Global Industrial Pumps Market: Overview
Industrial pumps are utilized extensively for applications across the globe. Industrial pumps are typically heavy-duty process pumps. These are mainly used for pumping out various kinds of products, such as sludge, petroleum, water, slurry or food, chemicals, wastewater, and oil. There are two types of pumps utilized for industrial use, such as positive displacement pumps and centrifugal pumps.
The pumps industry is estimated to experience development in the forthcoming years. This is due to a rising demand for technological advanced pumps and applications of end user. The industrial sectors, for example, chemicals & petrochemicals, water & wastewater, oil & gas, and many more., are the reasons for development in the market in the forthcoming years. And, it is projected to have higher demand for pumps around the globe.
Global Industrial Pumps Market: Notable Developments
Some of the key developments in the industrial pumps market are:
- On December 2017, a major ferry port in Kent, Dover declares their plan to spin off Wellsite business into industry-driven public company.
- On March 2014, the US-based Flowserve Corporation, a manufacturer of flow control products essential for chemical, power, and oil industries, established its modern pump production base at Myleripalayam in Coimbatore.
There are some major companies operating in the industrial pumps market which include Iwaki America Inc., ITT Corporation, Vaughan Company Inc., SPX Flow Inc., and Roper Technologies Inc.
The partnership establishment is a major trend that can be seen across the industrial pumps market. Global companies are concentrating on expanding their portfolio, which can be done by acquiring medium and small-scale industries. Therefore, in the forthcoming years, an intense competition can be seen among the players operating in the market.
Global Industrial Pumps Market: Drivers & Restraints
The demand for industrial pumps differs depending on the economy. In case of an emerging economy then the demand for industrial pumps is increasing because of improving infrastructure and urbanization. And in case of an emerging economy, the demand for industrial pumps is rising with improvements happening in manufacturing processes. Additionally, constant drilling processes in oil producing areas like Middle East is driving the demand for the industrial pumps market too. Also, wastewater and gas industry are major factors boosting the economy of the industrial pumps market. The oil and gas industry of the U.S. uses hydraulic fracturing which is booming the demand for process equipment in the industrial pumps market.
The global manufacturers of the industrial pumps market are in threat reason being in developing economies the non-industrial pumps manufacturers are entering into the segment and taking benefits from their own distribution network and production base already functioning. However, increasing demand for replacements grows the chance for global manufacturers in the industrial pumps market to provide the consumers with aftermarket parts and services. This replaced segment will drive and possess less threat to the global producers of the industrial pumps market.
Global Industrial Pumps Market: Regional Outlook
Among all the region across the globe, Asia Pacific is leading the industrial pumps market and it is expected to lead in the forthcoming years. This due to most parts of the Asia Pacific are still developing economies, such as India and China. For example, FDI wants to invest in oil and gas industry of India and its government has passed a policy for the promoting it. This investment will automatically boom the demand for industrial pumps and the manufacturing of polymers and petrochemicals will rise. Hence, it will bolster the demand for the industrial pumps market in India.
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