Static equipment is one of the essential components of industries, especially the oil and gas industry. The equipment comprises no moving parts and usually does not have a redundant/standby system. The components primarily include heat exchangers (shell and tubes, plate and frame, air coolers) and pressure vessels (drums, columns, reactors, filters). To assure the safety requirements and commercial competitiveness, the reliability and quality of this equipment are crucial.
The Global Static Equipment Market is projected to grow at a CAGR of around 2.5% during the forecast period, i.e., 2023-28. The market for equipment has witnessed a swift upsurge since the onset of the industrial revolution as the industrial sector has been backing economic prosperity for ages. As per the World Bank analysis, the manufacturing industry added around 17.01% of value to the global economy in 2021. The steady growth in the number of manufactured products, along with the substantial presence of the industrial sector, has significantly encouraged the need for industrial equipment worldwide.
|Study Period||Historical Data: 2018-21|
|Base Year: 2022|
|Forecast Period: 2023-28|
|Regions Covered||North America: U.S., Canada|
|South America: Brazil, Argentina|
|Europe: U.K, France, Germany, Italy, Norway|
|Asia-Pacific: China, India, Japan, Australia, South Korea|
|Middle East & Africa: Saudi Arabia, UAE, South Africa, Egypt|
|Key Companies Profiled||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.|
|Unit Denominations||USD Million/Billion|
As such, static industrial equipment such as heat exchangers, boilers, valves, and furnaces have witnessed wide adoption in industrial establishments over the few years. These types of equipment aid industries in achieving and enhancing their operational targets. Since they demonstrate direct co-relation with industries, their growth pattern is likely to imitate those of industries such as oil & gas, power, chemicals, food, beverages, and others.
Moreover, with industries remaining the spine of economically developed countries such as the United States, China, Japan, and others, the market for static equipment is anticipated to fly high in the forecast period. As per United Nations Statistics Division (UNSD), the value added by the manufacturing industry to the GDP of the United States, Japan, and Germany amounted to USD 2,272 billion, USD 1.033.6 billion, and USD 697.3 billion, respectively. Besides, several governments coming up with favorable industrial regulations again paves the way for more notable investment, which, in turn, stimulates market growth in the coming years.