LONDON, Feb. 23, 2017 /PRNewswire/ -- High demand for energy across the globe, adoption of new technology, and the development of innovative products and applications are igniting growth, driving change and improving operational efficiencies in the global mechanical seals market. Mechanical seal manufacturers must expand channel and partnership initiatives and collaborate with electronic vendors and software companies for Industrial Internet of Things (IIoT)-enabled solutions. Plus seek to leverage acquisitions to drive product-line expansion, smart connected assets, and customer bases in a consolidated, price-sensitive, fragmented ecosystem.
"Manufacturers that offer a comprehensive package constituting mechanical seals, aftermarket support, and diagnostic capabilities are at a competitive advantage. Mid-tier manufacturers must focus on research and development and innovation to gain a competitive advantage," states Frost & Sullivan Industrial Automation & Process Control Programme Manager Ashwin Annareddy.
Global Mechanical Seals Market, Forecast to 2020, part of Frost & Sullivan's Industrial Automation & Process Control Growth Partnership subscription, finds that global market revenue is expected to reach $4,634.2 million by 2020. The research offers an analysis of the global mechanical seals market and covers key areas such as drivers, restraints, trends by technology and price, competitor analysis with market share and global revenue, with revenue forecasts for end-user industries. A detailed regional breakdown, covering North America, Europe, the Middle East, and Africa (EMEA), Asia-Pacific, and Rest of World has been provided.
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Other trends and growth opportunities include:
- The Asia-Pacific region is expected to have the highest growth due to high demand for mechanical seals from China and India.
- Demand in the Power Generation and Water Wastewater industries is set to increase due to rapid urbanization in emerging economies.
- Rising concerns about safety and emission control for safeguarding the environment are expected to increase the demand for dry gas seals in compressors, mainly in the oil and gas industry. Manufacturers in developing economies are expected to offer seals with high reliability, safety features, and robust aftermarket support.
- The top four mechanical seal manufacturers contributed 74.6 percent of the total market revenue.
- The demand for dry gas seals is expected to rise during the forecast period, considering an increasing focus on reliability, and reduced operating and maintenance costs and emissions.
"In a concentrated, price-sensitive and highly fragmented market, distributors play a significant role in aiding higher market penetration for mechanical seals," notes Annareddy. "Innovative, long-standing companies such as John Crane, Eagle Burgmann, Flowserve Corp and Aesseal Plc, differentiate their offerings through the use of technology, performance and after-market support."
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Global Mechanical Seals Market, Forecast to 2020
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SOURCE Frost & Sullivan