Pune, Oct. 15, 2019 (GLOBE NEWSWIRE) -- Increasing Industrialization in several developing nations is a key factor driving the global Industrial sealing market, says Fortune Business Insights in a report, titled “Industrial Seals Market Size, Share & Industry Analysis, By Type (Axial Seals, Radial Seals and Mechanical Seals), By Industry (Mining, Food & Beverage, Oil & Gas, Energy and Power, Aerospace, Marine, Construction, Others (Chemicals, etc.) and Regional Forecast, 2019-2026.” The global industrial seals market was valued at USD 10.78 Billion in 2018 and is expected to reach USD 16. Billion by 2026, exhibiting a CAGR of 5.3%.
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As per the report, the global industrial sealing market on the basis of type is segmented into axial seals, radial seals and mechanical seals. The radial seals is expected to account for maximum shares in the global industrial sealing market during the forecast period owing to the rising adoption of contacting seals across several industries. In addition, radial seals followed by mechanical seal will witness significant growth during the forecast period owing to the rising use of small diameter radial shaft (SDS) and large diameter shaft (LDS) in the end-use applications.
The report discusses in detail the segmentations and provides authentic data on account of the same. It also offers insights on the recent trends in the global Industrial sealing market and educates about several aspects such as market drivers, mergers & acquisitions, industrial developments and market players.
Surge in Power Generation Industry Will Boost Growth
The rising investment by the government and other authorities in electricity and power generation will contribute positively to the global industrial sealing market. The increasing demand for renewable source of energy such as solar is expected to contribute significantly to the global Industrial Seals Market. For instance,In 2018, according to the UN Environment Programme (UNEP) and its partners, 98 gigawatts of new solar capacity were installed globally.
Furthermore, shifting focus of countries and increasing R&D investment in low-carbon energy will accelerate growth of the global Industrial sealing market. In addition, rising adoption of renewable energy by industries to curb carbon will boost the global Industrial sealing market revenue during the forecast period.
Increasing Industrialization Will Create Growth opportunities
The surge in the industrial sector is expected to fuel demand for industrial sealing, which, will, in, turn, enable the growth of the global Industrial sealing market. The global industrial sealing market on the basis of type is segmented into axial seals, radial seals and mechanical seals. The radial seals is expected to account for maximum share in the global industrial sealing market during the forecast period owing to the rising adoption of contacting seals across several industries and the growing use of small diameter radial shaft (SDS) and large diameter shaft (LDS) in the end-use applications. In addition, the axial and mechanical seals segment is predicted to grow moderately owing to the industrial development in several developing nations and rising adoption of cartridge seals in multiple applications.
Agreement Between Shell and Flowserve Corporation Will Foster Growth
Flowserve Corporation came into a 5-year agreement with Shell (Australian Market) to facilitate general services for its Floating Liquefied Natural Gas (FLNG) facility. The FLNG produces natural gas from an offshore field in Western Australia. The agreement between the two companies will create lucrative growth opportunities for the global Industrial sealing market.
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