Rotating Equipment

Rotating Equipment Market Outlook

The global rotating equipment market is poised to witness significant growth, with a projected size of approximately USD 75 billion in 2025 and an anticipated CAGR of around 5% from 2025 to 2035. This growth can be attributed to the increasing demand for energy, industrial automation, and the rising need for efficient machinery across various sectors. Furthermore, the ongoing advancements in technology, along with the growing emphasis on enhancing operational efficiency and reducing energy consumption, are expected to propel the market forward. Additionally, the expanding oil and gas industry, as well as the rising investments in infrastructure development, are also key drivers that are expected to contribute to the growth of the rotating equipment market during the forecasted period.

Growth Factor of the Market

The growth of the rotating equipment market is largely driven by several interrelated factors. Firstly, the increasing use of pumps, compressors, and turbines across numerous industries such as oil and gas, power generation, and chemicals is a significant contributor to market expansion. The need for energy-efficient solutions has led to a surge in demand for high-performance rotating equipment that can handle complex applications and operate seamlessly in varied conditions. Moreover, the shift towards renewable energy sources has catalyzed investments in advanced rotating equipment designed specifically for harnessing wind and hydro energy. Additionally, the growing trend of automation and digitalization in industrial operations is enhancing the performance and reliability of rotating equipment, further stimulating market growth. The need to reduce operational costs while ensuring higher productivity is also influencing the adoption of modern rotating equipment technologies, encouraging manufacturers to innovate and offer solutions that meet these demands.

Key Highlights of the Market

• The market is expected to grow at a CAGR of 5% between 2025 and 2035.
• Increasing investments in oil and gas exploration and production are driving demand for rotating equipment.
• Technological advancements in rotating equipment are enhancing operational efficiencies.
• The rise in industrial automation is leading to higher demand for pumps, compressors, and turbines.
• Growing concerns about energy consumption are pushing industries towards adopting energy-efficient solutions.

By Product Type

Pumps:

Pumps represent a significant segment of the rotating equipment market, primarily utilized for the transportation of fluids within various applications. The growing demand for water and wastewater management solutions, alongside the surging needs in oil and gas exploration, has propelled the demand for diverse pump types, such as centrifugal, positive displacement, and submersible pumps. Furthermore, the increasing focus on energy efficiency and regulatory standards is pushing manufacturers to innovate and develop advanced pump systems that deliver optimal performance while minimizing energy consumption. Additionally, the integration of smart technologies and IoT in pump systems is revolutionizing fluid management processes, ensuring real-time monitoring and control, thereby enhancing overall productivity and operational effectiveness.

Compressors:

Compressors play a crucial role in various industrial applications, facilitating the movement of gases, and are a key component in the rotating equipment market. The demand for compressors is driven by the expanding needs of the oil and gas industry, especially in natural gas processing and transportation, where compressors ensure efficient and reliable gas flow. Moreover, the rising adoption of air conditioning and refrigeration systems across various sectors is also contributing to market growth. With advancements in compressor technology, including the development of energy-efficient models and innovations such as variable speed drives, the market is witnessing a transformation. Furthermore, the increasing focus on environmental sustainability is driving the demand for compressors that minimize emissions and reduce energy consumption, making them a critical area of focus for manufacturers in the rotating equipment market.

Turbines:

Turbines are pivotal in the rotating equipment market, primarily utilized in power generation applications. With the global shift towards renewable energy sources, the demand for wind and hydro turbines is on the rise, thus boosting the overall turbine segment. Additionally, the need for efficient energy conversion in thermal power plants is maintaining the steady demand for steam and gas turbines. The development of advanced turbine technologies, combined with government initiatives to promote clean energy, is encouraging investments in turbine systems. Moreover, the increasing focus on energy security and the need to reduce carbon footprints are pushing industries towards adopting advanced turbine solutions that are capable of operating under diverse environmental conditions while maximizing output efficiency.

