The
global Industrial Pump Market size is expected to reach
USD 99.3 billion by 2027, expanding at a CAGR of 5.9% over the forecast period,
according to a new report by Grand View Research, Inc. Technological
advancements have resulted in increased efficiency, which is likely to propel
the adoption of industrial pumps over the forecast period.
Advancement
in technology is expected to improve basic process tasks, provide a long-term
reduction in everyday operating processes, and increase the reliability of the
industrial pumps. Furthermore, it is likely to enhance the product performance
and reduce energy consumption, thereby augmenting the product demand in end-use
industries, such as water and wastewater, oil and gas, and construction.
Increased productivity offered is expected to bolster the product demand over
the forecast period.
Rapid
urbanization, infrastructure development, and increasing industrialization are
the some of the key factors driving the demand for energy fuels, which, in
turn, has led to the growth of the power and oil & gas industries.
Increasing penetration of centrifugal and positive displacement industrial
pumps in the oil & gas industry is expected to boost the industrial pump
market growth over the projected period.
Growing
expectations of customers are compelling the end-use industries to increase
their spending on high quality industrial pumps installed with advanced process
control, which, in turn, is likely to increase the focus of the manufacturers
on improved energy efficiency.
Augmented
usage of these products can be attributed to rising demand for petrochemicals
in several economies of Asia Pacific such as India, Indonesia, Thailand, and
Vietnam. Furthermore, growing industrial sector, coupled with rapid population
expansion in these economies, is anticipated to bolster the market growth over
the forecast period.
Moreover,
demand for industrial pumps is expected to increase in countries like India and
China on account of growing need for reusable water. Surge in the investments
in China in the construction of indirect and direct liquefaction plants is also
expected to drive the demand for the product.
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report@
https://www.grandviewresearch.com/industry-analysis/industrial-pumps-market
https://www.grandviewresearch.com/industry-analysis/industrial-pumps-market
Further key findings from the report suggest:
- Based on
product, centrifugal industrial pumps accounted for 62.1% share of the
global revenue in 2019 owing to their predominant usage in utilities and
shop floors of production units in a wide array of industries
- On the basis
of application, the water and wastewater application segment accounted for
the largest share of 24.5% on account of stringent energy efficiency
regulations
- Europe is
estimated to register a CAGR of 5.6% from 2020 to 2027 on account of
amplified usage of high-pressure industrial pumps in economies such as
Germany and U.K. for controlling water flow rates
- In Asia
Pacific, China accounted for over 50.0% market share in terms of revenue
in 2019 on account of rising foreign investments, coupled with government
subsidies to promote the usage of energy-efficient products
- Major
industrial pump market players are adopting strategies such as new product
development and acquisition of small & medium scale enterprises to
improve market penetration and gain an edge over their competitors.
Related Reading @ https://www.grandviewresearch.com/blog/industrial-pumps-market-size-share-analysis
About
Us:Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
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Email: sales@grandviewresearch.com
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