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.
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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.
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