Energy & Power Seals Market Report
Energy & Power Seals Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027 See less
Energy & Power Seals Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027
Energy & Power Seals Market is Segmented by Application Type (Power Generation and Transmission, and Oil & Gas), by Product Type (O-rings, Gaskets, Energized Seals, Lip Seals, Mechanical Seals, and Others), by Material Type (Elastomeric Seals, Thermoplastic Seals, and Metallic Seals), by Motion Type (Static Seals, Linear Seals, and Rotary Seals), and by Region (North America [The USA, Canada, and Mexico], Europe [Germany, France, The UK, Russia, and Rest of Europe], Asia-Pacific [Japan, China, India, and Rest of Asia-Pacific], and Rest of the World [Brazil, Saudi Arabia, and Others]).
Energy & Power Seals Market is Segmented by Application Type (Power Generation and Transmission, and Oil & Gas), by Product Type (O-rings, Gaskets, Energized Seals, Lip Seals, Mechanical Seals, and Others), by Material Type (Elastomeric Seals, Thermoplastic Seals, and Metallic Seals), by...
Seals play an important role in improving the efficiency and performance of machinery or equipment. They can retain lubrication and prevent contamination by blocking dust and other unwanted particles from entering machines. They are also responsible for increasing machine life and productivity. Hence, selecting appropriate seals for equipment is critical.
Seals have a wide range of applications, one of which is in energy & power. Energy & power seals are components found in energy & power generators and transmitters. They are present in solar panels, motors, wind turbines, and other similar devices. High-temperature resistance and excellent corrosion resistance are the two critical properties of energy & power seals. Seals are made from materials that are lightweight, durable, and strong, and they come in a variety of shapes and sizes to fit the diameters of machines.
The pandemic struck the growing energy & power seals market in 2020, resulting in significant losses for market shareholders. In 2020, the energy & power seals market experienced a massive -11.7% decline. However, the long-term interpretation still seems favorable and rewarding, owing to the strong industry fundamentals. The energy & power seals market is expected to grow steadily at a healthy CAGR of 4.8%, during the forecast period, to reach a value of US$ 13.2 Billion in 2027.
Based on the application type, the energy & power seals market is segmented as power generation and transmission, and oil & gas. Power generation and transmission are expected to remain the largest segment during the forecast period. The rising demand for electricity from the residential, industrial, and commercial sectors will drive the demand for power generation and transmission, which, in turn, will increase the demand for power generation and transmission seals.
Based on the product type, the energy & power seals market is segmented as O-rings, gaskets, energized seals, lip seals, mechanical seals, and others. Lip seals are expected to remain the largest, whereas mechanical seals are likely to be the fastest-growing segment of the market during the forecast period. Lip seals are used in a wide range of applications from steady-moving machines to high-speed motion. Mechanical seals are used in thermal power plants, and gas and nuclear plants, among others. These components are used to preserve the integrity of machines by preventing fluid leakages.
Based on the material type, the market is segmented into elastomeric seals, thermoplastic seals, and metallic seals. Elastomers are expected to remain the largest, whereas thermoplastics are estimated to be the fastest-growing segment of the market during the forecast period. Elastomers and thermoplastics are desirable materials for high-performance seals because of their superior strength, stiffness, and toughness. Elastomers have the ability to return to their original shape and size, and they do not melt at higher temperatures, making them suitable for high-temperature applications in the energy & power sector.
In terms of regions, the market is segmented as North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is expected to remain the most significant and fastest-growing energy & power seals market during the forecast period. Increasing demand for energy and power due to growing population, rapid urbanization, and a sharp rise in investment in the energy & power sector are among the key factors responsible to drive the growth of the market in this region.
Presence of a large number of players serving the industry, owing to a well-established supply chain and moderate technological requirements. The following are the key players in the energy & power seals market (arranged alphabetically).
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s energy & power seals market realities and future market possibilities for the forecast period of 2022 to 2027. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players and those willing to enter the market. The following are the key features of the report:
The energy & power seals market is segmented into the following categories.
Energy & Power Seals Market, by Application Type
Energy & Power Seals Market, by Product Type
Energy & Power Seals Market, by Material Type
Energy & Power Seals Market, by Motion Type
Energy & Power Seals Market, by Region
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Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to firstname.lastname@example.org
The energy & power seals market is estimated to grow at a healthy CAGR of 4.8% over the next five years to reach a value of US$ 13.2 Billion in 2027, owing to increasing consumption of primary and secondary energy sources to meet the global electricity demand, creating a huge demand for seals in the market.
AB SKF, Bal Seal Engineering, Inc., EnPro Industries, Freudenberg Group, Greene Tweed & Co., Inc., Hutchinson SA, James Walker & Co., Parker-Hannifin Corporation, Precision Polymer Engineering, Saint-Gobain S.A., and Trelleborg AB (alphabetically arranged) are some of the key players in the market. The factor behind their dominance is their worldwide reach with the presence of sales offices and manufacturing facilities in all the major regions.
Asia-Pacific is estimated to remain dominant in the energy & power seals market in the foreseeable future due to a large number of thermal power plants and various other renewable energy production units, leading to high consumption of seals.
Asia-Pacific is estimated to grow at the fastest rate in the coming five years. Increasing demand for energy and power in the region as a result of the region's growing population is driving the demand for seals in the market.
Lip seals are likely to maintain their dominance in the market over the next five years, as they provide superior sealing solutions for rotary applications.