Power Generation & Transmission Seals Market Report
Power Generation & Transmission Seals Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027 See less
Power Generation & Transmission Seals Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027
Power Generation & Transmission Seals Market is Segmented by Application Type (Power Generation, Energy Transmission, and Energy Storage), 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]).
Power Generation & Transmission Seals Market is Segmented by Application Type (Power Generation, Energy Transmission, and Energy Storage), by Product Type (O-rings, Gaskets, Energized Seals, Lip Seals, Mechanical Seals, and Others), by Material Type ...
Seals used in power generation and transmission are one of the major components that require high temperature and excellent corrosion resistance. The selection of material is dependent on several parameters such as temperature resistance, lightweight, durability, strength, and negligible value of friction. The increasing demand for electricity from the residential, industrial and commercial sectors will increase the demand for power generation and transmission, which, in turn, will bolster the seals market.
Additionally, various other factors such as a rise in construction activities, growing use of electric vehicles, and rapid urbanization and industrialization are expected to drive the market growth. Furthermore, in response to growing concerns regarding pollution and global warming, governments are aiming for sustainable development and implementing measures to promote power generation through renewable energy sources, which is further intensifying the demand for seals. Power generation & transmission seals are used in a range of applications, such as wind turbines, solar and hydroelectric plants, fuel cells, and battery systems.
Due to the outbreak of COVID-19 in 2020, the growth rate of the power generation & transmission seals market faced a slight decline of -5.9%. Demand for power and energy from various industries decreased due to lockdowns. In contrast, the power demand from the residential sector increased, which offset the huge decline of the commercial and industrial sectors.
However, it is expected that the power generation & transmission seals market will recover and thrive in the coming years. As the global power consumption rises, the market for power generation & transmission seals is also expected to grow parallelly at a healthy CAGR of 3.6%, during the forecast period, to reach a value of US$ 8.8 Billion in 2027.
Based on the application type, the power generation & transmission seals market is segmented as power generation, energy transmission, and energy storage. Power generation is expected to remain the largest segment of the market during the forecast period. There is a high demand for seals in thermal power plants, wind turbines, and hydroelectric turbines, which are some of the significant applications of seals used in power generation.
Based on the product type, the market is segmented as O-rings, gaskets, energized seals, lip seals, mechanical seals, and others. Energized seals are expected to remain the largest as well as the fastest-growing segment of the market during the forecast period. Energized seals maintain their properties even in the presence of challenges such as vacuum pressures, high temperatures, corrosive media, and hardware gaps, and are less prone to failure. As a result, they are preferred in the power generation & transmission seals market.
Based on the material type, the market is segmented into elastomeric seals, thermoplastic seals, and metallic seals. Elastomeric seals are expected to remain the largest, whereas thermoplastic seals to be the fastest-growing segment of the market during the forecast period. Elastomers and thermoplastics are the most desirable materials for high-performance applications, owing to their numerous advantages such as high/low-temperature resistance, good abrasion resistance, and high extrusion resistance. Thermoplastic seals are gaining traction in the power generation & transmission seals market.
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 largest power generation & transmission seals market during the forecast period. The region accounts for most of the market owing to the presence of major power-generating countries such as India and China. Rapid urbanization and rising power consumption are two primary factors responsible for Asia-Pacific becoming the largest 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 power generation & transmission seals market.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s power generation & transmission 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 as well as those willing to enter the market. The following are the key features of the report:
The power generation & transmission seals market is segmented into the following categories.
Power Generation & Transmission Seals Market, by Application Type
Power Generation & Transmission Seals Market, by Product Type
Power Generation & Transmission Seals Market, by Material Type
Power Generation & Transmission Seals Market, by Motion Type
Power Generation & Transmission Seals Market, by Region
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
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 power generation & transmission seals market is estimated to grow at a healthy CAGR of 3.6% over the next five years to reach a value of US$ 8.8 Billion in 2027, as a result of increasing power production to meet the global power demand.
AB SKF, A.W. Chesterton Co., EnPro Industries, Freudenberg Sealing Technologies, Greene Tweed & Co., Inc., Hutchinson SA, James Walker & Co., John Crane (Smiths Group), Parker-Hannifin Corporation, Saint-Gobain S.A., and Trelleborg Sealing Solutions (arranged alphabetically) are some of the key players in the market. The factor behind their dominance is their wide reach all over the world with the presence of sales offices and manufacturing facilities in most of the regions.
Asia-Pacific is estimated to remain dominant in the power generation & transmission seals market in the foreseeable future. The region's growth is fueled by a large number of thermal power plants and other renewable energy production units.
Asia-Pacific is estimated to grow at the fastest rate in the coming five years. Increasing demand for power in the region as a result of the region's growing population is creating huge demand for seals in the market.
Energized seals are likely to maintain their dominance in the market in the next five years, owing to their superior properties.