India Mechanical Seal Market is projected to grow at a CAGR of 5.4% during 2023-2029

Oil and gas sectors on the basis of industry attained the largest revenue share in India Mechanical Seal Market – 6Wresearch

In terms of industry segments, the oil and gas sector holds the majority of the revenue share and is expected to maintain its dominant position throughout the forecast period. Given that India's oil and gas industry is one of the largest and fastest-growing in the world, it presents itself as an attractive investment opportunity for investors. The oil and gas sector is the primary driver of demand for mechanical seals, and it is anticipated to continue being a major application in the future due to the extensive use of mechanical seals in this industry.

According to 6Wresearch, India Mechanical Seal Market is projected to grow at a CAGR of 5.4% during 2023-2029. The India Mechanical Seal market experienced significant growth in the past, driven by the country's increasing industrial activities. This growth is evident in the revenues generated by mechanical seals in various sectors, including oil and gas, energy and power, chemicals, and food and beverage applications. Consequently, there was substantial progress in the mechanical seal market before the onset of the COVID-19 pandemic. The Indian mechanical seal market is expected to witness increased demand due to growing investments in sectors that require mechanical seals. For example, India aims to attract $58 billion in oil and gas investments by 2025, plans to achieve 500 GW of non-fossil-based electricity installed capacity by 2030, and expects the renewable energy sector to attract $25 billion in investments in 2023. These developments are anticipated to drive the demand for mechanical seals in the country.

According to Abhishek Mishra, Senior Research Analyst, 6Wresearch, the cartridge seals accomplished a major share in the India Mechanical Seal Industry and this segment will propel more in the coming years.

The India Mechanical Seal Market (2023-2029) report provides an in-depth analysis with 17 figures and 2 tables, covered in 62 pages. The report comprehensively covers the market by type and industry. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.