Pune, India, June 03, 2021 (GLOBE NEWSWIRE) -- The global static and rotating equipment market is set to gain momentum from the increasing demand for remote operations in every sector because of the COVID-19 pandemic. Several companies are focusing more on cloud-based data handling. Some of the manufacturers have therefore started developing novel equipment to attract more customers. In March 2021, for instance, INEOS Oil & Gas Norway provided a contract to ASCO Norge to supply base services for the former’s drilling activities in the Fat Canyon. This information is given by Fortune Business Insights™ in a report, titled, “Static and Rotating Equipment Market, 2021-2028.” As per the report, the market size is projected to grow from USD 29.84 billion in 2021 to USD 38.90 billion in 2028. It stood at USD 29.08 billion in 2020 and is expected to showcase a CAGR of 3.9% in the forecast period.

COVID-19 Pandemic: Lockdown Measures & Social Distancing Norms to Hinder Growth

The COVID-19 pandemic has caused immense losses for a large number of industries worldwide. As this industry is highly dependent on the oil and gas industry, it was impacted negatively owing to nationwide lockdowns and social distancing norms. We are providing in-depth reports to help you better understand the current scenario of the market.

To get to know more about the short-term and long-term impact of COVID-19 on this market,

Segments-

Upstream Segment Held 52.1% Share in 2020: Fortune Business Insights™

By type, the market is divided into static equipment and rotating equipment. Based on the location, it is segregated into onshore and offshore. Lastly, by application, it is trifurcated into upstream, midstream, and downstream. Out of these, the upstream segment earned 52.1% in terms of the static and rotating equipment market share in 2020. This growth is attributable to the increasing exploration activities undertaken to search for gas and oil.

Report Coverage-

The research report of the static and rotating equipment industry presents in-depth information about value chain optimization, recent developments, import & export analysis, market share, production analysis, trade regulations, strategic growth analysis, impact of domestic and localized organizations, application niches, geographical expansions, emerging revenue pockets, technological innovations, product approvals, and category market growth.

Drivers & Restraints-

Increasing Need to Develop Equipment with High Efficiency will Favor Growth

Nowadays, technological advancements are bringing about surging equipment efficiency. It is further helping to reduce the time taken to refine, transport, and explore oil and gas. Hence, many of these equipment companies are striving to increase profits by keeping up with labor laws. They are investing huge sums in research and development activities to introduce novel equipment with greater efficiency. These factors are expected to propel the static and rotating equipment market growth in the near future. However, the rising shift of people towards renewable energy sources may obstruct the demand for static & rotating equipment.

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Regional Insights-

Asia Pacific to Grow Significantly Fueled by Presence of Many Oil Rigs in China

Regionally, North America procured USD 8.71 billion in terms of revenue in 2020. This growth is majorly contributed by China as it is considered to be a leading producer of oil and gas. The country also has the largest number of oil rigs, which, in turn, is likely to drive the demand for static and rotating equipment in the region. On the other hand, North America is anticipated to remain at the forefront backed by the presence of reputed companies in the U.S. Besides, increasing exploration and refinery activities occurring across the region would aid growth.

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Competitive Landscape-

Key Players Focus on R&D Activities and Collaborations to Compete with Their Rivals

The global market contains multiple prominent manufacturers that are currently striving to introduce state-of-the-art products by conducting extensive R&D activities. Some of the others are adopting the strategy of collaboration to gain a competitive edge. Below is one of the industry developments:

A list of renowned market manufacturers operating in the global market:

Major Table of Contents:

TOC Continued…!

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