According to a recent report by Transparency Market Research (TMR) the global static and rotating equipment market, which stood at USD $26,558.63 million in 2013, is anticipated to reach USD $35,868.94 million by 2022. This represents a compound annual growth rate of 3.7% from 2014 to 2022. Static equipment includes valves, boilers, heat exchangers, and furnaces. Rotating equipment includes pumps, turbines, and compressors.
According to TMR, rising oil and gas production by newly launched high-tech equipment is a significant factor contributing to this growth. Static and rotating equipment comprise a vital part within oil and gas infrastructure. Emerging technologies, including oil production via unconventional sources, are predicted to be the key demand drivers for the static equipment and rotating equipment markets in the forthcoming future.