Market Size of Industrial Static Equipment Industry
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 |
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 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 Size Summary
The Industrial Static Equipment Market is poised for significant growth over the forecast period, driven by the increasing industrialization and urbanization across various sectors such as oil and gas, power generation, and manufacturing. The demand for static equipment like valves, furnaces, heat exchangers, and pressure vessels is closely tied to the expansion of these industries, which are essential for achieving operational efficiency and meeting production targets. The oil and gas sector, in particular, remains a major consumer of static equipment due to its critical role in energy production and the complex processes involved in exploration and refining. Additionally, the food and beverage industry is contributing to the market's expansion, fueled by the rising global consumption of processed and packaged foods.
The Asia-Pacific region is expected to lead the market's growth, supported by favorable government policies, substantial foreign direct investment, and the presence of major industrial players. Countries like China and India are at the forefront, with significant investments in infrastructure and industrial development. The region's rapid urbanization and increasing demand for advanced water and wastewater management solutions further drive the need for static equipment. Major companies in the market are actively engaging in partnerships and product innovations to maintain their competitive edge, as evidenced by collaborations and new product launches aimed at enhancing efficiency and sustainability.
Industrial Static Equipment Market Size - Table of Contents
-
1. MARKET INSIGHTS
-
1.1 Market Overview
-
1.2 Technological Trends
-
1.3 Industry Value Chain Analysis
-
1.4 Impact of COVID-19 on The Market
-
1.5 Industry Attractiveness - Porter's Five Forces Analysis
-
1.5.1 Bargaining Power of Suppliers
-
1.5.2 Bargaining Power of Buyers/Consumers
-
1.5.3 Threat of New Entrants
-
1.5.4 Threat of Substitute Products
-
1.5.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION
-
2.1 By Type
-
2.1.1 Valves
-
2.1.1.1 Gate, Globe, and Check
-
2.1.1.2 Ball Valves
-
2.1.1.3 Butterfly
-
2.1.1.4 Plug
-
2.1.1.5 Pressure Relief
-
-
2.1.2 Furnaces/Boilers
-
2.1.3 Heat Exchangers
-
2.1.4 Pressure Vessels
-
-
2.2 By End-user Industry
-
2.2.1 Oil and Gas
-
2.2.2 Power Generation
-
2.2.3 Chemicals and Petrochemicals
-
2.2.4 Water and Wastewater
-
2.2.5 Other Process Industries
-
2.2.6 Other Discrete Industries
-
-
2.3 By Geography
-
2.3.1 North America
-
2.3.2 Europe
-
2.3.3 Asia Pacific
-
2.3.4 Latin America
-
2.3.5 Middle East and Africa
-
-
Industrial Static Equipment Market Size 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.