Mixers:

Mixers in the rotating equipment market are essential for a myriad of industrial applications, particularly in the food and beverage, chemical, and pharmaceutical industries. The growing demand for homogenized and consistent product quality is driving the adoption of advanced mixing technologies, enabling manufacturers to achieve precise mixing ratios and improved product characteristics. Furthermore, the trend towards automation and smart manufacturing is influencing the design and functionality of mixing equipment, with many mixers now incorporating automation capabilities for enhanced process control. The increasing emphasis on process efficiency and the need for reducing production times further facilitate the need for innovative mixing solutions, making it a vital segment in the rotating equipment market.

Agitators:

Agitators are widely used in various industrial processes for the mixing and blending of liquids, slurries, and other materials, making them an important product type within the rotating equipment market. The demand for agitators is primarily driven by their extensive applications in industries such as chemicals, pharmaceuticals, and food processing, where precise mixing and consistency are crucial for product quality. The advancements in agitator technology, including the development of energy-efficient designs and variable speed controls, are enhancing their performance and versatility. Additionally, the increasing focus on sustainability and operational efficiency is leading to the adoption of advanced agitator systems that minimize energy consumption while maximizing output, further propelling the market growth for this product category.

By Application

Oil & Gas:

The oil and gas sector is a significant application area for rotating equipment, with pumps, compressors, and turbines playing a critical role in extraction, refining, and transportation processes. The ongoing investments in oil exploration and production activities, coupled with the rising demand for energy, are driving the need for efficient rotating equipment that can operate under challenging environmental conditions. Additionally, the transition towards cleaner energy sources is pushing the industry towards the adoption of advanced rotating technologies that minimize emissions and enhance overall efficiency. The market is further supported by the increasing need for upgrading existing infrastructure to meet modern operational standards, ensuring the longevity and reliability of the rotating equipment used in oil and gas applications.

Power Generation:

Power generation is another crucial application for rotating equipment, particularly in the context of turbines and generators. As the global demand for electricity continues to rise, there is an increasing reliance on efficient power generation technologies. The shift toward renewable energy sources, such as wind and solar, has spurred the development of advanced turbine solutions that can harness these resources effectively. Furthermore, the modernization of existing power plants to improve efficiency and reduce environmental impact is driving the adoption of state-of-the-art rotating equipment. The focus on energy security, combined with regulatory policies aimed at reducing greenhouse gas emissions, is further propelling the growth of the rotating equipment market within the power generation sector.

Chemical:

The chemical industry heavily relies on rotating equipment for various processes, including mixing, pumping, and transferring chemicals. With the increasing demand for chemical products across diverse sectors, such as agriculture and pharmaceuticals, the need for reliable and efficient rotating equipment has become paramount. The focus on improving safety standards and ensuring consistent product quality is driving the adoption of advanced technologies, including automated mixing and pumping systems that enhance operational efficiency. Additionally, regulatory compliance concerning environmental sustainability is pushing the industry towards adopting equipment that minimizes waste and emissions, thereby fueling the growth of the rotating equipment market within the chemical sector.

Water & Wastewater:

The water and wastewater treatment sector is a vital application area for rotating equipment, particularly pumps and mixers. With the rising global population and urbanization, the demand for efficient water supply and wastewater management solutions is increasing. The need for sustainable water management practices is driving the adoption of advanced rotating technologies that enhance the efficiency of treatment processes, ensuring the delivery of clean water while minimizing environmental impact. Additionally, government initiatives aimed at improving water infrastructure and ensuring water quality compliance are further bolstering the growth of the rotating equipment market in the water and wastewater management sector.

Others:

Various other applications are also contributing to the demand for rotating equipment, including industries such as food and beverage, pharmaceuticals, and construction. Each of these sectors relies on specific types of rotating equipment to achieve desired operational goals, whether it's for mixing ingredients in food production or pumping materials in construction projects. The constant evolution of industry standards and consumer expectations is pushing manufacturers to innovate and develop specialized rotating equipment tailored to meet the unique needs of these diverse applications. The growing trend towards automation and digital transformation across these sectors is further enhancing the demand for advanced rotating technologies, creating significant opportunities for market growth.

