According to Acumen Research and Consulting, the global industrial pumps market is expected to grow at noteworthy CAGR around 6 % throughout the forecast period and reach around US$ 90 billion by 2026.
Industrial pumps are applied in different sectors and play a key role in moving a range of fluids between sites. In a variety of shapes, dimensions and capacity, Industrial pumps come. Centrifugal pumps (also called rotodynamic pumps) and positive displacement pumps are broadly segmented in industrial pumps. Axial, mixed flow and radial types consist of centrifugal pumps. The piston, screw, sliding valve, and rotating lobe types are positive for displacement pumps. It is very important that these pumps comply with the standards of performance and reliability. In a refrigeration system, for example, pump failure can lead to overheating and substantial equipment damage.
The report provides analysis of global Industrial Pumps market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
The growth in the utilization of industrial pumps throughout the forecast period in different applications including waste water treatment and chemicals. Increasing infrastructure development expenditure in several regions is expected to influence market growth positively during the forecast period. Increasing technological progress is also expected to boost market growth over the forecast period. Growing demand for end-use industrial pumps, coupled with advanced plants, are expected to boost market demand over the forecast period. The global oil industry has seen increases in crude oil production over the last few years, particularly in both onshore and offshore oilfields in the Middle East and Africa and in North America, which have been an essential driver contributing to the increased demand for industrial pumps during the forecast period.
Increasing customer expectations in recent decades have resulted in increased global user expenditure, improving industrial pump quality, as well as the installation of advanced process control. In order to improve energy efficiency, which is likely to drive demand for enhanced energy efficient industrial pumps over the projective period, the industry pump manufacturers in the area have increased their costs.
Due to increased competition from low cost manufacturers, notably Asia Pacific, the industrial pumping industry is highly cost-sensitive. As a result, price volatility is a restrictive factor in North American market growth. Due to rising pressures on the profit margins of pump manufacturers in the region, the degree of consolidation in the market was increasing. In 2018, America was North America's largest market share. Unconventional offshore and Onshore oil and gas exploration activities are expected to drive demand for industrial pumps during the projected period. Moreover, a further drive on the market is likely to be replacement of the country's existing industrial water and wastewater infrastructure.
New developments in microdisk pump technology have taken place in the global industrial pump market. The increase in infrastructural development is one of the key factors contributing to growth in this market. In China, India and other Asian and African countries, robust infrastructure investment is expected to support the growth of industrial pumps. Demand for process and manufacturing industries industrial pumps is expected to drive the market growth for industrial pumps in developing regions like Europe and North America.
Western Europe is expected to be experiencing slow, staggering market growth and low industrial output. The increase in industrial production in the chemical and water processing industries is expected to lead to a relatively stronger growth in EasternEurope. Expenses for industrial pumps in the Middle East are projected to increase as pump sales are projected to increase in this region due to desalination plant investments.
Because of their predominant consumption in utilities and in production units ' store floors, centrifugal pumps will dominate the industry. In 2018, centrifuge pumps represented 73.5% of global income. A positive factor for market growth is projected to remain the high visibility of centrifugal pumps in the manufacturing sector due to easy suppliers ' availability.
In the next few years, the use of rotary pumps is expected to increase as a power source of increasing importance for hydraulics over pneumatic control equipment. In 2018, rotary pumps accounted for approximately 7.5 percent of total sales. By the end of 2026, reciprocal pumps are expected to represent a share of more than 13 percent of total sales. Diaphragm pumps are used to manufacture all kinds of debris, making it ideal for water and waste water metering, conveyor and other applications. The segment is expected to drive through the forecast period to growing population, industrial development and increasing importance on wastewater treatment.
The largest application segment in 2018, with an annual 22.5% share of global revenue, was the treatment of water and wastewater. Due to urban planning, population growth and increased manufacturing activities, water and wastewater industry have been expanding in recent years.
Due to their resistance to various dangerous chemicals, durability and increased supply pressure in the long term, increasing importance of industrial pumps is becoming a driving forces behind an increased demand for industrial pumps during the expected period in industries such as chemical pumps, chemicals and petrochemicals. In 2018, chemicals represented more than 16% of total revenue.
Asia Pacific is expected to dominate the market as the end-use industries, including oil and gas, water and wastewater treatment, are growing remarkably. The largest share of revenues in 2018 was over 46 per cent in Asia-Pacific. In countries such as China and India, population expansion, coupled with an increasing industrial sector, is expected to remain an important driver for the market over the forecast period.
In 2018, as a result of increasing demand for pumps for industries from various major end-users, including chemicals and petrochemicals as well as food and beverages, Europe was the second largest regional market with a share of more than 19 percent in revenue. Strict rules for reducing domestic water pollution are expected to be key to increasing the demand for municipal and industrial water treatment and thus driving demand for industrial pumps over the forecast period.
The third largest share of the market in 2018 was North America. The main application sectors, including water and wastewater treatments, construction and oil and gas, are likely to influence demand in the region. Over the forecast period, technological advances in the pumping systems superior performance are expected to stimulate market growth in North America.
Global Industrial Pumps Market, By Product
Global Industrial Pumps Market, By Application
Global Industrial Pumps Market, By Geography
The market research study on “Industrial Pumps Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers detailed insights on global Industrial Pumps market segments with market dynamics and their impact. The report also covers basic technology development policies.
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