Pumps Market Analysis:
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.
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.
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.
Pumps Market 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.
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