KUALA LUMPUR, Malaysia, May 20, 2015 /PRNewswire/ -- The rapid expansion of the oil and gas, chemicals and petrochemicals, and water and wastewater treatment segments is widening the potential of the pump services market in Southeast Asia. End users are placing greater focus on efficiency and productivity of plants and this is likely to directly drive the need for pump services.
New analysis from Frost & Sullivan, Analysis of Southeast Asian Pump Services Market (https://www.frost.com/p873), finds that the market earned revenues of US$1.73 billion in 2014 and estimates this to reach US$2.38 billion in 2019.
For complimentary access to more information on this research, please visit: http://corpcom.frost.com/forms/SEA_PR_DJeremiah_P873-10_08April15.
"The unpredictable global economy and its filtered-down effects in Southeast Asia have forced end users to tighten capital spending while raising operational expenditure, thus directly opening up opportunities in the services market," said Frost & Sullivan Industrial Automation and Process Control Senior Research Analyst Vandhana Venkatesan. "The ability to handle smart and intelligent pump systems that have in-built process controllers and pump diagnostics will be a differentiating factor for service providers as these pumps are likely to become popular in the future."
However, revenue growth will be moderate in the short term future as the lack of technological advancement and product differentiation forces manufacturers to bundle services in order to survive in a competitive environment. End users' lack of awareness on the benefits of pump services further subdues demand in the region.
Nevertheless, the market will bounce back in the longer term as the advent of the Internet of Things lends momentum to the valve automation business in order to connect remote pipelines and wirelessly monitor valves. As the hardware market stabilizes, the adoption of maintenance, repair and overhaul as well as installation and commission services will go up.
"Focus on offering customized services such as asset management and condition monitoring is vital," stated Venkatesan. "To stay in the reckoning, pump manufacturers need to cater directly to end users in the short and medium terms while gradually building partnerships with specialist service providers over the long term to meet the expansive needs of the Southeast Asian market."
Analysis of Southeast Asian Pump Services Market is part of the Industrial Automation & Process Control (http://www.industrialautomation.frost.com) Growth Partnership Service program. Frost & Sullivan's related studies include: North American PD Pumps Factbook, European Industrial Services Opportunities in Electric Drives Market, Automation and Control Market in Emerging ASEAN Countries—Laos, Cambodia and Myanmar, and Global Industrial Air Compressor Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Analysis of Southeast Asian Pump Services Market
P873-10
Contact:
Donna Jeremiah
Corporate Communications – Asia Pacific
P: +61 (02) 8247 8927
F: +61 (02) 9252 8066
E: djeremiah@frost.com
Carrie Low
Corporate Communications – Asia Pacific
P: +603 6204 5910
F: +603 6201 7402
E: carrie.low@frost.com
Melissa Tan
Corporate Communications – Asia Pacific
P: +65 6890 0926
F: +65 6890 0999
E: melissa.tan@frost.com
