Global Pumps Market: Overview
New technologies and digital transformations are rapidly changing the dynamics of various sectors. The global pumps market is no exception to this trend. In the past few years, numerous key developments in the field have led to better efficiency, increasing demand, and saving valuable resources. As the costs of energy keep on escalating, the cost of manufacturing activities is also on the rise. This has thus prompted for more product innovation in the market while keeping a close eye on its impact on the environment.
Global Pumps Market: Notable Developments
Some recent developments that have shaped the global pumps market are listed below:
- The growing housing demands in the BRICS nations, particularly in China and India has been a significant driver for the pumps market. Due to its fast-growing population, China has spent around US$70 billion on the building and construction activities. India, on the other hand, has spent nearly US$ 500 billion in this sector in 2018. This has thus helped in the development of the pumps market as well.
- In August 2019, Flowserve Corporation announced that the company has signed a five-year contract with Shell Australia. Under this contract, Flowserve will offer general maintenance services for Shell Australia’s Prelude Floating LNG (Liquefied Natural Gas) facility. This facility produces natural gas from an offshore site situated in Western Australia.
- In July 2019, Xylem Inc., an industry leader in the global pumps market, announced the launch of its Flygt N3069 stainless steel submersible pump. This pump was particularly designed to tackle the most critical pumping challenges in a variety of complex industrial applications such as agriculture and industrial food. With this latest product innovation in the popular Flygt range, Xylem Inc. is aiming to leverage its technological expertise to solve the queries and problems of the industrial consumers with the help of customized solutions.
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Global Pumps Market: Drivers and Restraints
There are several factors that are influencing the growth of the global pumps market. Some of the key factors are mentioned below:
- Emerging Economies: One of the major driving factors for the growth of the pumps market is the increasing industrial activities in emerging economies such as India and China. These pumps are largely used across a variety of booming industries such as oil and gas, building and construction, and industrial among others. They also find applications in a wide range of municipal activities in domestic infrastructural development. This has thus helped in fueling the growth of the market.
- Demand from Oil and Gas Industries: As mentioned above, the oil and gas industry has recently been experiencing a massive surge in its activities. Pumps are a fundamental element in the development of oil and gas pipelines and transportation. Thus, the growth of the industry is directly responsible for the development of global pumps market.
- Applications in the wastewater treatment: There has been a growing concern about the effect of rising pollution on the environment. Wastewater treatment is one key process to reduce the growing burden on nature. The developing wastewater treatment industry has led to increased demands for pumps in it several end-use applications. This has also helped in developing the market.
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Global Pumps Market: Geographical Outlook
The global pumps market is segmented into key geographical areas such as the Middle East and Africa, North America, Latin America, Europe, and the Asia Pacific. In recent years, due to the growing oil and gas activities, the Middle East and Africa region have experienced considerable growth. Asia Pacific region is expected to show massive growth potential in the coming years due to the presence of emerging economies that are heavily spending on building, municipal, and construction activities.
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