World Pumps Market Overview
Pump refers to a mechanical device which moves liquids or compressed gases through suction or pressure. They are extensively used across diverse industry verticals for a myriad of applications. Market Research Future (MRFR's) recent report on the global pumps market consists of meaningful insights which are derived through a thorough analysis of pertinent factors impacting the market. MRFR's analysis projects a CAGR of 4.70% in the pumps market over the forecast period of 2018-2023.
The development of the municipal sector has considerably increased the demand for pumps globally. The intensifying demand for industrial liquid transportation in the steel, power, and domestic sectors is expected to inspire the pumps market further globally. The increase in the level of areas that are irrigated has improved primarily due to the implementation of pumps to transport water to larger areas of land. The market for pumps globally is expected to be encouraged by increasing urbanization and innovations in the market.
Accelerated oil production has also provided favorable opportunities for the growth of the market. Mining industry too generates a considerable amount of the demand for pumps. Moreover, with the rise in disposable income in emerging economies, the global pumps market is likely to benefit from increased spending on goods such as fuel, chemicals, and food & beverage. Positive displacement pumps have witnessed high demand in recent years due to the expansion of process manufacturing activities
Competitive Analysis
The progress capability of the market is bolstered by the accretive nature of the assets available in the market. The market is projected to accomplish an absolute lead in the market place owing to improved strategies in specific areas. Additionally, the deals being coined in the market are likely to additionally inspire the development of the market in the impending years. The absorbed expenses in the market are readily dispensed with, opening more room for the development in the market. The companies functioning in the market are persistently taking on the hindrances to progress and are forming strategies that are projected to guide to a beneficial outcome on the market's advancement. The advancement of the market is upgraded chiefly due to the reduction in promotional and miscellaneous expenses. An intensified growth pace is observed due to the productive effect exerted by the market forces both externally and internally.
Prominent Players
The important contenders in the Pumps market globally are Sulzer (Switzerland), Grundfos (Denmark), Flowserve (US), ITT Corporation (US), Danfoss (Denmark), Schlumberger (US), The Weir Group (UK), Ebara Corp (Japan), KSB (Germany), Nikkiso Co Ltd (Japan), Wilo AG (Germany), Ingersoll-Rand (Ireland), and Roper Industries (US), among others.
World Pumps Market Segmental Analysis
The segmentation of the World Pumps Market is carried out on the basis of type, end-user, and region.
On the basis of type, the pumps market is segmented into dynamic and positive displacement.
The segmentation of the pumps market on the basis of end-user comprises of power generation, chemicals, water & wastewater, pharmaceutical, oil & gas, food & beverage, and others.
The regions included in the pump market globally are South America, Europe, Asia Pacific, North America, Middle East, and Africa.
Regional Analysis
Region-wise, the pumps market has been segmented into North America, South America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
In 2017, the largest share of the market was held by APAC. The pumps market is flourishing in the region due to rapid infrastructural activities in the region, which generates high demand for pumps. Additionally, rising urbanization in the region has raised the demand for useable water, which has consequently driven the waste water treatment industry, a primary end user of the pumps market. Moreover, growing scarcity of water has increased the level of awareness regarding sustainable water systems. Moreover, supportive government plans and growing demand from the construction industry is substantiating the growth of the market in the region. The APAC market is anticipated to be the fastest-growing market for pumps.
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