About Pumps and Valves Services
The pumps and valves segment has contributed significantly toward the growth of economies around the world as it directly influences the productivity of the core sectors. All core sectors require valves for the growth of capacities, maintenance, and restoration of plants. The demand for control and self-operating valves is rising due to factory automation. With the increase in investment in the field of infrastructure, oil and gas, manufacturing and technologies; rise in urbanization, and the growth of small-scale industries, the market for pumps and valves will witness an upsurge in the near future.
Technavio’s analysts forecast the pumps and valves services market in North America to grow at a CAGR of 4.56% 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 North America for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on countries in North America:
Technavio Announces the Publication of its Research Report – Pumps and Valves Services Market in North America 2017-2021
Technavio recognizes the following companies as the key players in the pumps and valves services market in North America: Franklin Electric, Wilo, Universal Plant Services, North American hydraulics, and Lewis-Goetz.
Other Prominent Vendors in the market are: AR North America, North American Pump, HERMETIC-Pumps, Schaeffler Group, AMERICAN VALVE, HAWE Hydraulik, SAMSON Controls, Professional Valve Service, and GEA.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Role of IIoT and big data in pumps and valves diagnostics. Innovation fosters businesses, and as the role of technology cannot be undermined, it is well understood that business and technology cannot be separated from each other. The streamlined technology provides a better approach to business practices by completing the work efficiently and effectively in a faster, cheaper, and superior way. Consequently, Industrial Internet of Things (IIoT) capacitates specialists to monitor as well as maintain the robustness and soundness of pumps and valves even from a distant location. Though smart valves and pump positioners have captured the market to a certain extent, the limitations of time to scrutinize the software in order to look for any faults have led to the necessity of IIoT.”
According to the report, one of the major drivers for this market is Expansion of the oil and gas industry in North America. Currently, the oil and gas industry in North America is expanding, owing to the exploration of shale gas in the region. This exploration has led to the growth of related industries like chemical and petrochemical and water and wastewater. Chemical and petrochemical industries are expanding because of the easy-availability of raw materials. The expansion of oil and gas industry has led to the increasing demand for industrial water supply.
Further, the report states that one of the major factors hindering the growth of this market is In-house maintenance teams in the end-user industries. The end-users nowadays have started servicing pumps and valves through in-house maintenance teams. These teams carry out the repair services of pumps and valves in plants and reduce the need for outsourced pumps and valves service providers. This challenge is treated very lightly by pumps and valves services vendors because maintaining an in-house servicing team requires an additional cost. Also, in industries where the use of pumps and valves services is less, the in-house servicing team serves as a redundant factor.
Franklin Electric, Wilo, Universal Plant Services, North American hydraulics, Lewis-Goetz, AR North America, North American Pump, HERMETIC-Pumps, Schaeffler Group, AMERICAN VALVE, HAWE Hydraulik, SAMSON Controls, Professional Valve Service, and GEA.
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