Mechanical pump seals are designed to provide better sealing ability to avoid leakage between rotating part, which is a shaft of pump and stationary part of the pump housing. Mechanical pump seals are used on large scale in oil & gas, power, chemical, pharmaceutical, and other industries. Mechanical seals help to increase the productivity of the machine by preventing unnecessary losses of fluid and gases, owing to which industries are focusing on using mechanical seals to improve overall equipment performance with minimized operational costs and productivity losses. Earlier, the companies were using gland packaging material in pumps which used to reduce the productivity and performance of the pump, owing to these disadvantages of gland packaging nowadays mechanical seals are preferred by various end-use industries such as Oil and Gas, Chemical, Food and Beverage, and Pharmaceutical Industries in order to reduce the equipment downtime, and which in-turn boosts the overall equipment performance, this in turn will help the mechanical pump seals market to grow during the forecast period.
Global Mechanical Pump Seals market is estimated to be valued at US$ 4,736.2 Mn by 2030.
Global Mechanical Pump Seals Market: Drivers
Increasing Demand for Process Efficiency
Industries are constantly seeking ways to improve process efficiency and productivity. Mechanical pump seals, with their ability to minimize leakage and enhance pump performance, are in high demand as they contribute to improved process efficiency, reduced energy consumption, and cost savings. On December 2020, a blog posted by Magnatex Pumps a magnetic drive pumps provider mentioned that around 90% of industries uses centrifugal pumps in the US and has been around from 1920s and is still in demand as the end use industries are expanding such as oil and gas, chemical processing, water and wastewater, power generation, and pharmaceuticals drives the demand for mechanical pump seals. These industries heavily rely on pumps for fluid handling, and mechanical pump seals play a critical role in ensuring efficient and reliable pump operation.
Global Mechanical Pump Seals Market: Opportunities
Increasing Focus on Upgrading Existing Infrastructure:
Many industries are focusing on upgrading their existing infrastructure to improve efficiency, reduce maintenance costs, and enhance overall performance. Retrofitting mechanical pump seals in aging pump systems provides an opportunity for manufacturers to offer advanced sealing solutions, thereby extending the lifespan of pumps and enhancing their efficiency. On February 2020, New York Times released an article stating that, As part of Japan's energy infrastructure plans, there is a proposed construction of 22 new coal-fired power plants across 17 locations by 2025. Among these projects is the Yokosuka coal-fired facility, currently under construction, with a capacity of 1.3 GW. The Yokosuka plant aims to incorporate two units of ultra-supercritical (USC) coal-fired technology, each with a capacity of 650 MW. These USC units are scheduled to commence operation in 2023 and 2024, respectively. This information reflects ongoing research efforts and strategic initiatives within Japan's energy sector to expand coal-based power generation infrastructure.
Global Mechanical Pump Seals Market: Restraints
Increasing Adoption of Sealless Pump Technologies:
The rise in adoption of sealless pump technologies, such as magnetic drive pumps and canned motor pumps, poses a challenge to the mechanical pump seals market. These technologies eliminate the need for mechanical pump seals altogether, reducing the market potential for traditional mechanical seals. On June 2020, HMD Kontro has unveiled the CSA Range, a new series of sealless pumps. This product line features advancements that enhance the flow ranges and optimize the distribution of HMD Kontro pumps across North America.
Market Trends
North America:
Increasing focus on energy efficiency and sustainability, driving the demand for high-performance mechanical pump seals also rowing adoption of sealless pump technologies, such as magnetic drive pumps and canned motor pumps, as alternatives to traditional mechanical pump seals and Emphasis on reducing maintenance costs and enhancing equipment reliability through the use of advanced seal technologies and monitoring systems.
Europe:
Stringent environmental regulations driving the demand for mechanical pump seals that comply with emission control and leakage prevention standards also growing preference for advanced sealing solutions to improve energy efficiency and reduce carbon footprint and increasing investment in research and development to develop innovative seal designs and materials for enhanced performance and durability.
Covid-19 Impact Analysis:
COVID-19 has made a significant negative impact on the manufacturing industry and the global supply chain. Many industries postponed or scaled back their capital expenditure plans due to economic uncertainties caused by the pandemic. This affected investments in new pump systems or equipment upgrades that would have included mechanical pump seals. The reduced capital expenditure negatively impacted the market growth during the pandemic. Industries has also shifted their focus towards essential sectors such as healthcare, pharmaceuticals, and food and beverage production to meet the urgent demands of the pandemic. This shift in focus reduced the immediate demand for mechanical pump seals in non-essential sectors, further impacting market growth.
Global Mechanical Pump Seals Market: Competitive Landscape
Major companies operating in the global Mechanical Pump Seals market are: John Crane, Eagleburgmann, Flowserve Corporation, AESSEAL Plc, Meccanotecnica Umbra Spa, Vulcan Engineering Limited, Garlock, Sichuan Sunny Seal Co. Ltd, Sulzer Ltd, James Walker, and others.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/mechanical-pump-seals-market-2482
Key Takeaways:
Global market was valued at US$ 3,391.7 Mn in 2022 and is forecast to reach a value of US$ 4,736.2 Mn by 2030 exhibiting CAGR of 4.3% between 2023 and 2030.
Global Mechanical Pump Seals Market: Recent Developments
In 2021, the electricity consumption in Eurasia experienced a notable year-on-year increase of 6%, equivalent to approximately 80 TWh. This growth represents the largest absolute rise in electricity consumption since the dissolution of the Soviet Union. Furthermore, the electricity demand in 2021 exhibited a 4% increase, rebounding from the decline of 1.3% in 2019 and 4% in 2020. These figures indicate a return to the pre-pandemic electricity consumption levels observed in 2019.
In 2020, Japan had 33 operational nuclear reactors, with two reactors currently under construction and 27 reactors in a shut-down state. The country has set a target to increase the share of nuclear energy in its total energy mix to a minimum of 20% by the year 2030. This strategic focus on nuclear power as a significant source of electricity generation is projected to have a favorable impact on the market's growth prospects throughout the forecast period.
