Industrial Static Equipment Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 171.96 Billion |
| Market Size (2029) | USD 213.67 Billion |
| CAGR (2024 - 2029) | 4.44 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Industrial Static Equipment Market Analysis
The Industrial Static Equipment Market size is estimated at USD 171.96 billion in 2024, and is expected to reach USD 213.67 billion by 2029, growing at a CAGR of 4.44% during the forecast period (2024-2029).
The exploration and refining of oil and gas have increased due to the remarkable progress made in the worldwide production of crude oil and other hydrocarbons. With the massive industrialization and urbanization that has resulted from the revolution in a variety of industries, including the automobile, pharmaceutical, telecommunication, and manufacturing, petroleum is now a crucial component of development.
- The market numbers provided in the study indicate the overall sales of static industrial equipment across types, such as valves, furnaces/boilers, heat exchangers, and pressure vessels. The further market is also segmented into an end-user industry which indicates the sales of several types of static industrial equipment across several industries such as oil and gas, Power generation, Chemical & petrochemical, Water & Wastewater, Other Process industries, and other discrete industries.
- The food and beverage industry is also among the major industries wherein the demand for static equipment is expected to grow further. The increasing consumption of processed and packaged foods globally is one of the major contributors to the growth of the industry. According to the US Census Bureau, total sales for retail and food services from May 2022 through July 2022 were up by 9.2% from the same period last year.
- The oil and gas industry has been among the key contributors to the growth of almost all industries. This was due to the fact that power is required to run any industrial establishment, and until the recent developments in renewable sources, power was used to be fulfilled primarily by oil and gas.
- The oil and gas industry is among the major consumers of static industrial equipment, such as boilers, furnaces, piping, and valves, as the entire oil exploration and production activity involves several processes that are carried out at different places.
- The outbreak of COVID-19 has had a notable impact on the growth of the industrial sector, which in turn impacted the growth of the studied market. According to Eurostat, industrial production in the European Union declined by 7% in 2020. The decline in production activities has had an adverse impact on the demand for major industrial static equipment as major industries put a hold on future expansion activities and investment in establishing new facilities.
Industrial Static Equipment Market Trends
This section covers the major market trends shaping the Industrial Static Equipment Market according to our research experts:
Rapid Industrialization Drives the Market Growth
- The industrial sector has been an engine for the world's economic prosperity since the onset of the industrial revolution. According to the World Bank, the estimated value added by the manufacturing sector to the global economy was around 17.01% in 2021. The growing demand for manufactured products and the role the industrial sector plays in stimulating the growth of other sectors through its outputs are expected to drive the development of the industrial sector during the forecast period.
- As static industrial equipment such as boilers, valves, heat exchangers, furnaces, etc. plays a pivotal role within the industrial establishments to help them achieve their operational targets, they are also expected to follow a similar growth pattern considering their direct co-relation with the industrial sector growth.
- The industrial sector has been the backbone of major economically developed countries such as the United States, China, Japan, etc. For instance, according to the data provided by the 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. As these countries are increasingly investing and framing supportive regulations to bolster the industrial sector, the demand for static industrial equipment is also expected to grow further during the forecast period.
- Additionally, the Asia-Pacific region is expected to be the leader in industrial sector growth, as the favorable government regulations, large populations, and the availability of low-cost labor attract global players to set up their base in the region. Countries like China, Taiwan, India, etc., have been among the favorite destinations of global companies. For instance, According to the Department for Promotion of Industry and Internal Trade (DPIIT), the total foreign direct investment (FDI) received by India in the financial years 2021-22 stood at USD 58.77 billion, of which the automotive industry received FDI worth USD 32.84, chemical manufacturing sector received USD 19.45 billion. The FDI received by the drug and pharmaceutical industry amounted to USD 19.41 billion.
- A similar trend has been observed across other countries as well. For instance, in September 2022, The Malaysian Investment Development Authority (MIDA) announced that the government has attracted approved investment worth USD 27.5 billion in its manufacturing, services, and primary sectors in the first half of 2022.
Asia Pacific is Expected to be the Fastest Growing Market
- The Asia Pacific market is predicted to develop rapidly due to increased investment, increased government measures to enhance infrastructures and promote LNG exploration, and the existence of important firms operating in growing countries, including China and India, in this area. For instance, in January 2021, the Gurugram Metropolitan Development Authority (GMDA) began a trial project for its water management technology in around ten places around Basai and Dhanwapur. The project's goal is to monitor, control, and regulate the flow of the city's underground water tanks. In the subterranean tanks, a flow control valve, an ultrasonic fluid flow meter, and a level meter will be installed as part of the project.
