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Research Reports

Rotating Equipment Repair Market to expand at nearly 5% CAGR over the period of 2021 to 2031

 

 

Growing industrialization and development of consumption-driven economies have resulted in consistent growth in key end-use industries for rotating equipment repair, such as oil & gas, power generation, mining, HVAC, water & wastewater treatment, general manufacturing, etc. While looking for ways to optimize a manufacturing plant in terms of machine efficiency and overall productivity is only possible by lowering maintenance, downtime, failures, and common plant issues, this is the basic driving force for growing demand for rotating equipment repair.

 

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The global rotating equipment repair market is set to be valued at over US$ 17 Bn in 2021, with stable long-term projections, according to revised insights from Persistence Market Research, an ESOMAR-certified research and consulting firm. The report estimates the market to expand at nearly 5% CAGR over the period of 2021 to 2031.

The market witnessed a substantial plunge in the fiscal year 2020, due to the recessionary effects of COVID-19 on the global economy. Nationwide lockdowns across countries globe coupled with labor unavailability resulted in manufacturing plant shutdowns. However, barring a few countries, economic and industrial activities have resumed at a healthy rate post Q2 of 2020. With the industrial sector in a recovery mode, demand for rotating equipment repair is rising positively.

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Key Takeaways from Market Study

 

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“Services such as regular maintenance, repair, refurbishment, component upgrades, etc., play a pivotal role keeping industrial process chains moving and minimizing downtime. Manufacturers and service providers are focusing on developing and providing smart solutions with the integration of IoT-enabled equipment, thus creating new avenues for market growth,” says a Persistence Market Research analyst.

Competitive Landscape

The rotating equipment repair market is significantly fragmented in nature owing to the presence of a large number of small- and medium-sized players operating in the market. Leading players are estimated to account for nearly one-third of overall market value share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market share. Some of the key players operating in the market are The Weir Group PLC, Flowserve Corporation, General Electric Company, Siemens AG, KSB SE & Co. KGaA, Ebara Corporation, and Sulzer AG.

Read More Trending “PMR Exclusive Article”-  https://www.prnewswire.com/news-releases/rotating-equipment-repair-market-to-expand-at-nearly-5-cagr-over-the-period-of-2021-to-2031—persistence-market-research-301259471.html

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