Pumps and Valves Services Market in APAC 2017-2021
About Pumps and Valves Services
Pumps are mechanical devices that transfer fluids from a source to a delivery point. They are required in almost all the sectors owing to the liquid fuel, water, oil, and slurry handling involved across industries. A valve is a device that controls the unidirectional flow of fluid through pipes and ducts. It is responsible for preventing the fluid from moving in an opposite direction.
Valves are responsible for maintaining the flow of fluid through any pipe or duct and can be used to start, stop, or throttle the flow of liquid. The main aim of valves is to ensure safety and increase the efficiency of a process. The demand for pumps and valves is mainly driven by the oil and gas industry, as the core of the business involves handling oil/oil products, which raises a high demand for these products throughout the plant to transport fluid and maintain safety.
Technavio’s analysts forecast the pumps and valves services market in APAC to grow at a CAGR of 7.17% during the period 2017-2021 .
Covered in this report
The report covers the present scenario and the growth prospects of the pumps and valves services market in APAC for 2017-2021 . To calculate the market size, the report considers the new installations, retrofit, replacements, commissioning and decommissioning as well as maintenance services.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Pumps and Valves Services Market in APAC 2017-2021
Technavio recognizes the following companies as the key players in the pumps and valves services market in APAC: Flowserve, GE, KSB, and Weir.
Other Prominent Vendors in the market are: Alfa Laval, Eaton, Gates, Grundfos, LEWA, New Super Hydraulic Pumps, and Sulzer.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Emergence of spares parts and services businesses for pumps and valves. The pumps and valves services market is witnessing a higher demand, as they are highly profitable for any business, enable better and faster return on investments by focusing more on the R&D, and add an opportunity for new production and expansion. Many OEMs believe spending in service markets, especially on maintenance programs, can earn them sustainable growth with respect to the current economic condition. Regular maintenance services and proper monitoring can elevate the manufacturer above competitors even in a highly challenging environment.”
According to the report, one of the major drivers for this market is Benefits of outsourcing services over in-house pumps and valves maintenance services. At present, most industries prefer hiring outsourced parties over in-house services to perform maintenance and preventive services. With the responsibility for such services being transferred to the service providers, the owners can focus on core business activities efficiently. They can also focus on other issues such as improvement of production and maintenance of brand value in the market.
Further, the report states that one of the major factors hindering the growth of this market is Emergence of in-house services in SME. Some small and medium-sized enterprises (SME) prefer maintaining in-house services over hiring third parties. The end-users have dedicated special teams responsible for the maintenance services of equipment. Maintaining in-house teams for carrying out services does not require any additional cost, unlike outsourced service providers. This trend is mainly noticed in SMEs, as their scale of use of pumps and valves is limited and does not necessitate consulting an outsourced service provider.
Flowserve, GE, KSB, and Weir, Alfa Laval, Eaton, Gates, Grundfos, LEWA, New Super Hydraulic Pumps, and Sulzer.