Static and Rotating Equipment (Oil and Gas) Market: Snapshot
The global static and rotating equipment market is expected to witness a swift growth on account of the advancements in infrastructure in the oil and gas midstream sector. Moreover, new refineries are being constructed and existing ones are revamped, thus pushing the demand for these equipment further. According to the expert panel of analysts at Transparency Market Research (TMR), the global static and rotating equipment market which stood at US$26.5 bn in 2013, is predicted to scale up to US$35.8 bn by 2024, exhibiting a 3.7% CAGR from 2014 to 2024. The production of oil from unconventional sources is expected to be one of the key factors behind the growth of this market during the forecast period.
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U.S. Market to Benefit from Shale Gas Boom
The upstream, downstream, and midstream activities in the oil and gas industry are heavily dependent on the quality and reliability of static and rotating equipment. This is expected to ensure an assured growth of the market. This market’s growth is directly linked to the development of the oil and gas sector. As such, the recent shale gas boom has greatly benefited the static and rotating equipment market in the U.S.
In addition to the U.S., developing nations such as Argentina and China are also expected to take advantage of the shale gas boom. Moreover, the rapid development of LNG infrastructure in the Middle East and Asia Pacific will create a heightened demand for these equipment. There has been considerable increase of investments in the refining sector of Asia Pacific and the Middle East, which is encouraging the growth of the static and rotating market in these regions.
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Oil and Gas Static Equipment to Lead in Market
On the basis of product, the global static and rotating equipment market is broadly classified into oil and gas static equipment and oil and gas rotating equipment. Static oil and gas equipment, which comprise boilers, heat exchangers, air cooled, valves, and shell and tube, is the leading segment, and accounted for 53.79% of the market in 2013. Valves are predicted to have the highest demand within the static equipment segment. Turbines, compressors, and pumps fall under the rotating equipment category.
Upstream Sector to be Most Affected by Hostile Macroeconomic Factors
There also exists some challenges, which the manufacturers of static and rotating equipment industry face. Manufacturers of static and rotating equipment are faced with constant pricing pressure and this poses a challenge. The hostile macroeconomic factors are thus, one of the major factors, restricting the growth of the static and rotating equipment market. It is expected that there will be a decline in the expenditure on exploration and production activities as oil and gas manufacturers are struggling to keep minimal margins in accordance to the current price regime. While the upstream sector is expected to suffer most by these macroeconomic factors, the midstream sector in contrast will witness strong investments, since natural gas continues to be of importance in the global energy mix.
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Manufacturers to Aim at Cost Cutting Measures
The sluggish demand for static and rotating equipment has resulted in pricing pressures for manufacturers. Manufacturers are now focusing on controlling costs by adopting lean management strategies. Manufacturers are also curtailing their expenses on E&P activities. Many manufacturers are instead focusing on building up product quality and differentiating their products through strong brand identification strategies.
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