Pumps Market Gains Driven by Rising Process
Manufacturing Activities
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. A detailed analysis report of COVID-19
impact on Global Pumps Market is provided with the report.
The demand for
pumps is likely to increase on a global scale in developed nations, a favorable
environment for fixed investment spending is prompting manufacturers to invest
in up gradation of capabilities. In the developing countries, the pumps market
is growing due to heightened investment in water infrastructure to facilitate
access to drinking water and sanitation. Moreover, in the developed countries,
aging water infrastructure provides modest growth opportunities for the pumps
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. Other factors
substantiating the market growth include demand for pumps from the aftermarket
segment. Rising manufacturing activity in harsh environments such as those in
the chemical industry can also be credited for the growth of the pumps market.
Other substantiating the growth of the market includes growing urbanization in
emerging economies, infrastructure developments across the globe, and rising
demand from the construction industry. The governments in multiple countries
have enacted regulations for sustainable water systems which induce demand for
pumps.
Segmentation
The global Pumps
market has been segmented on the basis of type and end-user.
By type, the
pumps market has been segmented into positive displacement and dynamic pumps.
The dynamic pump segment is leading the market on account of its widespread
application in water and wastewater treatment plants.
By end-user, the
pumps market has been segmented into oil & gas, water & wastewater,
power generation, chemicals, pharmaceutical, food beverage, and others. The
water & wastewater segment is anticipated to capture the highest CAGR over
the forecast period. Growing awareness regarding the reuse of water across the
globe. Moreover, the industrial sector consumes massive volumes of water due to
which waste water treatment becomes necessary.
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.
Competitive Landscape
Ingersoll-Rand
(Ireland), ITT Corporation (US), The Weir Group (UK), Danfoss (Denmark), Wilo
AG (Germany), Grundfos (Denmark), KSB (Germany), Sulzer (Switzerland),
Flowserve (US), Nikkiso Co Ltd (Japan), Ebara Corp (Japan), Roper Industries
(US), and Schlumberger (US) are the key players in the pumps market.
Access Full Report
at: https://www.marketresearchfuture.com/reports/pumps-market-7423
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