The global market for static and rotating equipment stood at USD 26,558.63 million in 2013 and is anticipated to reach USD 35,868.94 million by 2022, at a CAGR of 3.7% from 2014 to 2022.
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The market for oil and gas equipment has been classified as static and rotating equipment. These equipment are utilized across all the verticals of the hydrocarbons industry: upstream, midstream, and downstream. Within static equipment, we have considered valves, heat exchangers, furnaces, and boilers. For the report, we have considered compressors, turbines, and pumps as rotating equipment. The global market for static and rotating equipment can be segmented geographically into five regions, namely North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. Each of these regional segments has been further sub-divided into its constituent country-wise segments. A total of 14 sub-segments have been drawn from five regions which comprise eight unique country-specific analysis.
The market in North America has been segmented into the U.S. and Rest of North America. North America was the largest market for static and rotating equipment globally in 2013 and is expected to retain its position as the market leader throughout the forecast period. North America’s growth would be cemented by new oil sands projects in Canada, re-opening of offshore E&P activities in the Gulf of Mexico, privatization of Mexico’s hydrocarbons sector, and a continued focus towards drilling more shale wells and developing the LNG industry. The U.S. held the maximum share of the market in North America in 2013. A robust offshore E&P as well as midstream outlook is expected to positively impact the demand for both static and rotating equipment in the U.S. within the forecast period.
Europe was segmented geographically into Norway, the U.K., and Rest of Europe. In 2013, Rest of Europe held the largest share in terms of investments in equipment. The region consists of producers such as Russia and other CIS countries, including Kazakhstan and Azerbaijan. Sluggish growth can however be observed in Europe as operators struggle to maintain margins in the high-cost upstream sector and more refineries are mothballed. Russia is one of the largest investors in this geographical segment. However, with recent sanctions imposed on the country and low access to modern production technology and equipment, the growth of the Rest of Europe market is expected to be sluggish, at least until the midterm future.
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The market for oil and gas static and rotating equipment in Asia Pacific was further segmented into China, Australia, and Rest of Asia Pacific. Growth in investments in Asia Pacific is likely to be driven mostly by China and Australia. Possibility of a shale gas revolution in China in the midterm future and major additions in the oil and gas midstream sector in Australia are some of the primary drivers of the Asia Pacific market. However, sluggish outlook in other nations in Asia Pacific is expected to result in the decline in the region’s market share in the future. China held the second-largest market share in Asia Pacific in 2013. China is expected to witness attractive growth rates in investments in the oil and gas industry in the near future, despite low oil prices and a short-term focus towards increasing imports and building strategic crude reserves.
Middle East & Africa (MEA) is expected to exhibit the fastest growth in investments during the forecast period driven by a bullish outlook for the oil and gas industry in the region. The GCC countries and the Rest of the Middle East region are expected to emerge as major investors in the future with plans to ramp up production further. We have also considered Nigeria and Algeria as sub-segments of MEA. The GCC countries, especially Saudi Arabia, intend to maintain the current production levels and are also expected to add considerable refining capacity within the forecast period.
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The market for static and rotating equipment in South & Central America was segmented into Brazil and Rest of South & Central America. South & Central America’s share is expected to reduce in 2022, mostly on account of low oil prices, underdeveloped infrastructure, bearish outlook of market players, and policy-based uncertainty prevalent in the region. Brazil’s hydrocarbons sector, which primarily achieves a major portion of its production from offshore deepwater heavy oil fields, is currently entering a slowdown. Decline in oil prices and numerous other factors such as a long hiatus on tendering of oilfields and a non-conducive policy structure have led to the slowdown.
The Global Market for Oil and Gas Rotating and Static Equipment Market has been segmented as follows:
Oil and Gas Static and Rotating Equipment Market: Product Type Analysis
Oil and Gas Static Equipment
Shell and Tube
Oil and Gas Rotating Equipment
Oil and Gas Static and Rotating Equipment Market: Regional Analysis
Rest of North America
Rest of Europe
Rest of Asia Pacific
Middle East and Africa
Rest of Middle East and Africa
South and Central America
Rest of South and Central America
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