LONDON--(BUSINESS WIRE)--The global rotary seals market is expected to grow at a CAGR of more than 6% from 2017-2021, according to a new market research report by Technavio.
Global rotary seals market segmentation by end-user and geography
Technavio’s report on the global rotary seals market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by end-user, including oil and gas, chemicals, and power. In 2016, the global rotary seals market was dominated by the oil and gas sector, which occupied a market share of more than 31%. The oil and gas sector is expected to continue dominating the market during the forecast period.
Based on geography, the global rotary seals market has been segmented into APAC, EMEA, and the Americas. In 2016, the global rotary seals market was dominated by APAC that occupied a market share of around 49%. The economic growth and urbanization in APAC have assisted millions to move out of poverty. The region comprises about 60% of the total global population. The growing urban population has increased the demand for sustainable energy, fresh water, as well as agricultural and processed food products. This is expected to have a positive impact on the regional market.
“Process industries such as oil and gas are witnessing significant growth. This is expected to have a positive impact on the rotary seals market in the APAC region. In APAC, China is the large importer of crude oil. It is also one of the five largest oil producers across the globe. The country has potentially vast unconventional gas reserves. Significant investments by local and international vendors in technology will power the market in the future,” says Gaurav Mohindru, a lead analyst at Technavio for tools and components research.
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Global rotary seals market: competitive vendor landscape
There is intense competition among major vendors in the global rotary seals market. Apart from top vendors, several regional and local vendors have started manufacturing customized seals that are available at a lower price than their international counterparts. Though the market seems unsaturated with the presence of several new vendors, it is quite difficult for them to compete with international vendors in terms of quality, features, functionalities, and services. With the introduction of products with new features and technologies, the competition is expected to intensify.
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Other topics covered in the report:
Market drivers:
- Maintenance of zero-emission control
- Growing demand for high-quality mechanical seals
Market challenges:
- Frequent failures with mechanical seals
- Growing demand for electromechanical equipment
Market trends:
- Use of superior quality raw materials
- Advances in assemblies, testing systems, monitoring systems, and technology of mechanical seals
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