Saudi Arabia rotating equipment repair market- Description
Rotating equipment are predominantly referred to the machines that use kinetic energy to move gasses, fluids, and other materials across oil and gas industries. The rotating parts of these equipment include generators, turbines, pumps, engines, or compressors.
The regular maintenance of these machineries is crucial to ensure their smooth functioning. Numerous service providers are emphasizing on introducing efficient rotating equipment repair mechanisms. The integration of advanced technologies like IoT and wireless sensors have made it easier for service providers to monitor machine issues and take accurate measures as per the identified defect.
Saudi Arabia rotating equipment repair market- Overview
The Saudi Arabia market was valued at USD 17 billion in 2021 and is anticipated to amplify at a CAGR of 5%, thereby accumulating USD 27 billion by end of the analysis period. The primary factors aiding the expansion of this industry are prompt industrialization and rising oil and gas exploration activities in the nation. Alongside, widespread adoption of machine learning and artificial intelligence to enhance equipment efficiency is creating lucrative prospects for the market to prosper.
Additionally, favorable government initiatives to promote green energy so as to minimize carbon footprints is uncovering new avenues for the market growth. Besides, rising focus of industry players to develop advanced technologies in the field is fostering the overall industry progression.
However, high costs pertaining to the repairing mechanisms of these equipment is likely to restrain the upward trend in the market. Moreover, dearth of skilled workforce is also impeding the development of market in Saudi Arabia.
Also, the onset of the COVID-19 pandemic resulted in the imposition of lockdowns and other stringent restrictions to contain the virus spread in the country. This lead to a temporary halt in the functioning of oil and gas industries which in turn obstructed the overall growth of Saudi Arabia market.
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Saudi Arabia rotating equipment repair market- Key Trends
Surging adoption of advanced technologies including IoT to aid market expansion
The growing adoption of IoT technologies to monitor the operations of rotating machineries across oil & gas industries is fueling the industry expansion. Integration of IoT devices or applications with rotating equipment facilitate the delivery of real time updates incorporating shipment and storage status, details for supply chain, while providing repair and proactive maintenance warnings in advance. This in turn enhances operating performance and productivity of these machines.
Accelerating demand for rotating equipment in power generation vertical to augment industry outlook
There has been a widespread demand for rotating machineries like turbines in power generation plants as they ensure reliability and optimum efficiency. It is worth noting that, almost two-third of electricity generation in combined-cycle power plants come from the gas turbine set while on-third of the power is generated from steam turbine set. These factors in turn are positively swaying the market dynamics.
Saudi Arabia rotating equipment repair market- Segment analysis
- Centrifugal Compressor
- Agitators and Mixers
The turbines segment currently leads the market in terms of revenue share attributing to their high speed operating capabilities in harsh industrial environment.
- Oil & Gas
- Power Generation
The oil & gas segment is poised to garner significant returns over the stipulated timeline owing to escalating demand for electric motors in oil refiners along with growing investments in the downstream sectors.
Saudi Arabia rotating equipment repair market- Geographical landscape
Considering the geographical frame of reference, the business sphere is divided into Southern Saudi Arabia, Northern Saudi Arabia, Western Saudi Arabia, Eastern Saudi Arabia, and Central Saudi Arabia. Among these, Eastern Saudi Arabia is projected to register notable gains ascribing to the presence of numerous oil & gas industries.
Saudi Arabia rotating equipment repair market- Competitive Hierarchy
The prominent players constituting the competitive terrain of this marketplace are Saudi Arabian Engineering Company Ltd., ASAS ALJOOD, General Electric Company, ITT Saudi Co., Siemens AG, KSB SE & Co. KGaA, The Weir Group plc., EthosEnergy, Sulzer Ltd., Ingersoll Rand, Inc., Mitsubishi Electric Corporation, Flowserve Corporation, Atlas Copco Group, Ebara Corporation, Hydro, Inc., Amaru Giovanni S.R.L., Rainbow Mechanical Solutions LLC, MAN ES, Torishima Pump Mfg. Co., Ltd., Al-Rushaid Group, and S.T. Cotter Turbine Services, Inc.
Notably, in February 2020, DXP Enterprises, Inc., announced the acquisition of Turbo Machinery Repair, Inc. to enhance its rotating equipment repair service offerings.
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Saudi Arabia rotating equipment repair market- Historical Years- 2018-2021
Saudi Arabia market- Forecast Years- 2022-2030
Saudi Arabia market 2021- USD 17 billion
Saudi Arabia rotating equipment repair projected market 2030- USD 27 billion
Saudi Arabia market CAGR- 5%
Key segments covered-
- By Type (Turbines, Agitators and Mixers, Centrifugal Compressor, and Pumps),
- By Application (Oil & Gas, HVAC, Mining, and Power Generation)
Major regions assessed- Northern Saudi Arabia, Southern Saudi Arabia, Central Saudi Arabia, and Eastern Saudi Arabia
Prominent players profiled- Saudi Arabian Engineering Company Ltd., ASAS ALJOOD, General Electric Company, ITT Saudi Co., Siemens AG, KSB SE & Co. KGaA, The Weir Group plc., EthosEnergy, Sulzer Ltd., Ingersoll Rand, Inc., Mitsubishi Electric Corporation, Flowserve Corporation, Atlas Copco Group, Ebara Corporation, Hydro, Inc., Amaru Giovanni S.R.L., Rainbow Mechanical Solutions LLC, MAN ES, Torishima Pump Mfg. Co., Ltd., Al-Rushaid Group, and S.T. Cotter Turbine Services, Inc.