From GlobeNewswire: 2024-11-18 06:30:00

The global Rotating Equipment Repair Market is projected to reach US$ 19,674.2 million in 2024, with a 5% CAGR through 2034 to reach US$ 32,047.2 million. Growing industrial sectors like manufacturing and energy are driving demand for repairs. Preventive maintenance strategies and environmental regulations are also increasing the need for repair services.

In 2019, the market gained US$ 15,628.4 million, with North America expected to capture 31.9% market share in 2024 at US$ 6,276.1 million. The East Asia market is predicted to reach US$ 8,300.2 million by 2034. Direct OEM-based sales channels lead, with centrifugal compressors dominating equipment purchases.

Players in the Rotating Equipment Repair Market are focusing on the East Asia region for growth opportunities and developing innovative repair technologies. Key market players include John Wood Group PLC, Siemens AG, and General Electric Company. Collaboration with technology providers and expanding service offerings are key strategies for market leaders.

Recent developments in the market include Sulzer expanding services in India and API enhancing safety in the oil and gas sector. The market is segmented by sales channel, equipment type, and region, with increasing demand for specialized services like predictive maintenance and remote monitoring.

Other related studies by Fact.MR include the Automotive Pumps Market, Automotive Collision Repair Service Market, Automobile Engine & Part Manufacturing Market, and Autonomous Farm Equipment Market. These studies forecast significant growth in the respective markets with CAGRs ranging from 3.4% to 15.3% over the next decade.

Fact.MR is a leading market research company providing comprehensive reports and business insights. With a commitment to accuracy and reliability, they empower businesses with crucial data for informed decision-making. Contact them for custom research solutions and stay ahead in the competitive landscape with actionable insights.



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