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 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. A detailed analysis report of COVID-19
impact on Pumps Market Share is provided with the report.
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.
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.
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