LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the mechanical seals market in the Middle East is expected to grow at a CAGR of more than 5% during the forecast period.
This research report titled ‘Mechanical Seals Market in the Middle East 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
|The mechanical seals market in the Middle East accounts for over 14% of the global market. The market is segmented into dry and wet seals by product type, of which the wet seal segment is forecast to grow swiftly, with a CAGR of close to 7% through 2021.|
The most popular end-users of wet seals are the oil, power, water and wastewater industries. These seals are further segmented into American Petroleum Institute (API) approved and non-API approved seals. The non-API seal segment is more popular, accounting for over 68% of the wet seal market in the Middle East.
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Based on end-users, the report categorizes the mechanical seals market in the Middle East into the following segments:
- Oil and gas
- Water and wastewater
- Metal processing
- Pulp and paper
- Food and beverage
The top three revenue-generating end-user segments in the mechanical seals market in the Middle East are discussed below:
Oil and gas
“The oil and gas industry widely use mechanical seals in their agitators and pumps. The steadily growing oil and gas equipment market is expected to generate over 31% of the demand for mechanical seals in the region, making it the largest end-user segment of the market,” says Anju Ajaykumar, one of the lead analysts at Technavio for tools and components research.
The oil and gas segment of the mechanical seals market in the Middle East is expected to grow at a CAGR of 5.26% through 2021. The growth will be driven by the region’s heavy dependency on the oil and gas industry.
The power industry utilizes mechanical seals to seal various rotating equipment used in power plant transmission applications and solar thermal power generation. The rising levels of industrialization and rapid infrastructure development have created a huge demand for electricity in the Middle East. This has brought forth several investments for the improvement and modernization of the power sector, which is creating a huge demand for mechanical seals.
Water and wastewater
“The water and wastewater industry utilizes mechanical seals in all their pumps and pipes, which creates a huge demand for the product from the Middle East. The sector is expected to showcase a CAGR of over 6% through 2021,” says Anju.
Reverse osmosis (RO) treatment plants comprise the single-largest water desalination technology used in countries in the Middle East. Growing demand for clean, potable water is expected to increase the investments for desalination plants in the region, which is expected to propel the demand for mechanical seals.
The top vendors highlighted by Technavio’s research analysts in this report are:
- John Crane
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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