In a new report titled “Pumps Market: Global Industry Analysis and Forecast, 2016 – 2024”, Persistence Market Research analyzes the performance of the global pumps market over an eight-year period and provides insights on the key factors and trends likely to influence the market during the forecast period (2016 – 2024). The global pumps market is projected to register a CAGR of 4.6% in terms of revenue and 4.2% in terms of sales volume between 2016 and 2024.
Increasing investment in infrastructure, sanitation, and water and wastewater management in the Middle East and Asian countries such as GCC countries, India, and China is likely to boost the sales revenue of the global pumps market over the forecast period. Further, increasing demand for electricity across the world is strengthening the global power sector; with pumps being an integral part of each power plant, development in the power sector is expected to contribute significantly to the growth of the global pumps market through 2024. However, low-priced offerings by Chinese pump manufacturers and low replacement rates due to durable life and energy efficient centrifugal pumps are factors that are likely to restrict the growth of the global pumps market over the forecast period.
Rising demand for energy efficient centrifugal pumps and the adoption of micro disc pumping and variable frequency drive technology for centrifugal pumps are some of the key trends observed in the global pumps market.
On the basis of product type, the Centrifugal Pumps market is segmented into Single-stage Pump, Multi-stage Pump, Axial & Mixed Flow Pump, Submersible Pump, and Sealless & Circular Pump. On the basis of product type, the Positive Displacement Pumps market is segmented into Reciprocating Pump and Rotary Pump. On capacity basis (HP), each pump segment type is further sub-segmented into Small Pump, Medium Pump, and High Pump. On the basis of application, the Centrifugal Pumps market is segmented into Agriculture & Irrigation, Domestic, Mining, Oil & Gas, Other Industrial, Wastewater Treatment (Effluent Treatment Plant, Sewage Treatment Plant), and Water Treatment (Industrial Process, Municipal & Commercial Facilities). On the basis of application, the Positive Displacement Pumps market is segmented into Chemical, Oil & Gas, Power, Pulp & Paper, Water & Wastewater Treatment, and Others.
The Centrifugal Pumps segment is estimated to be valued at US$ 32.18 Bn by the end of 2016 and is expected to increase to US$ 46.22 Bn by the end of 2024, registering a CAGR of 4.6% during the forecast period. The Positive Displacement Pumps segment is expected to create incremental $ opportunity of US$ 981.1 Mn between 2016 and 2024. The Wastewater Treatment application segment is expected to account for 24% revenue share of the Centrifugal Pumps market by the end of 2024 while the Water Treatment application segment is expected to register a CAGR of 5.4% over the forecast period. The Water & Wastewater Treatment application segment is estimated to account for 21.3% revenue share of the Positive Displacement Pumps market by the end of 2024.
The global pumps market is segmented into the five key regions of North America, Latin America, Europe, APAC, and the Middle East & Africa (MEA). The APAC region is estimated to dominate the global pumps market in terms of revenue with 38.5% share by 2016 end. Sales of pumps in the North America and Europe regions is estimated to collectively account for 48.8% share by the end of 2016.
The report features some of the leading companies operating in the global pumps market. Market players featured in the report are KSB AG, Flowserve Corporation, Sulzer AG, Ebara Corporation, Grundfos, The Weir Group Plc., WILO SE, Xylem Inc., Ruhrpumpen Group, and Kirloskar Brothers Ltd. Top market companies are focusing on structured innovation and are expanding their production and research facilities to strengthen their presence in the global pumps market. Some of the major pumps companies are also making aggressive investments to expand their presence in emerging markets, especially in China, the Middle East, and India.