Global Mechanical Seals Market – Fairway Seals Industry
The global mechanical seals market is expected to grow at a CAGR of over 9% during the forecast period.
The discovery of shale gas production also plays a significant role in boosting the demand for mechanical seals, as it has triggered oil production and exploration activities, especially in the US. Similarly, even modern hydrocarbon processing plants require highly reliable seals to limit the leakage of fluids. Therefore, these developments will bode well for the market growth during the forecast period.
The oil and gas industry is the largest revenue generator of the mechanical seals market due to increase in production of shale gas in developed and developing countries and is expected to remain at the top till the end of the forecasted period. Factors such as new oil and gas exploration activities coupled with extensive investment in pipelines and refineries in the Americas, the Middle East, Africa, and the APAC region will further escalate the market growth.
Due to rise in urbanization and industrialization, the APAC region accounted for the highest share and will continue till the end of the forecasted period. The market research analysts also note that China will play an essential role in fueling the demand for mechanical seals as it has increased oil and gas production to fulfill its rising energy demand.
Vendors are presenting new technologies into the market with a view to boost condition monitoring of mechanical seals, which is a major trend in the market. For instance, the introduction of sensor integration and strain gauges represent methods to execute onboard testing and monitoring systems that are used to assess structural health of mechanical seal assemblies.