By Distribution Channel

OEMs:

The Original Equipment Manufacturers (OEMs) distribution channel plays a pivotal role in the rotating equipment market, as they design, manufacture, and supply equipment directly to end-users across various industries. This channel is essential for ensuring that rotating equipment meets the specific requirements of different applications, providing tailored solutions that enhance operational efficiency. OEMs are increasingly focusing on delivering high-quality products with advanced features, such as energy efficiency and automation capabilities, to gain a competitive edge in the market. Furthermore, the strategic partnerships between OEMs and end-users are fostering innovation and ensuring a steady supply of advanced rotating equipment that meets evolving industry demands.

Aftermarket:

The aftermarket distribution channel is equally important to the rotating equipment market, encompassing the sale of replacement parts, maintenance services, and upgrades for existing equipment. As industries strive to maximize the operational lifespan of their rotating equipment, the demand for aftermarket services is on the rise. This segment is crucial for maintaining equipment performance and reliability, ensuring that systems operate efficiently and effectively throughout their lifecycle. The increasing focus on preventive maintenance and the importance of adhering to safety and regulatory standards are driving the growth of the aftermarket channel. Additionally, the trend towards digital solutions, such as predictive maintenance and remote monitoring, is transforming the aftermarket landscape, providing enhanced support and service options to customers.

By Technology

Centrifugal:

Centrifugal technology is widely used in pumps and compressors, characterized by its ability to move fluids and gases efficiently through the application of rotational energy. This technology is predominantly utilized in various industries, including oil and gas, chemical, and water treatment, due to its efficiency and reliability. The centrifugal technology's design allows for smooth operation and minimizes wear and tear, extending the equipment's life cycle. Moreover, the advancements in centrifugal pump design, such as the integration of variable frequency drives (VFDs), are enhancing control over flow rates and energy consumption, making them a preferred choice in applications where efficiency is paramount.

Reciprocating:

Reciprocating technology is commonly employed in compressors and pumps, offering high-pressure capabilities and excellent control over flow rates. This technology is particularly favored in applications within the oil and gas industry, where precise control of gas and liquid movement is crucial. The robustness of reciprocating systems allows for efficient operation in demanding environments, making them essential for heavy-duty applications. Furthermore, advancements in reciprocating pump design, such as improved sealing technologies, are enhancing performance and reliability, contributing to sustained growth in this segment of the rotating equipment market.

Axial Flow:

Axial flow technology is primarily utilized in pumps and turbines, providing a high flow rate at low-pressure conditions. This technology is especially relevant in applications such as irrigation systems, cooling water systems, and power generation. The design of axial flow pumps allows for efficient movement of large volumes of liquid, making them a vital component in various industries. The increasing demand for efficient water management and the need for sustainable practices are driving the growth of axial flow technology, as industries seek solutions that minimize energy consumption while maximizing output.

Screw:

Screw technology is primarily employed in positive displacement pumps and compressors, offering unique advantages in handling viscous and abrasive fluids. This technology is widely used in industries such as food processing, wastewater treatment, and chemical manufacturing. The screw design allows for a smooth flow of materials, minimizing shear and ensuring product integrity. The ability to operate efficiently in challenging conditions has led to increased adoption of screw technology in various applications. Furthermore, ongoing developments in screw pump designs, including the incorporation of advanced materials and coatings, are enhancing their performance and applicability, thereby fuelling growth in this segment.

Others:

Other technologies in the rotating equipment market encompass a range of innovative solutions designed to enhance operational efficiency and performance. These technologies may include advanced control systems, automation solutions, and hybrid technologies that combine the benefits of traditional rotating systems with modern digital capabilities. The continuous focus on process optimization and energy efficiency is driving the exploration and adoption of these alternative technologies across industries. Moreover, the ongoing advancements in materials science and engineering are enabling the development of more durable and efficient rotating equipment, further positioning these technologies as essential components in the market.