- China is the pioneer in oil & gas production in Asia-Pacific because of its oil & gas exploration expenditure. The nation has the most oil rigs, followed by India, which has also made steady improvements. Furthermore, numerous institutes are conducting research and development initiatives in several nations to increase equipment performance and encourage investment in the industry. For instance, in March 2022, China intends to invest CNY 81.5 billion in upstream exploitation, particularly in the crude oil foundations in the Shunbei and Tahe areas and natural gas resources in Sichuan province and the Interior Mongolia region. Increasing demand for oil & gas exploration will increase the demand for static equipment, boosting the market growth.
- The Asia Pacific area is home to several of the world's major check valve manufacturers. Increasing demand for safer applications and increased R&D efforts linked to automatic valves are some significant factors fueling industry development in the Asia Pacific. Furthermore, industrial research has widened the applicability of valves in many sectors, including energy & power, and chemicals, notably in China. Check valves are employed in the energy & power, oil & gas, and water & wastewater treatment sectors to regulate medium flow throughout the network, commence, stop, or control the movement, and provide secure and effective processing automation.
- The region's concentrated populace, significant consumer income, large-scale industry, and increasing urbanization are important drivers driving the region's industrial valve expansion. India, China, and Southeast Asian countries are among the region's fast-growing economies. Because of the region's growing metropolitan population, there is a strong need for modern and enhanced wastewater treatment facilities.
- The increasing demand for enhanced water and wastewater management techniques, rising government initiatives for treating wastewater, and the growing necessity for appropriate water usage are driving the need for static equipment in the Asia-Pacific region.
Industrial Static Equipment Industry Overview
Industrial Static Equipment Market is expected to be moderately high and remains the same over the forecast period. Major companies like Schlumberger Limited, AKO Armaturen& Separationstecchink GMBH, AVK Group, EG Valves LeserGMBH & CO. KG are also making partnerships and launching new products to retain their market position.
- July 2022 - Alfa Laval collaborated with SSAB, the global Swedish steel company, on developing and commercializing the world's first heat exchanger made of fossil-free steel. The goal is to have the first hydrogen-reduced steel unit ready by 2023. The collaboration is also a significant step toward Alfa Laval's goal of becoming carbon neutral by 2030.
- March 2022 - AVK Group launched a new line of premium 100 gate valves. Premium 100 gate valves offer corrosion and wear resistance. They are ideal for installation in locations where excavation is not feasible and where long life and maximum safety are required. This could include busy roads, public and tourist attractions, coastal areas, or areas contaminated with oil or gasoline.
Industrial Static Equipment Market Leaders
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Schlumberger Limited
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Ako Armaturen & Separationstecchink Gmbh
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AVK Group
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EG Valves Manufacturing Co., Ltd.
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Leser GmbH & Co. KG
*Disclaimer: Major Players sorted in no particular order
Industrial Static Equipment Market News
- September 2022 - Emerson launched the ASCO Series 084, a new, miniature, cartridge-style solenoid valve that precisely controls the flow rates of gases in a range of critical applications, including oxygen therapy and powered patient support surfaces. It will be able to handle more than 140 liters per minute at 20 pounds per square inch. The Series 084 is rated to operate reliably at some of the highest flow rates of any solenoid valve in the health care industry, all in a portable, easy-to-install package.
- July 2022 - Emerson launched the H2 Valve Series by TESCO Anderson Greenwood Instrumentation for hydrogen applications up to 15,000 pounds-per-square-inch (psi) (103.4 megapascals (MPa)). The new solution reliably isolates process pressure in high-pressure gas applications such as hydrogen fueling stations and tube trailers, reducing fugitive emissions and improving safety.
- March 2022 - Flowserve engineered the Durco G4XZ low-emission plug valve to perform reliably and ensure compliance with the most stringent ISO and API fugitive emissions standards, including ISO 15848-1-BH-CO3 and API 641 1stedition. The G4XZ valve can be used in hydrofluoric acid (HF) alkylation industry processes, including blending, crude desalting, etc.
