worldwide. The demand for turbines is
expected to grow owing to the development of unconventional oil and gas
resources around the world, especially natural gas resources in North
America and China,” says Thanikachalam.

Gas turbines are especially suited for pipeline compressor applications;
gas turbine-driven centrifugal compressors are also used in downstream
process industries such as refineries and petrochemical and fertilizer
plants, which require flexible and reliable compression trains. The
growing use of gas as an energy source in the future energy mix due to
its clean and emission-free properties will drive the growth of turbines.

The top vendors highlighted by Technavio’s research analysts in this
report are:

• Atlas Copco
• Flowserve
• General Electric (GE)
• Grundfos
• Siemens
• Sulzer

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