Industrial Pumps Market Size Worth US$ 90 Billion by 2026
Acumen Research and Consulting, recently published report “Industrial Pumps Market - Global Industry Analysis, Market Size, Share and Forecast, 2019 - 2026”.
LOS ANGELES, May 15, 2019 (GLOBE NEWSWIRE) -- The Global Industrial Pumps Market is estimated to grow at CAGR above 6% over the forecast time frame 2019-2026 and reach the market value around USD 90 billion by 2026.
Pumping systems are essential for efficient operation for any process or manufacturing plant. Industrial pumps are used in different applications of industry, among them power plants and petrochemical plants, which support the generation and production process directly and usually for longer durations. Around 27% of all energy consumed by any industry is estimated to be motorized machinery. This gives manufacturers of industrial pumps the opportunity for improved efficiency and new and more innovative products.
The growing demand for wastewater treatments and the oil and gas industries is expected to stimulate industry growth over the forecast period as a result of the population outbreak and world-wide industrialisation. Increasing industrialization, rapid urbanization, technological developments and infrastructure growth are the key drivers for increasing energy fuel demand that have led to growth in the petroleum and gas and power sectors. In turn, these factors will propel the growth of the market. Due to its broad use in various end use industries, the water and wastewater application segment held the largest proportion. Strict energy efficiency regulations are also expected to drive the segment in industrial pumps of different types.
Due to their prevalent consumption of utilities and floors of manufacturing units, centrifugal pumps are expected to dominate the industrial pump market. Centrifugal pump is expected to hold the highest market share in the forecast period and was valued to USD more than 43 billion in 2018.
The demand for industrial pumps is expected to increase due to increased productivity from the end-user industry. Due to its wide variety in applications such as water and wastewater, power generation, chemical, oil and gas demand for the product is increasing. As a result, industrial pumps manufacturers have increased their expenditure to provide consumers with value-added benefits.
Price fluctuations in industrial pump components are projected to affect capital investments over the forecast period, due to high demand from user industries. Increased investment in strategic merger and acquisition by key players is projected to increase the market demand during the forecast period to develop low-cost manufacture processes.
In addition, replacement of the country's existing industrial water and wastewater infrastructure is likely to be an additional market driver. In order to control water flow rates, the amplified use of high-pressure pumps in Germany would to some extent offer room for product consumption. As a result of high demand from end-use industries, like transport, packaging and building, China is expectations to develop as the fastest-growing market for petrochemicals.
Market Snapshots
The US market sales in the offshore and on-shore unconventional gas and gas industries are projected to grow by0-about 5 per cent over the forecast period.
The German market in 2018 was estimated at USD 1.8 billion.
Due to increasing demand for reverse osmosis and membrane separation technology, the provision is projected to grow significantly during the period.
The market in China, due to torpid industrialization and increased urbanisation, is expected to reach USD 23.8 billion by 2026.
The region of Asia Pacific (APAC) will provide huge potential opportunities for pump manufacturers as there is a risk of substantial growth for the automotive, construction and manufacturing industries in future years. In fact the tough impact of the recent downturn also places a severe strain on the development of the industrial pump market in this region with tough competition from low cost producers in developing countries. In general, customers are inclined to low-cost, environmentally-friendly products. This factor has a considerable impact on the industrial pump market.
Key Players & Strategies
A.R. is one of the key industries involved. SPX Flow Inc., SPX, Inc., Vaughan Company, and Iwaki America Inc. partnerships are among the most important trends in the market. North America, Inc.; Colfax Corporation; Flowserve Corporation; ITT Corporation; Roper Technologies Inc.. In order to expand their product portfolio, international players are focusing on the strategic purchase of SMEs. In the next few years there is therefore expected intensive rivalry between the players.
