Sarasota, FL -- (SBWIRE) -- 12/31/2018 -- Zion Market Research has published a new report titled "Static and Rotating Equipment Market (Oil and Gas) by Static Equipment (Valves, Boilers, Heat Exchangers, and Furnaces) and by Rotating Equipment (Compressors, Turbines, and Pumps): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024". According to the report, the global static and rotating equipment market (oil and gas) was valued at approximately USD 25.25 billion in 2017 and is expected to generate around USD 34.25 billion by 2024, growing at a CAGR of around 3.65% between 2018 and 2024.

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The rapid developments witnessed in the oil and gas sector are likely to propel this market in the upcoming years. Recently, the demand for oil and gas in the energy and construction sector globally is on the rise. The construction of new oil refineries and factories to meet the increasing demand for oil and the offshore exploration and production activities in the Gulf regions are anticipated to further drive the static and rotating equipment (oil and gas) market. Additionally, upstream, midstream and downstream activities are heavily dependent on static and rotatory equipment and the ongoing investments in the oil and gas industry in the Middle East and African region are projected to further propel this market in the future. However, the fluctuating oil prices might limit this market's future growth.

The static and rotating equipment (oil and gas) market is segmented on the basis of static equipment into valves, boilers, and furnaces. Valves are anticipated to dominate the market in the upcoming years, due to their extensive use for regulating, directing, or controlling the flow of fluids in the oil and gas sector. By rotating equipment type, the static and rotating equipment (oil and gas) market is categorized into compressors, turbines, and pumps. Turbines are anticipated to dominate the market in the upcoming years, due to their extensive use for power generation by coupling them with generators.

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By region, this global market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The North America region held a significant share in the global static and rotating equipment (oil and gas) market in 2017. The region is likely to continue its dominance over the forecast timeframe as well, due to the increased number of new oil and gas projects in Canada, the re-opening of exploration and production of offshore activities in the Gulf of Mexico, and the growing drilling activities for shale gas production in the LNG sector. The Middle Eastern and African region is predicted to provide significant growth opportunities for this market in the future, owing to the substantial investments made by organizations for the development of region's static and rotating equipment (oil and gas) market. Moreover, Nigeria and other GCC countries are expected to increase their current production level to meet the global oil and gas demand, which, in turn, are anticipated to drive this regional market in the upcoming years.

Some industry players operating in the static and rotating equipment (oil and gas) market are Metso Oyj, Alfa Laval AB, Pentair plc, General Electric Company, Atlas Copco AB, Siemens AG, Tenaris S.A., Sulzer Limited, OAO TMK, FMC Technologies Inc., Technip SA, and Flowserve Corporation, among others.

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This report segments the global static and rotating equipment (oil and gas) market into:

Global Static and Rotating Equipment (Oil and Gas) Market: Static Equipment Analysis

Valves
Boilers
Furnaces
Heat Exchangers

Global Static and Rotating Equipment (Oil and Gas) Market: Rotating Equipment Analysis

Compressors
Turbines
Pumps

Global Static and Rotating Equipment (Oil and Gas) Market: Regional Analysis

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa