There is an increase in demand for Submersible Pump type and a rise on investments in wastewater treatment and water supply projects across the globe – says PMR Study.
The report on Pumps Market, released by Persistence Market Research (PMR), says the production rate of pumps is increasing across the globe, which is backed by demand from countries in Asia Pacific, Latin America, and MEA. The global demand for pumps is directly correlated to infrastructure development activities worldwide.
The global market for pumps witnessed significant growth in 2018, and is anticipated to reach a market value of US$40 billion by 2019.
In addition, growing investments in wastewater treatment and water supply activities, and rising urbanization in developing economies, such as China and India, are among factors influencing the global demand for pumps.
Submersible centrifugal pumps continue to witness high demand in the Asia Pacific region. Submersible pumps with applications in water and wastewater treatment are increasing momentum in emerging economies.
The growth of the pumps market can be attributed to their application in the oil & gas industries. This has led to the growth of the global pumps market in countries such as the U.S., India, China, South Korea, and Japan.
The establishment of new plants for pumps and growing investments in emerging economies across Asia are estimated to improve the demand for pumps over the forecast period.
Pump Prices Remain Influenced by the Entry of Chinese Players
Increase in the number of pump manufacturers and the emergence of Chinese manufacturers as the main exporters of pumps has significantly decreased the prices of pumps in the market. Customers are more inclined toward low-cost pumps due to the high maintenance costs associated with various pumps.
Furthermore, the evolution of internet-empowered informed consumers is anticipated to change the industry in two key ways: price transparency and online sales. Digital platforms give consumers quick access to pumps with prices offered by various suppliers. Moreover, they give the customer a perspective about the integrity of pump products.
Based on product type, the submersible centrifugal pumps segment is projected to remain significant on the basis of global value share, and reach a share of ~ 31% by the end of 2029. Based on the application of centrifugal pumps, the wastewater treatment segment is estimated to remain a major segment in the global pumps market, accounting for an expected value of more than US$ 14 Bn by the end of 2029.
In 2018, APAC was among the attractive regions in the pumps market, and accounted for ~ 38% of the global market share. Research and development in pumps for applications in the oil & gas, mining, and chemical industries is also anticipated to drive the demand for pumps in regions such as APAC, MEA, and Latin America.
The growing demand for submersible pumps is projected to impact the leading manufacturers to initiate partnerships and joint ventures with regional distributors and suppliers to strengthen their businesses.
KSB Se & Co. KGaA, Ebara Corporation, Xylem Inc., Sulzer Ltd., Kirloskar Brothers Ltd., The Weir Group PLC, Flowserve Corporation, Grundfos, Ruhrpumpen Group, and WILO SE are some of the key players in the global pumps market.
Manufacturers are channelizing efforts to increase their production and distribution units to cater to demand from the rising import and export of centrifugal and positive displacement pumps.
Long-Term Outlook: On the basis of the market value, the global pumps market is estimated to register a CAGR of ~ 4.5% CAGR during the forecast period and create an absolute $ opportunity worth above US$ 20 Bn. During the forecast period, the adoption of pumps in the APAC and MEA regions is likely to be high, and these regions are expected to register CAGRs of ~ 5% and ~ 4.5%, respectively.
These insights are based on a report on Pumps Market by Persistence Market Research