NEW YORK, January 9, 2017 /PRNewswire/ --
"Global LRVP market will witness promising growth in the first half of the forecast period (5.5% CAGR), which will incur a slight dip post-2020, (4.9% CAGR). However, the overall CAGR of the market estimated for 2016-2024 is estimated at 5.2%, Strong Demand Will Prevail from Oil & Gas Sector"
- Research Analyst, Industrial Automation Domain, Persistence Market Research
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Regional analysis indicates that the US$ 535 Mn North American market will rule the roost with an estimated 6% CAGR over 2016-2024. Towards the close of 2024, this region is expected to attain revenues worth US$ 851.1 Mn. Latin America, Europe, and Asia Pacific are identified to be the next key markets for LRVP. North America, Europe, and APAC will collectively hold a whopping 75% share of the total market size in 2024.
In developing economies within Asia Pacific, leading LRVP manufacturers are tackling the competitive pricing issue in order to deliver customer-centric products. Moreover, China and India host a swelling number of small manufacturers specifically serving pharma and chemical process industries. These factors will play a vital role in pushing the sales of liquid ring vacuum pumps in near future within Asian markets. Reaching a value beyond US$ 504 Mn, APAC market is likely to expand at a moderate CAGR of 5.3% over 2016-2024.
LRVP market expanding at the backdrop of a slew of factors
- Increasing demand from oil & gas, and power industries
- Growing preference for high capacity-high cost liquid ring vacuum pumps
- Extending applications in chemical and general process industries
- Constant innovation by manufacturers
- Strict EPA regulations
- Promising emergence of low water consuming pumps
- Burgeoning M&A between key players
- Lucrative opportunities in Asia countries
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Segment analysis: Consumption by oil & gas segment crossing US$ 931 Mn by 2024
In terms of capacity, 500-1500 cfm segment will continue to lead with the maximum revenue sales, followed by < 500 cfm segment. However, < 500 cfm segment will possibly thrive fastest at a CAGR of 5.2%, followed by > 1500 cfm segment with an estimated 4.4% CAGR over 2016-2024.
Considering material type, cast iron segment will continue dominance with over 60% value share, reaching a value of US$ 1,718.2 Mn in 2024. This segment will also demonstrate the fastest CAGR of 5.3% over the forecast period. Stainless steel segment will also grow moderately at 5%, attaining a value worth US$ 876 Mn in 2024.
Based on the end-use industry, oil and gas sector will retain dominance over others, with over US$ 931 Mn by the end of 2024 in terms of revenues. Chemical processing and general process industries will continue to maintain the second and third largest segments respectively. Among these, general process industries will display a higher CAGR of 5.8% over 2016-2024, bagging the revenues of over US$ 511 Mn. Paper and pulp, and power segments are expected to grow steadily throughout the assessment period.
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Report analyzes the key company profiles
Dekker Vacuum Technologies Inc., Busch Vacuum Technics Inc., Flowserve Corporation, Tsurumi Manufacturing Co., Ltd., Atlas Copco Airpower N.V., Gardner Denver Nash LLC, Tuthill Vacuum & Blower Systems, and Graham Corp. are some of the key players that constitute the competitive landscape of the global liquid ring vacuum pumps marketplace. Persistence Market Research's report includes in-depth profiling of key companies.
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