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Gasket and Seals Market in US 2019-2023 | Growing Renewable Energy Sector to Drive Demand | Technavio

January 8, 2019

LONDON--(BUSINESS WIRE)--Jan 8, 2019-- analysts forecast the gasket and seals market in the US to grow at a CAGR of nearly 4% during the forecast period, according to their latest market research report.

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Technavio analysts forecast the gasket and seals market in the US to grow at a CAGR of nearly 4% by 2023. (Graphic: Business Wire)

The growing renewable energy sector in the US is one of the major trends being witnessed in the . In the US, a major challenge faced by the gasket and seals market is the growth of the renewable energy sector especially the solar energy and wind energy. Over the last few years, due to the growth in population urbanization and industrialization, there has been a rise in the demand for electricity generation. Governments of various countries across the world have started switching to renewable energy production owing to the increasing demand for electricity and the increasing concerns over environmental pollution.

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According to Technavio analysts, one of the key factors contributing to the growth of the gasket and seals market in the US is the growing need to increase the efficiency of equipment and machinery:

Gasket and seals market in the US: Growing need to increase the efficiency of equipment and machinery

Several industries such as oil and gas, mining, food processing, textile, and industrial machinery manufacturing, use various engineered equipment to carry out their operations. Leakages in equipment result in significant material losses, which add to the overall cost of operations. Additionally, labor costs are associated with the repair of equipment, which increases the overall OPEX for operators. The improper coupling and sealing of mechanical components lead to energy losses, which ultimately reduces the efficiency of the equipment.

According to a senior analyst at Technavio for research on industrial machinery, “Any leakage in the equipment leads to a significant effect on the environment and human health. For instance, leakages in a diesel engine, which is used as a power source in the mining industry, lead to energy losses in terms of the excessive consumption of diesel and excessive emission of toxic gases. This results in longer downtimes and can even result in fatal accidents. Thus, gaskets and seals are increasingly being used in various industrial machinery applications in order to overcome such situations and improve the overall efficiency of the engineering equipment. This is expected to drive the gasket and seals market in the US during the forecast period.”

Gasket and seals market in the US: Segmentation analysis

The gasket and seals market in US research report provides market segmentation by type (metallic gasket and seals and non-metallic gasket and seals) and by end-user (automotive, industrial machinery, and electronics). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

The metallic gasket and seals segment held the largest market share in 2018, accounting for nearly 57% of the market. This type segment is expected to dominate the global market throughout the forecast period.

The automotive segment held the largest market share in 2018, accounting for over 41% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.

Looking for more information on this market?

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

Market ecosystem Market characteristics Market segmentation analysis

Market Sizing

Market definition Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Regional comparison Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

Vendors covered Vendor classification Market positioning of vendors Competitive scenario

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View source version on businesswire.com:https://www.businesswire.com/news/home/20190108005447/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

www.technavio.com

KEYWORD: UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: ENERGY ALTERNATIVE ENERGY TECHNOLOGY HARDWARE MANUFACTURING ENGINEERING OTHER MANUFACTURING

SOURCE: Technavio Research

Copyright Business Wire 2019.

PUB: 01/08/2019 05:11 AM/DISC: 01/08/2019 05:11 AM

http://www.businesswire.com/news/home/20190108005447/en

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