Global Pumps Market to be Driven by Increasing Adoption of Advanced Pumps By 2028
Increasing pump replacement demand is expected to drive the Global Pumps Market in the
forecast period, 2024-2028.
According to TechSci Research report, “Pumps Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast. 2018–2028,” the Global Pumps Market is
anticipated to register a robust growth during the forecast period, 2024-2028.
Global Pumps Market is growing
with the rise in wastewater generation due to several industrial activities.
The amount of waste generated, and its overall emission load are expected to
increase globally as the global demand for water increases. As a result, strict
wastewater management policies and laws have been enacted by legislators around
the world, notably for the urban and industrial sectors. Additionally, about
two-thirds of the world's population resides in regions with water shortages
that have persisted for at least a month. For instance, it was stated that this
water deficit affects about 50% of the population in China and India.
Additionally, in order to
discover untapped markets, vendors in the pump sector have expanded their focus
on M&A activity. Mergers & acquisitions give market participants access
to new customer base in both developed and developing countries. Several major
companies, like Wilo, Sulzer, and others, have engaged in M&As to expand
their brand's market prospects. They have additionally expanded their presence
in developing and new markets using this tactic.
The demand from the
replacement market is expanding the availability of aftermarket components and
services for major international producers. Although the geographic
distribution of pumps at a high level reflects overall economic activity, the
quick expansion in some nations, particularly China and India, causes pump
purchases to be higher than are anticipated for GDP alone. Modern, highly
efficient pumps are expected to become more and more popular as outdated pumps
and pumping systems in agricultural applications are replaced. Another
important factor that will boost the demand for water pumps is the replacement
of diesel pumps with electric pumps.
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Global Pumps market is segmented by type, end use, region and competitive landscape.
On the basis of type the market is further divided into Centrifugal &
Positive Displacement. On the basis of end use the market is further segmented
into Water & Wastewater, Building Services, Agriculture, Chemicals, Power,
Oil & Gas, Mining, F&B & Pharmaceutical.
Based
on type the centrifugal segment held the largest share in 2022 as centrifugal
pumps are the most widely used pumps, and they are the most sought-after
equipment used for water and thin liquids and slurries in almost every
industry. The positive displacement pumps have also increased in demand in
various applications where centrifugal pumps cannot be used efficiently. Some
of the positive displacement pumps include vane, lobe, piston, advancing tube,
peristaltic, and diaphragm. Also, positive displacement pumps are specialty
pumps with fewer uses and have lesser suppliers than centrifugal pumps across
the globe. Moreover, the capacity to handle liquids with high solid content and
their relatively minimal maintenance requirements are just a couple of the
advantages of centrifugal pumps. Additionally, because process manufacturing
operations are expanding, the demand for positive displacement pumps is anticipated
to develop faster than the industry average. The demand for aftermarket
products is anticipated to support growth in industrial operations,
particularly in challenging settings like those found in the chemical industry.
Growth in process manufacturing activities could boost demand for all types of
positive displacement pumps. Specialty and other pumps are anticipated to
profit from the increase in construction spending, which is anticipated to
increase demand for sumps and household water pumps.
Based
on end use, the demand for industrial pumps will cause the refineries to
operate over their projected timeframe. Strict government regulations and
programs to reduce pollution are anticipated to restrain the growth of the oil
and gas industry over the forecast period. Centrifugal pumps are frequently
used in pipelines, refineries, water injection, and the processing of
hydrocarbons; the need for these pumps is expected to increase as refining
capacity rises. Additionally, it is anticipated that during the forecast
period, oil output will increase due to technological advancements in deepwater
and ultra deepwater exploration. It provides a chance for demand to increase
during the course of the projection.
Key market players in the global pumps market are:
- Alfa Laval Corporate AB
- Baker Hughes Company
- Circor International, Inc.
- DESMI A/S
- Flowserve Corporation
- Kirloskar Brothers Limited
- KSB SE & Co. KGa
- Nikkiso Co., Ltd.
- SPX Flow, Inc
- Franklin Electric Co.
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“Asia-Pacific
dominates the global pumps market as countries like China and India are
experiencing an increase in industrial activity, which is driving up demand for
chemicals and crude oil among other things. Between 2018 and 2028, China is
anticipated to contribute significantly to the increase of the Asia-Pacific
region's capacity for refining crude oil (APAC). By 2025, the nation is
anticipated to make up 26.8% of the region's total refining expansion capacity.
This will probably increase the need for pumps in the area driving the overall
growth in the Global Pumps Market,” said, Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“Pumps Market - Global Industry Size, Share,
Trends, Competition, Opportunity, and Forecast, 2018–2028 Segmented By Type (Centrifugal & Positive
Displacement), By End Use (Water & Wastewater, Building Services,
Agriculture, Chemicals, Power, Oil & Gas, Mining, F&B &
Pharmaceutical), By Region,” has evaluated the future growth
potential of Global Pumps Market and provides statistics & information on
market size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the Global Pumps
Market.
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