Press release
Canned Motor Pumps Market is expected to grow at a CAGR of 8.20%
Petrol’s energy density makes it an imperative raw material in every combustible, and an irreplaceable raw material utilized in petrochemical industries for manufacturing a wide range of everyday life products. However, the environmental impact including leaks from petroleum extractions, carbon dioxide emissions and degassing effects of petrol has become a major concern among regulatory authorities. Environmental sensibilization has resulted into enforcement of standards with regard to petrochemical installations based on severe security and health protection requirements. Canned motor pumps that are leak-proof contribute significantly to respect of such specifications, thereby witnessing huge demand in the petrochemical industries.
Nuclear power answers several stakes such as the essentiality to reduce CO2 emissions for preventing climate changes, the requirement to cater electricity demand, and the need to strengthen strategic independence. Emerging powers of the globe, India and China, have emphasized on the matter and have been engaging in programs associated with nuclear energy development. Nuclear energy is used widely in France for generation of electricity. The awareness is gradually spreading across other developed and developing countries as well. However, nuclear energy involves handling of radioactive substances, thereby creating demand for measures to protect surroundings through secure installations. In addition the conventional centrifugal pumps utilized in nuclear generation plant involve the risk of leakage. Canned motor pumps therefore are being deemed as worthy alternatives to these pumps. Canned motor pumps have huge potential for adoption, as emphasis on nuclear energy keeps surging across the globe.
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The global market for canned motor pumps is slated to register a splendid growth during the forecast period, 2017 to 2026. Nearly US$ 4,800 Mn worth of canned motor pumps are estimated to be sold around the world by 2026-end. In addition, volume sales of canned motor pumps are forecast to exceed 7,000 Mn units by 2026-end.
APEJ to Lead Global Canned Motor Pumps Market during 2017-2026
Abundant availability of resources and manpower at low cost in Asia-Pacific excluding Japan has made the region most remunerative for the canned motor pumps market. Asian manufacturers are continuously focusing on product differentiation and selling their products at competitive prices. Moreover various international vendors are outsourcing their production of canned motor pumps to APEJ in a bid to leverage from the low-cost manufacturing facilities. In terms of revenues as well as volume sales, APEJ will lead the global canned motor pumps market during the forecast period, trailed by Europe and North America.
Small capacity canned motor pumps will continue to account for the largest revenue share of the market, with sales forecast to exceed 3,000 Mn units by 2026-end. Demand for medium and high capacity canned motor pumps will also remain significant over the forecast period.
Key Research Findings from Fact.MR’s Report
Canned motor pumps will continue to seek the largest end-use in the chemical industry, in terms of revenues, followed by waste & wastewater industry. Reverse circulation pumps will remain the most lucrative product in the global canned motor pumps market, succeeded by multistage pumps
Competition Tracking
Fact.MR’s report has identified prominent companies contributing to the market expansion significantly. These companies include Subaru Corporation, Ryobi Limited, Lifan Industry (Group) Co., Ltd., Briggs & Stratton Corporation, Wuxi Kipor Power Co. Ltd., Toshiba Corporation, Hyundai Motor Company, Champion Power Equipment, Inc., Generac Holdings Inc., Yamaha Motor Co., Ltd., and Honda Motor Co., Ltd.
Report Overview at https://www.factmr.com/report/382/canned-motor-pumps-market
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