By Region

Regionally, the rotating equipment market is experiencing dynamic growth, with North America and Asia Pacific emerging as key players. North America is expected to dominate the market, driven by substantial investments in oil and gas exploration and power generation, contributing to a market size projected at USD 30 billion by 2035, with a CAGR of 4.5%. The region's focus on technological advancements and sustainability initiatives is promoting the adoption of innovative rotating equipment solutions across various applications. Conversely, the Asia Pacific region is also showing significant potential, with a projected market size of approximately USD 25 billion by 2035. The region's rapid industrialization, coupled with increasing energy demands and government initiatives aimed at infrastructure development, is expected to stimulate growth in the market for rotating equipment.

Europe ranks as another significant contributor to the rotating equipment market, with its size estimated at around USD 15 billion by 2035, driven by stringent regulations focused on energy efficiency and emissions control. The region's commitment to renewable energy sources and advanced manufacturing technologies is encouraging investments in rotating equipment that can support these objectives. Latin America and the Middle East & Africa are also witnessing steady growth, albeit at a slower pace, largely attributed to investments in infrastructure and energy projects. Collectively, the regional markets will continue to evolve, presenting various opportunities and challenges influenced by technological advancements and shifting energy demands.

Opportunities

The rotating equipment market is currently witnessing a plethora of opportunities driven by technological advancements and evolving industry demands. One of the most significant opportunities lies in the transition towards renewable energy sources, where the market can expand through the development of specialized rotating equipment for wind and hydro applications. As governments across the globe implement policies to promote sustainable energy, there is a growing demand for efficient turbines and generators capable of operating in diverse environmental conditions. Furthermore, the ongoing trend towards industrial automation presents a remarkable opportunity for manufacturers to innovate and integrate smart technologies into rotating equipment solutions, leading to enhanced operational efficiency and reduced downtime. The increasing adoption of IoT and predictive maintenance strategies in industries is also creating a market for advanced rotating equipment equipped with digital capabilities that improve monitoring and performance.

Another avenue for growth in the rotating equipment market lies in the expansion of aftermarket services. As industries focus on maximizing the operational lifespan of their equipment, the demand for maintenance, repair, and replacement parts is increasing. This trend presents an opportunity for service providers and manufacturers to develop comprehensive aftermarket solutions that ensure optimal performance and reliability. Furthermore, the growing emphasis on sustainability and regulatory compliance is guiding industries towards adopting rotating equipment that not only meets operational needs but also adheres to environmental standards. As such, manufacturers who can provide energy-efficient and eco-friendly solutions are well-positioned to capitalize on these market opportunities, leading to increased demand and revenue growth in the years ahead.

Threats

Despite the positive outlook for the rotating equipment market, several threats could impede its growth trajectory. One of the most significant threats is the volatility in raw material prices, which can adversely affect manufacturing costs and profitability. Fluctuations in the prices of metals and other materials essential for producing rotating equipment can lead to increased production costs, ultimately passed on to consumers. Additionally, the competition within the market is intensifying, with numerous players striving to innovate and offer superior products. This competitive environment can result in price wars, reducing profit margins for manufacturers and putting pressure on smaller companies that may struggle to keep up with the technological advancements of larger players. Furthermore, geopolitical uncertainties and trade tensions can disrupt supply chains and hinder the availability of critical components necessary for rotating equipment production and maintenance.

Another notable threat to the rotating equipment market is the rapid pace of technological change. As industries adopt new technologies, manufacturers may face challenges in keeping their products relevant and competitive. The continuous need for research and development can strain financial resources, particularly for smaller companies that may lack the capital to invest in innovative solutions. Additionally, the increasing focus on sustainability and environmental regulations poses a challenge to traditional rotating equipment designs, necessitating significant investments in redesigning and upgrading products to meet evolving compliance standards. Failure to adapt to these changes may result in lost market opportunities and diminished competitiveness, highlighting the need for manufacturers to remain agile and responsive to industry trends and regulatory demands.

