Technavio has been monitoring the mechanical seals market and it is poised to grow by USD 1.12 billion during 2020-2024, progressing at a CAGR of over 5% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19.
At what rate is the market projected to grow during the forecast period 2020-2024?
• Growing at a CAGR of over 5%, the market growth will accelerate in the forecast period of 2020-2024.
•
• What is the key factor driving the market?
• Rising adoption of renewable energy is one of the key factors driving the market growth.
•
• Who are the top players in the market?
• A.W. Chesterton Co., AESSEAL Plc, John crane., Flex-A-Seal Inc., Flowserve Corp., Freudenberg Sealing Technologies GmbH & Co. KG, Egleburgmann., Meccanotecnica Umbra Spa, Smiths Group Plc, and Ningbo Victor seals. are some of the major market participants.
• Who are the top players in the market?
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. A.W. Chesterton Co., AESSEAL Plc, EnPro Industries Inc., Flex-A-Seal Inc., Flowserve Corp., Freudenberg Sealing Technologies GmbH & Co. KG, Leak-Pack Engineering (I) Pvt. Ltd., Meccanotecnica Umbra Spa, Smiths Group Plc, and YALAN Seals Ltd. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The rising adoption of renewable energy has been instrumental in driving the growth of the market.
Mechanical Seals Market 2020-2024: Segmentation
Mechanical Seals Market is segmented as below:
• End-user
o Oil and Gas
o General Industries
o Chemicals and Pharmaceuticals
o Water and Wastewater Treatment
o Power
o Other Industries
• Geography
o APAC
o North America
o Europe
o MEA
o South America
Post time: Nov-11-2022