Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Mechanical Seals Market Overview
Mechanical seals is defined as a leakage controlling device, that are found on rotating equipment such as pumps and mixers to prevent the leakage of liquids and gases. The mechanical seals help sealing the rotating part of the shaft against the stationary part of the pump housing. Mechanical seals are widely used by various industries such as oil and gas, chemical industry and others.
Market Size and Forecast
The global mechanical seals market is expected to grow at a CAGR of 9.2% over the forecast period i.e. 2017-2024. Further, mechanical seals market is anticipated to reach exponential revenue globally by 2024. Further, the market is growing on the back of various factors such as growing oil and gas industry coupled with rising demand for advanced seals form wastewater industry.
On the basis of end-use-industry, the global mechanical seal market is segmented into oil and gas , chemical industry , water and wastewater industry , power industry, pharmaceutical, mining and minerals, food and beverage and others. Among these segments, with 30.1% share, the oil and gas industry accounted for the largest segment of overall mechanical seals market in 2016 and is projected to witness a notable CAGR during the forecast period. Moreover, water and wastewater industry segment is believed to grow at a tremendous pace by the end of 2024.
On the basis regional platform, with 42.8% share, Asia-Pacific region captured the biggest market of mechanical seals in 2016. Moreover, Asia-Pacific region is anticipated to continue its dominance over the forecast period. This region is most lucrative market across the globe owing to emerging economies such as India and China. In addition to this, rapid industrialization on the back of positive GDP figure is paving a positive wave for the growth of mechanical seals market. Additionally, growing oil and gas industry owing to rising energy demand is envisioned to bolster the growth of mechanical seals market.
North America and Europe regions mechanical seals market is anticipated to capture significant share in the global mechanical seals market. In North America region, U.S. is the dominating country owing to new gas exploration activities coupled with on-going research and development in the field of mechanical seals. Apart from this, Western Europe countries such as Germany, U.K. and others are major countries contributing in the market of mechanical seals. Further, Middle East and Africa is also projected to show noteworthy CAGR owing to presence of large oil and gas industry.CLICK TO DOWNLOAD FREE SAMPLE
Market Segmentation
Our in-depth analysis segmented the global mechanical seals market in the following segments:
By Product Type
By End-Use-Industry
By Region
Global mechanical seals market is further classified on the basis of region as follows:
Growth Drivers and Challenges
Factors such as increasing usage of mechanical seals by various industry such as oil and gas, water and wastewater industry and others is believed to foster the growth of mechanical seals market by the end of 2024. Moreover, continuous advancement in mechanical seals by major key vendors in order to fulfill the demand is also predicted to foster the growth of mechanical seals. Furthermore, heavy investment in pipelines and refineries in major countries is one the major factor bolstering the market of mechanical seals across the globe.
Additionally, robust growing of industrial sector along with strengthening economic growth of developed and developing nations is envisioned to flourish the growth of mechanical seals market. Moreover, rise in production of shale gas is also believed to augment the demand for mechanical seals.
Although, presence of other alternatives such as mechanical packaging and increasing usage electronic seals in automated manufacturing are anticipated to hamper the growth of mechanical seals market.
Key players
The major key players for mechanical seals are as follows
Scope and Context
Overview of the Parent Market
Analyst View
Segmentation
The global mechanical seals market is segmented as follows:
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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