Industrial Static Equipment Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Technological Trends
4.3 Industry Value Chain Analysis
4.4 Impact of COVID-19 on The Market
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Rapid Industrialization
5.1.2 Increasing Oil and Gas Exploration Activities
5.2 Market Restraints
5.2.1 High Investment Cost and Shift Toward Renewable Energy Generation Sources
6. MARKET SEGMENTATION
6.1 By Type
6.1.1 Valves
6.1.1.1 Gate, Globe, and Check
6.1.1.2 Ball Valves
6.1.1.3 Butterfly
6.1.1.4 Plug
6.1.1.5 Pressure Relief
6.1.2 Furnaces/Boilers
6.1.3 Heat Exchangers
6.1.4 Pressure Vessels
6.2 By End-user Industry
6.2.1 Oil and Gas
6.2.2 Power Generation
6.2.3 Chemicals and Petrochemicals
6.2.4 Water and Wastewater
6.2.5 Other Process Industries
6.2.6 Other Discrete Industries
6.3 By Geography
6.3.1 North America
6.3.2 Europe
6.3.3 Asia Pacific
6.3.4 Latin America
6.3.5 Middle East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles - Valves
7.1.1 Schlumberger Limited
7.1.2 AKO Armaturen & Separationstecchink GMBH
7.1.3 AVK Group
7.1.4 EG Valves
7.1.5 Leser GMBH & CO. KG
7.1.6 Baker Hughes Company
7.1.7 Emerson Electric CO.
7.1.8 Flowserve Corporation
7.2 Company Profiles - Heat Exchangers
7.2.1 Alfa Laval AB
7.2.2 API Heat Transfer
7.2.3 Danfoss A/S
7.2.4 General Electric Company
7.2.5 Hisaka Works Ltd
7.2.6 HRS Heat Exchangers
7.2.7 Johnson Controls International PLC
7.3 Company Profiles - Pressure Vessels
7.3.1 Doosan Mecatec (Doosan Corporation)
7.3.2 IHI Power Services Corp. (IHI Corporation)
7.3.3 Mitsubishi Heavy Industries Ltd
7.3.4 Hitachi Zosen Corporation
7.3.5 Japan Steel Works Ltd
7.3.6 Shanghai Electric Group Company Limited
7.3.7 CIMC Enric Holdings Limited
7.4 Company Profiles - Furnaces/Boilers
7.4.1 Viessmann Group
7.4.2 Lennox International Inc.
7.4.3 Baxi (BDR Thermea Group)
7.4.4 The Fulton Companies
7.4.5 Worcester Bosch Group (the Bosch Group)
7.4.6 Ideal Boilers (ideal Heating)
7.4.7 Burnham Commercial Boilers
8. FUTURE OUTLOOK OF THE MARKET
Industrial Static Equipment Industry Segmentation
The term "static equipment" refers to non-moving equipment in the oil and gas and process industries. Pressure vessels, heat exchangers, piping, storage tanks, valves, pressure relieving devices, boilers, furnaces/heaters, and structures are some examples. Pumps, compressors, turbines, electrical equipment, or instrumentation (I&E), on the other hand, are not considered static equipment because they do not move.
The study analyzes the market of various types of static equipment that do not have any moving parts. The study tracks the revenue accrued (first point of sale) from the sale of various product categories used in multiple applications. The study offers a detailed analysis of trends, market estimates & projections, and growth dynamics across various segments that include the type of product, end user, and region.
| By Type | |||||||
| |||||||
| Furnaces/Boilers | |||||||
| Heat Exchangers | |||||||
| Pressure Vessels |
| By End-user Industry | |
| Oil and Gas | |
| Power Generation | |
| Chemicals and Petrochemicals | |
| Water and Wastewater | |
| Other Process Industries | |
| Other Discrete Industries |
| By Geography | |
| North America | |
| Europe | |
| Asia Pacific | |
| Latin America | |
| Middle East and Africa |
Industrial Static Equipment Market Research FAQs
How big is the Industrial Static Equipment Market?
The Industrial Static Equipment Market size is expected to reach USD 171.96 billion in 2024 and grow at a CAGR of 4.44% to reach USD 213.67 billion by 2029.
What is the current Industrial Static Equipment Market size?
In 2024, the Industrial Static Equipment Market size is expected to reach USD 171.96 billion.
Who are the key players in Industrial Static Equipment Market?
Schlumberger Limited, Ako Armaturen & Separationstecchink Gmbh, AVK Group, EG Valves Manufacturing Co., Ltd. and Leser GmbH & Co. KG are the major companies operating in the Industrial Static Equipment Market.
Which is the fastest growing region in Industrial Static Equipment Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Industrial Static Equipment Market?
In 2024, the Asia-Pacific accounts for the largest market share in Industrial Static Equipment Market.
What years does this Industrial Static Equipment Market cover, and what was the market size in 2023?
In 2023, the Industrial Static Equipment Market size was estimated at USD 164.65 billion. The report covers the Industrial Static Equipment Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Industrial Static Equipment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Industrial Static Equipment Industry Report
Statistics for the 2024 Industrial Static Equipment market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Industrial Static Equipment analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Industrial Static Equipment Market Report Snapshots
