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The tremendous development in the exploration of hydrocarbons across the globe paved the way for the refining and processing of oil and gas. Revolution in the field of automobile, pharmaceutical, telecommunication, manufacturing, and so many other sectors are touching the new height of success only due to the discovery of hydrocarbon. Before transmitting oil and gas to end users, it must be processed and refined for effective utilization.
The static and rotating equipment is broadly used in upstream, midstream and downstream sectors. New refineries are being constructed to cope up with increasing demand which propels the development scope of the static and rotating equipment.
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The static and rotating equipment is classified on the basis of equipment type i.e. Static Equipment and Rotating Equipment. Static equipment is sub-divided into valves, heat exchangers, boilers, and furnaces. These equipment are broadly used in the processing and refining of oil and gas. Whereas rotating equipment is sub-divided into pumps, turbine, and compressors. The equipment that moves a liquid, solid or gases through a system of drivers, transmission devices and auxiliary equipment termed as rotating equipment.
The transformation of the world is only possible through an industrial development in which oil and gas is playing a key element factor. Enormous and rising demand for hydrocarbons has to strain the available refineries and oil reserves. To meet the increasing demand exploration of new oil reserves and refineries are being constructed which is expected the growth of the static and rotating equipment market.
Global instability of crude oil prices greatly affects the static and rotating equipment market. The oil prices crashed in 2015 and left a long-lasting effect on the oil and gas industry in which many operators ceased their operation which slows down the growth of the static and rotating equipment market.
The leading companies in static and rotating equipment are Technip FMC, Alfa Laval, Atlas Copco, General Electric, Siemens AG, Mesto Oyj, Sulzer Ltd., Pentair Plc., Flowserve Corporation, Wartsila Oyj Abp, OAO TMK, Doosan Group, and Mitsubishi Heavy Industries.
By Equipment Type
· Static Equipment Type
Ø Heat Exchangers
· Rotating Equipment Type
· North America (USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
The global static and rotating equipment market are segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The recent discoveries of shale gas and tight gas in North America has increased the production of unconventional reserves. While the extraction of hydrocarbon from existing well and exploration of a new well is being carried out at large scale. To meet the extensive demand, new refineries are being constructed which propel the static and rotating equipment market in North America. Norway, United Kingdom, Russia, and France have a bigger set up for production and processing of hydrocarbon. Companies are investing heavily in the exploration and production of hydrocarbons which in turn creates a demanding market for static and rotating equipment in Europe.
The Asia Pacific is offering a lucrative market due to extensive investment in the refining and processing of hydrocarbons. The emerging economies such as India and China are taking up a new initiative for the development of oil and gas in their respective countries which booms the demand for static and rotating equipment. With the presence of the largest oil companies and huge proven oil reserves in the world, MEA not only leverages the demand for static and rotating equipment but also offers a lucrative market for static and rotating equipment.