LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the pumps and valves services market in North America is expected to grow at a CAGR of almost 5% during the forecast period.
This research report titled ‘Pumps and Valves Services Market in North America 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 pumps and valves services market in North America is expected to grow at a steady pace during the forecast period. The growth of the end-user industries and the need for increasing preventive maintenance in these industries will primarily drive the market. The North American countries are expected to see a surge in the oil and gas industry, considering the exploration of shale gas in the region. The related industries (water and wastewater and chemical and petrochemical) will also feature a growth during the forecast period.
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Technavio’s industrial automation research analysts categorize the pumps and valves services market in North America into the following segments by end-user. They are:
- Oil and gas
- Chemical and petrochemical
- Water and wastewater
- Food and beverages
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The top three revenue-generating end-user segments of the global pumps and valves services market in North America are discussed below:
Oil and gas
The oil and gas industry in North America is expected to grow during the forecast period, considering the exploration of shale gas in the region. The increasing production of oil and gas coupled with the need for transporting and refining fuels is expected to increase the adoption of pumps and valves in the oil and gas industry. Pumps and valves find its use in upstream, downstream, and midstream operations in the oil and gas industry.
According to Sushmit Chakraborty, a lead automation research analyst from Technavio, “The need for improving the operational efficiency of processes and requirements for meeting the demand supply curve for oil and gas are expected to drive the pumps and valves services market in North America during the forecast period. In addition, the demand for pumps and valves services is expected to increase, considering the rising awareness of preventive maintenance in pipelines and plants, minimization of downtime on the shop floor, and reduction in the cost of replacement of equipment.”
Chemical and petrochemical
The chemical and petrochemical industry requires pumps and valves to generate electricity, pump fluids in pipelines, and control the flow of products. The urge of the chemical and petrochemical industry to meet the consumer demand and increase the efficiency of operations in plants and pipelines is expected to generate the need for pumps and valves services in the region during the forecast period.
“The exploration of shale gas in North America is expected to sprout up more plants for managing exploration and refining activities. The upcoming plants will require pumps and valves services in the form of new installations. The existing chemical and petrochemical industries will require pumps and valves services for maintenance. The need for reducing the replacement rate of pumps and valves will increase the growth of the pumps and valves services market in the chemical and petrochemical industry in North America in the coming years,” adds Sushmit.
Water and wastewater
The water and wastewater industry is experiencing a growth in North America, owing to the scarcity of water for industrial purposes. The industries require water for boiler operations and generating in-house electricity. These processes require water with zero contamination and sometimes in a distilled form. The process of transporting water from the sources to the industries requires the use of pumps and valves.
The growth of industries in North America coupled with the need for water and wastewater resources is expected to increase the need for pumps and valves in the water and wastewater industry. The need for avoiding unexpected failures and improving the productivity of operations is expected to drive the growth of the pumps and valves services market in North America during the forecast period.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Franklin Electric
- Universal Plant Services
- North American hydraulics
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