Mechanical Pump Seal Comprehensive Market Size
Mechanical Pump Seal Comprehensive Market is anticipated to surpass USD 124,545.35 million by 2030 from USD 61648.13 million in 2020 at a CAGR of 5.9% throughout the forecast period, i.e. 2020-2030
Mechanical pump seals are machine components, used to obstruct the leakage of fluid, whether liquid or gaseous, by connecting structures or operations together. In other words, it restrains fluid under pressure from gushing out of the pump. Mechanical pump seals are also known as packaging materials. It is put to use in several industry verticals, such as automobiles, industrial pumps, compressors, etc. Mechanical seals safeguard systems from outer effects and adulterations. They are designed specifically for pumps in such a way that the transit point in the middle of the revolving component of the shaft and the fixed component of the pump. Strict rules and regulations regarding the control of leakage, growing environmental concerns, and rising demand from consumers. Moreover, rapid industrialization in developing countries is expected to further fuel the demand for packaging material.
Market Highlights
Mechanical Pump Seal Comprehensive Market is expected to project a CAGR of 5.9% during the forecast period, 2020-2030
The Mechanical Pump Seal Comprehensive Market is estimated to grow on the back of the following reasons. The main drivers of the Mechanical Pump Seal Comprehensive Market are supportive government policies to decrease leakages in different industries, increasing demand for packaging material in several pumps & compressors, and technological advancement. Moreover, the growing use of mechanical pump seals by the process manufacturing industry coupled with a reduction in functional and maintenance costs due to the endorsement of mechanical seals are likely to propel the overall market growth. Nonetheless, the presence of substitutes like Gland packaging is the major factor restricting the growth of the mechanical pump seal market. In addition to this, a finite number of producers of mechanical pump seals poses a serious threat to the growth of the market. Yet, drastic growth in demand from various industry verticals and increasing environmental concerns are anticipated to boost the market demand during the forecast period.
Global Mechanical Pump Seal Comprehensive Market: Segments
Merits of Cartridge Seals Segment to drive the demand for Mechanical Pump Seals Market
Based on type, the mechanical pump seal market is segmented into conventional seals, pusher seals& non-pusher seals, balanced seals & unbalanced seals, cartridge seals, and others. The cartridge seals segment is expected to grow at the highest CAGR during the forecast period, owing to numerous merits like easy installation method and fewer amounts of mistakes than traditional mechanical seals. Thus, several end-users are shifting to cartridge seals thereby, boosting the demand for mechanical seals.
Rising demand from the Oil & Gas Industry is projected to supplement the growth of the Mechanical Pump Seals Market
Based on the type of Industry, the mechanical pump seals market is categorized into oil & gas, chemical industry, water treatment & water supply industry, power, and others. The oil& gas segment held a major share in 2019 and is anticipated to grow at the fastest CAGR during 2020-30. Increasing employment of mechanical seals as the leakages from this industry is costly, leads to the mandatory adoption of mechanical seals. Governments of various economies are taking several measures to expand the industrial sector of their countries.
Increased durability of Double Seal to fuel the market growth
The global mechanical seal market is based on an arrangement that can be divided into a single seal and a double seal. The double seal segment captured a major share of the global mechanical seals comprehensive market in 2019 and is projected to grow at a CAGR of XX% during the. The demand for double seals is greater than for single seals since double seals effectively manage poisonous & dangerous fluids, suspended abrasives, and erosive.
Market Dynamics
Drivers
The rise in production of shale gas
The rise in the manufacturing of shale gas in emerging and advanced economies is a key factor propelling the growth of the mechanical pump seal market. The latest oil & gas expedition projects, along with ample expenditure on refineries and pipelines are boosting the growth of the global mechanical seals market. In addition to this, the establishment of the latest & advanced technology is a key factor spurring the overall growth of the global mechanical seals market.
Restraints
Availability of substitutes to dampen the growth
The availability of substitute techniques of sealing leakages such as Gland packaging, stuffing box, and mechanical packaging consumes the revenue share of the mechanical seals market. Additionally, the utilization of electronic seals in automatic-based manufacturing industries can hamper the growth during the forecast period 2020-2030.
Global Mechanical Pump Seal Comprehensive Market: Region
Asia-Pacific to grow at the highest CAGR during the forecast period
Global Mechanical Pump Seal Comprehensive Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia-Pacific, and Middle-East & Africa. Geographically, Asia-Pacific is likely to dominate the market due to speedy globalization and industrialization in emerging countries. The growth of the chemical industry and water treatment & water supply industry is anticipated to fuel the overall demand for the mechanical pump seal market. Moreover, the concentration of a large number of manufacturers in the region due to increased Foreign Direct Investment in the region is projected to accelerate the growth rate during the forecast period. North America and Europe also held a significant market share due to improvements in infrastructure and technological developments in this region.
Global Mechanical Pump Seal Comprehensive Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR- the United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR- Mexico, Argentina, Brazil, and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR- UK, Germany, France, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
- Asia-Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR- India, China, South Korea, Malaysia, Japan, Indonesia, Australia, New Zealand, and Rest of Asia-Pacific
- The Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR- North Africa, Israel, GCC, South Africa, and Rest of the Middle East and Africa
Key Players
- AESSEAL Plc.
Company overview, Business Strategy, Key Product Offerings, Financial Performance, Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
- HUTCHINSON
- A.W. Chesterton
- John Crane
- EagleBurgmann
- Flex-a-seal Inc.
- Meccanotecnica Umbra
- Federal-Mogul LLC
- Trelleborg Sealing Solution
- Flowserve Corporation
Global Mechanical Pump Seal Comprehensive Market Report also contains an analysis of:
Mechanical Pump Seal Comprehensive Market by segment:
- By Type
- Conventional Seals
- Pusher Seals & Non-Pusher Seals
- Balanced & Unbalanced Seals
- Cartridge Seals
- Others
- By Industry Vertical
- Oil & Gas
- Chemical Industry
- Water Treatment & Water Supply Industry
- Power
- Others
- By Arrangement
- Single Seal
- Double Seal
- By Region
- North America
- Latin America
- Europe
- Asia-Pacific
- The Middle East and Africa
- Mechanical Pump Seal Comprehensive Market Size
- Mechanical Pump Seal Comprehensive Market Dynamics
- Supply and Demand
- Current Issues/trends/challenges
- Competition and Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
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