Global Pumps Market: Demand Analysis and Growth Forecast
According to a recent market research report from IndustryARC, the global pumps market size was around $80 billion in 2018, and the analyst has estimated the CAGR to hover around 5% during the forecast period of 2019 to 2025. The report is titled “Pumps Market: By Classification (Axial Flow Pump, Semi- Axial Flow Pump and others), By Pump Type (Residential Pumps, Agriculture Pumps and others), By Application (Water Supply, Agriculture and Others), By Geography- Forecast (2019-2025)”,
According to the report of the US Energy Information Administration on Petroleum, it is estimated that around 494 thousand barrels of oil were extracted every day in 2017. This is increasing the demand for oil pumps which in turn is stroking pumps market growth. Crude Oil production objectives for MoU 2016-17 are 7.939 MMT under excellent category and 7.660 MMT under Very Good category. Additionally, natural gas production targets are 4.056 BCM under the excellent category. As the production is increasing which is growing the demand for pumps.
Browse an in-depth TOC “Pumps Market (2019 - 2025)”
Global Pumps Market: Leading Segments
A recent study by an analyst of IndustryARC estimates that APAC is leading with a regional demand share of 40% to 45% in 2018. Furthermore, the oil and gas industry is positioned as the key application segment, projected to grow with a CAGR of about 2% through to 2025. Mostly high power centrifugal pumps are used in the industrial sector for pumping fluids. Mechanical pumps are used for water cooling and fuel injection. The requirement of oil is very high due to rapid urbanization and increased number of vehicles. Impulse pumps are also used widely due to its different types such as hydraulic ram pumps, pulse pumps, and airlift pumps. Furthermore, increasing demand for pumps from the agricultural and industrial sector has directly influenced the demand for irrigation and industrial pumps across the APAC region.
Global Pumps Market: Trends
- Diesel or electric driven self-priming high volume pumps have non-clog impellers that are capable of handling stringy and solids materials.
- Innovative modifications increase 4% to 6% efficiency of radical centrifugal pumps. The main advantage for customers in the pumps market is that these pumps can be used in reverse turbine mode with greater increased performance by 30% and efficiency of up to 10%. This solution is an alternative to conventional water turbines.
- The smart water pump is developed with the combined study of machine learning systems and water pumps in Africa. This water pump consists of the sensors placed in the handle of the pump to estimate the groundwater, predict pump failure, and identify the user of the pump. The pump sensor is able to send SMS to inform about repair and management.
- Similarly, another same kind of pumps for oil well monitoring is used. The method helps to detect the problem beforehand to reduce the production losses. This innovation is providing several benefits to oil rig manufacturers.
- Zero liquid discharge solutions and plans are made to treat the wastewater for reuse. Around 95% of the plant’s wastewater can be recovered. As per the viscosity of the water, the pumps are used in the process. Recycling 100% of the wastewater is the major contributor to environment conservation. This solution is widely followed by government across the globe. This is cultivating newer demands in the pumps market.
- Increasing demand for power emerging from different sectors has inclined the demand for power generation pumps in APAC.
- Pumps running on the electricity generated by solar energy are solar energy-powered water pumps. These pumps are the major contributor to the areas where the cost to run power lines is high. Solar, reliable and cost-effective are raising levels of agricultural productivity and simultaneously leading to a demand influx in the pump market.
Global Pumps Market: Competitive Landscape
Some of the major players in the pumps market are Flow Serve, Alfa Laval, Grundfos, Xylem, Danaher, Crane, GE, Idex, Ingersoll Rand, Sulzer, Weir Group, Metso, SPX, Schlumberger, and ITT.
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