Competitor Outlook

• General Electric
• Siemens AG
• Schneider Electric
• Flowserve Corporation
• Cameron International Corporation
• Emerson Electric Co.
• Honeywell International Inc.
• Sulzer AG
• Atlas Copco AB
• Ingersoll Rand Inc.
• KSB SE & Co. KGaA
• WABCO Holdings Inc.
• Weir Group PLC
• National Oilwell Varco, Inc.
• Metso Outotec

The competitive landscape of the rotating equipment market is characterized by a diverse range of companies striving to capture market share through innovation and strategic partnerships. Major players such as General Electric and Siemens AG are leading the market with their extensive portfolios of advanced rotating equipment technologies, focusing on energy efficiency and sustainability. These companies are heavily invested in research and development, ensuring that they remain at the forefront of technological advancements in rotating equipment. Furthermore, their strong global presence allows them to cater to a wide range of industries, from oil and gas to power generation, enhancing their ability to meet the unique needs of customers across different regions.

In addition to established giants, many emerging players are entering the rotating equipment market, bringing fresh ideas, innovative technologies, and specialized products. Companies like Atlas Copco and Honeywell have carved out significant niches by offering high-performance solutions tailored to specific industry requirements. These firms are leveraging digital technologies and IoT integration to enhance customer value propositions, providing features such as predictive maintenance and real-time monitoring capabilities. This focus on smart technologies is reshaping the competitive dynamics, as companies that can provide advanced, intelligent rotating equipment are likely to gain a competitive advantage in the market.

Moreover, the emphasis on sustainability and environmental compliance is prompting companies to invest in eco-friendly rotating equipment solutions. Manufacturers are increasingly incorporating recyclable materials and energy-efficient designs into their product offerings, aligning with global sustainability goals. Companies like Sulzer AG are leading the charge in developing equipment that meets stringent environmental regulations while maintaining high performance. The collaboration between major players and startups is also fostering innovation in the rotating equipment market, as synergies between traditional manufacturing expertise and modern technological advancements create new growth opportunities. As the market continues to evolve, it is crucial for companies to remain proactive and adaptive to changing industry trends to ensure their competitiveness.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 Sulzer AG
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Siemens AG
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Metso Outotec
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Atlas Copco AB
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Weir Group PLC
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 General Electric
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 KSB SE & Co. KGaA
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Schneider Electric
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Ingersoll Rand Inc.
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 WABCO Holdings Inc.
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Emerson Electric Co.
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Flowserve Corporation
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Honeywell International Inc.
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 National Oilwell Varco, Inc.
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Cameron International Corporation
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Rotating Equipment Market, By Technology
    • 6.1.1 Centrifugal
    • 6.1.2 Reciprocating
    • 6.1.3 Axial Flow
    • 6.1.4 Screw
    • 6.1.5 Others
  • 6.2 Rotating Equipment Market, By Application
    • 6.2.1 Oil & Gas
    • 6.2.2 Power Generation
    • 6.2.3 Chemical
    • 6.2.4 Water & Wastewater
    • 6.2.5 Others
  • 6.3 Rotating Equipment Market, By Product Type
    • 6.3.1 Pumps
    • 6.3.2 Compressors
    • 6.3.3 Turbines
    • 6.3.4 Mixers
    • 6.3.5 Agitators

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Rotating Equipment Market by Region
  • 10.6 Middle East & Africa - Market Analysis
    • 10.6.1 By Country
      • 10.6.1.1 Middle East
      • 10.6.1.2 Africa

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Rotating Equipment market is categorized based on

By Product Type

• Pumps
• Compressors
• Turbines
• Mixers
• Agitators

By Application

• Oil & Gas
• Power Generation
• Chemical
• Water & Wastewater
• Others

By Technology

• Centrifugal
• Reciprocating
• Axial Flow
• Screw
• Others

By Region

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• General Electric
• Siemens AG
• Schneider Electric
• Flowserve Corporation
• Cameron International Corporation
• Emerson Electric Co.
• Honeywell International Inc.
• Sulzer AG
• Atlas Copco AB
• Ingersoll Rand Inc.
• KSB SE & Co. KGaA
• WABCO Holdings Inc.
• Weir Group PLC
• National Oilwell Varco, Inc.
• Metso Outotec