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.

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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.”

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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.

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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.

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The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.