Pune, May 20, 2020 (GLOBE NEWSWIRE) -- The global industrial seals market size is projected to reach USD 16.31 billion by 2026, exhibiting a CAGR of 5.3% during the forecast period. Increasing demand for electricity across the globe will play a crucial role in propelling the growth of this market, states Fortune Business Insights™ in its report, titled “Industrial Seals Market Size, Share & Industry Analysis, By Type (Axial Seals, Radial Seals and Mechanical Seals), By End-Use-Industry (Mining, Food & Beverage, Oil & Gas, Energy and Power, Aerospace, Marine, Construction, Others (Chemicals, etc.) and Regional Forecast, 2019-2026”.
According to the International Energy Agency’s ‘Stated Policies Scenario’, the demand for electricity globally is expected to grow at 2.1% annually till 2040, elevating the share of electricity in total energy consumption to 24% in the forthcoming decades. Meeting this escalating demand for electricity, underpinned by economic development and population growth, will necessitate setting up of power plants. Industrial seals will form a critical component in these facilities as they are designed to prevent contamination of parts interacting with each other, manage pressure, and block leakages. Thus, these materials ensure smooth running of a power generation plant or unit, which will fuel their adoption across industries.
As per the report findings, the market value stood at USD 10.78 billion in 2018. Other than this, the report provides the following:
- Valuable insights into the industry trends and outlook;
- Comprehensive examination of the individual market segments;
- Detailed assessment of the market drivers;
- In-depth study of the challenges facing the market; and
- Thorough research into the regional developments and competitive dynamics of the market.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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Market Driver
Rising Renewable Energy Capacity to Feed Market Growth
The industrial seals market growth is likely to gain an additional dimension owing to the consistent capacity additions being to renewable energy technology around the world. The International Energy Agency (IEA) estimates that power generation from renewables will grow by 50% between 2019 and 2024, with majority of capacity addition to be seen in solar PV, which will account for 60% of this rise. While onshore wind will hold 25% of the share, offshore wind power will sit on a modest 4% share in the next five years. Renewable energy infrastructure will need to be set up in challenging environments, thus requiring resilient and durable industrial components. In such conditions, strong industrial seals such as those made of rubber will be the ideal candidates for enabling power production from different renewable energy facilities.
Regional Insights
High Energy Demand in Asia-Pacific to Fuel the Market
The market size in Asia-Pacific stood at USD 3.76 billion in 2018, giving the region a healthy lead in the industrial seals market share. The dominant position of Asia-Pacific is attributable to the skyrocketing demand for energy from the burgeoning economies of India and China. Moreover, manufacturers of industry-grade seals in the region are offering products at much lower costs than their western counterparts, which is further augmenting the market in the region.
North America is expected to present promising prospects owing to strong governmental support to manufacturing activities and presence of top market players in the region. In Europe, rising number of manufacturing plants in major European Union (EU) economies such as Italy will mainly drive the market growth.
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Competitive Landscape
Operational Expansion to be the Marquee Feature of Market Competition
Competition in this market is set to be characterized by players employing different strategies to diversify their operations in other regions and markets. This trend is being further fuelled by outsourcing of critical maintenance activities by operators in the energy sector. Besides this, many companies are focused on launching innovative products to strengthen their market position.
Industry Developments:
- August 2019: Flowserve Corporation, the US-based machinery veteran, entered into a multi-year contract with Shell Australia to provide maintenance services to the Floating Liquified Natural Gas facility operated by Shell in an offshore location in Western Australia. Through its Quick Response Center, Flowserve will deliver dedicated maintenance services to a wide variety of industrial equipment.
- June 2019: Freudenberg Sealing Technologies announced that it will be unveiling a host of new sealing solutions and innovations at the 2019 International Paris Air Show. Catering primarily to its clients in the aerospace industry, Freudenberg will display a new Omegat OMS-CS cap seal and a novel fireproof, high temperature material.
List of Players Profiled in the Industrial Seals Market Report:
- Fenner Group Holdings Limited (Hallite Seals)
- Freudenberg SE
- Dover Corporation (Waukesha Bearings)
- Trelleborg AB
- Flowserve Corporation
- Tenneco Inc. (Federal-Mogul LLC)
- SHV (ERIKS Group)
- EnPro Industries, Inc. (Garlock GmbH)
- John Crane (Smiths Group plc)
- SKF (AB SKF)
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends of Market
- Key Insights
- Macro and Micro Economic Factors
- Key Technological Developments
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Global Industrial Seals Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (Value and Volume)
- Axial Seals
- Radial Seals
- Mechanical Seals
- Pusher and Non-pusher Seals
- Conventional Seals
- Balanced and Unbalanced Seals
- Cartridge
- Market Sizing Estimations and Forecasts – By End-use Industry (Value)
- Mining
- Food & Beverage
- Oil & Gas
- Energy and Power
- Aerospace
- Marine
- Construction
- Others (Chemicals, etc.)
- Market Analysis, Insights and Forecast – By Geography (Value and Volume)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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