Power Generation & Transmission Seals Market is expected to reach US$ 8.8 Billion in 2027, growing at a CAGR of 3.6% during 2022- 2027, reports Stratview Research.
Raipur, Dec. 09, 2022 (GLOBE NEWSWIRE) -- Stratview Research, a leading market research firm has launched a report on the Power Generation & Transmission Seals Market which provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.
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How is the Report Helpful?
The report has a very high utility for the key decision-makers and strategists in terms of accurate market insights, future growth opportunities, and key success factors.
Most importantly, the report analyses the possible impact of COVID-19 on the market dynamics which offers cushioning against the uncertain business environment and helps in streamlining the resources and investment decisions in a fruitful manner.
What are the Top Market Drivers?
According to the report, the Power Generation & Transmission Seals Market is driven by a host of factors, some of which are noted below:
Increasing demand for electricity from the residential, industrial, and commercial sectors.
Rise in construction activities.
Growing use of electric vehicles.
Rapid urbanization and industrialization.
The report also includes growth rate estimates based upon the intensity of drivers and constraints and provides the users with several graphical illustrations of the key insights.
Power Generation & Transmission Seals Market Segmentation:
Stratview Research has segmented the market in the following ways which fulfill the market data needs of multiple stakeholders across the industry value chain.
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),
By Region (Rest of the World, Asia-Pacific, Europe, and North America)
Power Generation & Transmission Seals Market Insights
By 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.
By 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.
By 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.
Which region offers the best opportunity and growth?
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.
COVID-19 Impact on the Power Generation & Transmission Seals Market
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.
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Who are the Top Market Players?
After a thorough analysis of the market, the experts have listed a few key players and discussed company profiles of the below-given players -
A.W. Chesterton Co.
Freudenberg Sealing Technologies
Greene Tweed & Co., Inc.
James Walker & Co.
John Crane (Smiths Group)
Trelleborg Sealing Solutions
What deliverables will you get in this report?
In-depth analysis of the Power Generation & Transmission Seals Market
Detailed market segmentation.
Historical, present, and future market size analysis.
Industry trends, technologies, and advancements.
Growth and operation strategies adopted by key players.
Potential segments/regions offering promising growth.
Geographical presence of the key players.
Related reports which might be useful:
Energized Seals Market
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