Industrial Pumps Market Size – USD 62.69 Billion in 2019, Market Growth – CAGR of 5.9%, Market Trends – Increase in infrastructural developments.
NEW YORK CITY, NEW YORK, UNITED STATES, March 13, 2020 /EINPresswire.com/ — The Global Industrial Pumps Market is forecast to reach USD 99.14 Billion by 2027, according to a new report by Reports and Data. Industrial pumps find their application in various sectors and help in mainly transferring liquids from one location to another.
Technological trends like the introduction of magnetic drive pumps, intelligent pump systems, and next-generation industrial automation are boosting the growth of this market. Rapid infrastructural development is another driving factor. APAC countries are witnessing rapid construction, which is, in turn, expanding the market for industrial pumps. Demand for industrial pumps from the process and manufacturing industries is a significant driving factor. The rise in product energy pumps for the transportation and extraction of oil and natural gas is having a positive effect on the market. An increase in crude oil prices is also boosting the demand for the market as it fuels the energy sector’s revenue.
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Growing construction, automotive, and manufacturing industries are expected to raise the demand for industrial pumps in the Asia Pacific region. The Indian government has passed a policy for the promotion of FDI investment in the oil and gas sector. This will increase the production of petrochemicals and polymers in the country, hence propelling the demand in this region. Increased investment in desalination plants and wastewater treatment is also expected to increase the sale of industrial pumps. Industrial Pumps are also in high demand from the power generation sector.
Further key findings from the report suggest
• The operation of an intelligent motor-pump system in an integrated, coordinated manner can achieve unprecedented and important capabilities for protecting critical processes, process equipment, operations personnel, and the environment. This system also provides a basis for dynamic optimization of critical operating and financial objectives such as long MTBF, low life-cycle cost, or low cost per gallon pumped. Future intelligent systems will provide the basis for next-generation CBM systems, future distributed intelligent systems, and autonomous, agent-based systems. These emerging trends are driving increasing automation in the industry.
• The centrifugal pumps sub-segment holds a major share of the Pump Type segment and is expected to maintain this leading position in the Industrial Pump industry during the forecast period.
• Water and wastewater treatment plants have a considerable market share in the end-user segment. An increase in desalination efforts and regulations curtailing the dumping of industrial wastes will enhance the demand for industrial pumps in this sector.
• The construction sector is predicted to have a high CAGR of 6.1% through the forecast period. The ongoing construction boom in the Asia Pacific region is pushing the demand for industrial pumps in this sector.
• The oil and gas sector occupies a significant market share and is forecast to generate high revenues for the industrial pump market.
• Growth in process manufacturing activity will result in an increase in demand for positive displacement pumps.
• With the rise in manufacturing and processing activities, demand for aftermarket parts will see an upswing, majorly for the chemical industry as they have harsh operating environments for workers, where industrial pumps are used extensively.
• Key participants include Flowserve Corporation (U.S.), Grundfos Holding A/S (Denmark), ITT Inc. (U.S.), Sulzer Ltd. (Switzerland), Titan Manufacturing Inc. (U.S.), Ebara Corp. (Japan), Weir Group PLC (Scotland), Schlumberger Ltd. (U.S.), Baker Hughes Inc. (U.S.), and Clyde Union Inc. (Scotland) among others.
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For the purpose of this report, Reports and Data segments the Global Industrial Pumps Market on the basis of Type, Capacity, End-user, and Region:
Type Outlook (Revenue, USD Million; 2017-2027)
• Centrifugal Pumps
• Reciprocating Pumps
• Rotary Pumps
• Diaphragm Pumps
Capacity Outlook (Revenue, USD Million; 2017-2027)
• Small Capacity Pumps
• Medium Capacity Pumps
• High Capacity Pumps
End-user Outlook (Revenue, USD Million; 2017-2027)
• Water and wastewater
• Oil & Gas
• Power Generation
Regional Outlook (Revenue, USD Million; 2017-2027)
• North America
o Rest of North America
o Rest of the Europe
• Asia Pacific
o Rest of Asia-Pacific
• Middle East & Africa (MEA)
o Rest of Middle East & Africa
• Latin America
o Rest of Latin America
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Source: EIN Presswire