The rotary seals market is expected to grow by $1.88 billion from 2020-2024, according to a new report from market research company Technavio. The market is expected to grow by a compound annual growth rate (CAGR) of 5.51 percent through 2024.
“High demand from the water and wastewater industry has been instrumental in driving the growth of the market,” according to Business Wire. However rotary seals’ frequent failures might hinder the market growth, Technavio reported.
The global rotary seals market report includes global and regional level analysis, including the major regions of North America, South America, Europe, Asia Pacific (APAC) and the Middle East and Africa (MEA). Technavio’s analysis indicates that South America will have the highest share.
China, the United States, Japan, Germany and India will have the highest revenue share globally. This is based on the country’s contribution to the global market, Technavio stated, and these countries are expected to remain the largest markets for rotary seals.
The rotary seals market is fragmented with several players, and the estimated market growth could change if the market structure changes. These changes may be prompted by industry consolidation or vendors exiting the market.
The rotary seals market is segmented based on geography as well as end user. Sub-segments include oil and gas, chemical, power generation and others, according to Technavio.
The market is also segmented based on geography, including sub-segments such as APAC, North America, Europe, MEA and South America.
Vendors with a dominant presence in the rotary seals market have significant control in the market and can influence it with product/service launches, lobbying for regulations, mergers and acquisitions or geographical expansion.
For more information about the rotary seals market, see Technavio’s report here.