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 Modern, highly efficient pumps are expected to become more and more popular as outdated pumps and pumping systems in agricultural applications are replaced.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 theglobal 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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