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The global oil & gas seals market will likely see deceleration of about -6.5% in 2021 over 2020, according to a report by Future Market Insights. The downturn is primarily due to the recessionary impact of the COVID-19 pandemic on the global oil & gas industry. Fortunately, recovery is predicted to begin in 2022, with a projected annual increase of approximately 3%.
The report expects a continued preference for mechanical seals and the market will reach US$ 176.1m and capture nearly 17% revenue by 2021. PEEK plastics/polymers will remain highly preferred by material type, generating 55% revenue share by the end of 2021. The report also anticipates US and GCC countries to remain lucrative, and the U.K. oil and gas seals market to see stable growth of over 3% through 2031.
The long-term outlook on oil and gas seals market remains positive, with revenues set to grow at 3.3% CAGR. Substantial increase oil & gas exploration activities and development of oil & gas distribution infrastructure across the globe are expected to remain key defining factors in the global oil & gas seals market.
The oil & gas seals market has seen significant consolidation. Leading companies account for more than three-fourths of the market value share. The diffusion of small regional players is expected to increase competitive intensity during the forecast period.
Besides the burgeoning numbers of exploration projects, the industry is likely to witness immense technological disruptions. Blockchain technology has been touted as a highly effective approach towards enhancing data collection security while the implementation of automation and robotics in key oil fields is expected to enhance drilling projects, reducing error margins and yielding high throughput.