MOUNTAIN VIEW, Calif., Oct. 16, 2013 /PRNewswire/ -- Environment and health concerns spurred the use of seals in North America. Advancements in shale gas exploration and the launch of high-value projects in power and water industries led to new pump and equipment installations and further encouraged the adoption of seals in the region.
New analysis from Frost & Sullivan's (http://www.industrialautomation.frost.com) Analysis of the North American Seals Market research finds the market earned revenue of more than $2.13 billion in 2012 and estimates this to reach $2.93 billion in 2019.
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"Seals are mandatory in highly regulated industries, such as refining and chemical processing, where the release of hazardous materials are harmful to people or the environment," said Frost & Sullivan Industrial Automation and Process Control Research Analyst Sakthi Sobana Pandian. "Seals are also popular in food and pharmaceutical industries where it is critical to prevent external agents from entering the manufacturing process."
Improving reliability and performance in industries is fuelling the uptake of mechanical seals. Despite their high initial prices, benefits such as decreased maintenance costs and reducing product leakage sustain sale volumes.
However, new sales opportunities are limited due to the maturity of the North American market. Shifting of industries such as chemicals, pulp and paper, and pharmaceuticals to low-cost manufacturing regions adds to the challenge. The promising seal-less pump technology with its low cost and maintenance solutions also affects market growth in the long term.
"Research and development, especially in mechanical seals, is crucial to widen the product's application scope and gain a competitive edge," noted Pandian. "Seal manufacturers must partner with automation vendors to enable predictive seal maintenance, thereby adding value for end users in the region."
In the long term, new applications in emerging industries will sustain the growth of the seals market in North America.
Analysis of the North American Seals Market is part of the Industrial Automation and Process Control Growth Partnership Service program, which also includes: Global Automation and Control System Market in the Pharmaceutical and Biotech Industry, Global Distributed Control System Market, North American Substation Automation and Integration Market, and Global SCADA Market. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Analysis of the North American Seals Market
Corporate Communications – North America
SOURCE Frost & Sullivan