Technavio has released a new report, Pumps and Valves Services Market in North America 2017-2021, which states the pumps and valves services market in North America is expected to grow at a CAGR of almost 5% during the forecast period.
Key findings include:
- The growth of the end-user industries and the need for increasing preventive maintenance in these industries will primarily drive the market.
- North America’s oil and gas industry is expected to be a driving factor of growth, due to the exploration of shale gas.
- North America’s water and wastewater and chemical and petrochemical industries will also grow during the forecast period.
Oil and gas
The increasing production of oil and gas coupled with the need for transporting and refining fuels is expected to increase the adoption of pumps and valves in the oil and gas industry.
“The need for improving the operational efficiency of processes and requirements for meeting the demand supply curve for oil and gas are expected to drive the pumps and valves services market in North America during the forecast period,” Sushmit Chakraborty, a lead automation research analyst from Technavio, said. “In addition, the demand for pumps and valves services is expected to increase, considering the rising awareness of preventive maintenance in pipelines and plants, minimization of downtime on the shop floor, and reduction in the cost of replacement of equipment.”
Chemical and petrochemical
Increased demand on the chemical and petrochemical industry to meet the consumer demand and increase the efficiency of operations in plants and pipelines is expected to generate the need for pumps and valves services in the region during the forecast period.
“The exploration of shale gas in North America is expected to sprout up more plants for managing exploration and refining activities,” Chakraborty said. “The upcoming plants will require pumps and valves services in the form of new installations. The existing chemical and petrochemical industries will require pumps and valves services for maintenance. The need for reducing the replacement rate of pumps and valves will increase the growth of the pumps and valves services market in the chemical and petrochemical industry in North America in the coming years.”
Water and wastewater
The growth of industries in North America needing water and wastewater resources is expected to increase the need for pumps and valves in the water and wastewater industry, as companies look to avoid unexpected failures and enhance the productivity of their operations.