The Global Static Equipment Market is projected to grow at a CAGR of 2.5% in the forecast period of 2023-28, cites MarkNtel Advisors in their recent research report. Most of the market expansion can be attributed to the swiftly augmenting industrial sector. The need to manufacture more products to cater to the ever-increasing population has led to the establishment of more industries, including oil & gas, power, chemicals, automotive, food & beverages, etc.
With growing industries, the adoption of static equipment has furthered in the past few years. According to an analysis by World Bank, the manufacturing industry added around 17.01% of value to the global economy in 2021. As a result, static industrial equipment such as heat exchangers, boilers, valves, and furnaces have demonstrated wide adoption in industrial establishments. It owes primarily to the benefits of the equipment in aiding industries to achieve and enhance their operational targets. Besides, such equipment imitates the growth pattern of industries as they exhibit direct co-relation with them, further states the research report, “Global Static Equipment Market Analysis, 2023.”
The Dynamic Presence of the Oil & Gas Industry Players Navigates the Market Through 2027
The Oil and Gas industry, due to its broader market presence and inflated energy demand, has been drawing dependency from other sectors. Perhaps it is why the sector has acquired a considerable share of the market in the past years. The technological developments in exploration and refining equipment that have forced oil and gas corporations to carry out extensive exploration and production activities, and that too in harsh climatic conditions, are mostly to be accredited for its expansion.
Asia-Pacific Emerges as A Promising Region for The Market Through 2027.
Here, Asia-Pacific emerges as an influential player in the market during the forecast period. It owes principally to an expansive population, favorable government regulations, and the availability of low-cost labor that attracts market players from every corner and aids them setup their base across the region. In response to this, Global players like Atlas Copco, Siemens AG, and Sulzer Ltd are looking forward to expanding in Asian markets such as India, China, Taiwan, etc. For instance, according to the Department for Promotion of Industry and Internal Trade (DPIIT), the total foreign direct investment (FDI) obtained by India in the financial years 2021-22 amounted to USD 58.77 billion.
The leading players in the Global Static Equipment Market are Technip, Alfa Laval, Atlas Copco, General Electric, Siemens AG, Metso Oyj, Sulzer Ltd, Pentair Plc, Flowserve Corporation, Wartsila Oyj, OAO TMK, Doosan Group, Mitsubishi Heavy Industries, Others.
Key Questions Answered in the Research Report