Industrial Static Equipment Market Forecasts to 2028 – Global Analysis By Product Type (Valves, Furnaces, Boilers, Heat Exchangers, Pressure Vessels and Other Product Types), End User (Oil & Gas, Power Generation, Chemicals & Petrochemicals, Water & Wastewater, Process Industries, Discrete Industries and Other End Users) and By Geography
According to Stratistics MRC, the Global Industrial Static Equipment Market is accounted for $32.61 billion in 2022 and is expected to reach $46.0 billion by 2028 growing at a CAGR of 5.9% during the forecast period. Static equipments are the fixed equipment generally used to describe non-moving equipment in the oil and gas and process industries. The oil and gas industry is one of the largest sectors in the world and a huge factor in the global economy. These oil and gas, process industries utilize various static equipments in their industries for the production purposes. Boilers, valves, heat exchangers, furnaces, and other types of static industrial equipment are crucial for helping industrial establishments reach their operational goals, thus it is projected that their growth would closely resemble that of the industrial sector as a whole.
According to the US Census Bureau, total sales for retail and food services from May 2022 through July 2022 were up by 9.2% from the same period last year.
Increasing demand for energy from various sectors
The increasing population and migration of people from rural to urban areas have resulted in, spike in the energy demand from every sector. At present, renewable energies being in an early stage of adoption, the major portion of power generation and energy are still fulfilled by oil and gas. This is set to increase the global demand for oil and gas to even higher levels in the upcoming years. This in turn, helps the static equipments market growth.
Drift towards renewable energy
The shift to renewable energy sources is the primary factor that can restrain market expansion. It is anticipated that the interest in and growth of the renewable energy sector would reduce the amount of money coming into the oil and gas energy sector. The capital expenditures for oil and gas production could be hampered by the rising share of electricity generation from renewable sources.
The industrial sector has been an engine for the world’s economic prosperity since the onset of the industrial revolution, static industrial equipment such as boilers, valves, heat exchangers, furnaces, etc. plays a fundamental role within the industrial establishments to help them accomplish their operational targets, they are also likely to follow a similar growth pattern allowing for their direct relation with the industrial sector growth.
High cost of equipments and their installation
The cost of the equipments used in the industries are very high and the maintenance cost as well as the installation cost of the equipments in the industries are also high, which also involves the labour cost for the installation of the equipments and training the staff for the working, and if the machine breaks down the repair cost would be even more high and the working process of the industries also delays.
The pandemic has damaging impact on many industries all over the world especially the oil and gas industries, manufacturing industries etc, which in turn affected the other sectors which were depending on these large sectors such as suppliers. As the market is majorly dependent on oil and gas industry the biggest collapse faced by the global industry in a long time has impacted the investments in the market. The excess supply and low oil demand have forced leading oil and gas companies to temporarily stop onshore and offshore drilling activities, which ultimately led to a surge in oil prices.
The oil & gas segment is expected to be the largest during the forecast period
The oil & gas segment is estimated to have a lucrative growth, due to the key contributors to the growth of almost all industries. The majority of mechanical equipments found in oil and gas facilities belong to the static equipment. This was due to the fact that power is required to run any industrial establishment, and until the recent developments in renewable sources, power was used to be fulfilled primarily by oil and gas. The oil and gas industry is among the major consumers of static industrial equipment, such as boilers, furnaces, piping, and valves, as the entire oil exploration and production activity involves several processes that are carried out at different places.
The heat exchangers segment is expected to have the highest CAGR during the forecast period
The heat exchangers segment is anticipated to witness the fastest CAGR growth during the forecast period, because it plays major role in the various industries including the oil and gas industries, chemical and petroleum industries, power plants etc. Most processes in petrochemical facilities involve high pressure and temperature, thus, necessitating the need for controlling of heat transfer and the improvement of energy savings, which, in turn, is likely to boost the demand for energy-efficient heat exchangers.
Region with highest share:
North America is projected to hold the largest market share during the forecast period owing to increasing excavation of new oil sands in countries such as Canada, coupled with construction of new facilities in the country is expected to further support growth of the market to certain extent in this region. In addition, increasing government expenditure on the oil & gas sector and increasing focus on drilling of shale wells across developed countries are other factors expected to support the growth of the global market to a certain extent.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period, owing to improved venture, increased government measures to improved infrastructures and encourage LNG exploration, and the survival of important firms operating in growing countries were as china is the pioneer in oil & gas production in Asia-Pacific because of its oil & gas exploration expenditure. The nation has the most oil rigs, followed by India, which has also made steady improvements. Moreover abundant institutes are conducting research and development initiatives in several nations to increase equipment performance and promote investment in the industry.
Key players in the market
Some of the key players profiled in the Industrial Static Equipment Market include Schlumberger Limited, AVK Group, AKO Armaturen& Separationstecchink GMBH, EG Valves LeserGMBH & CO, Pentair plc, Alfa Laval AB, FMC Technologies Inc., Atlas Copco AB, TechnipFMC, Siemens AG, Metso Oyj, Flowserve Corporation.
In July 2022 Alfa Laval collaborated with SSAB, the global Swedish steel company, on developing and commercializing the world's first heat exchanger made of fossil-free steel. The goal is to have the first hydrogen-reduced steel unit ready by 2023. The collaboration is also a significant step toward Alfa Laval's goal of becoming carbon neutral by 2030.
In March 2022 AVK Group launched a new line of premium 100 gate valves. Premium 100 gate valves offer corrosion and wear resistance. They are ideal for installation in locations where excavation is not feasible and where long life and maximum safety are required. This could include busy roads, public and tourist attractions, coastal areas, or areas contaminated with oil or gasoline.
Product Types Covered:
• Heat Exchangers
• Pressure Vessels
• Others Products Types
End Users Covered:
• Oil & Gas
• Power Generation
• Chemicals & Petrochemicals
• Water & Wastewater
• Process Industries
• Discrete Industries
• Other End Users
• North America
Rest of Europe
• Asia Pacific
Rest of Asia Pacific
• South America
Rest of South America
• Middle East & Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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