Industrial Pumps Market to See Incredible Growth During 2014 - 2020
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Various end-use industries for industrial pumps include water, wastewater, oil & gas, chemicals, food & beverages and others. Centrifugal pumps are the extensively used type because of their low cost, low maintenance and long service life. Centrifugal pumps are used in high-flow, low head applications with low fluid viscosity. In contrast, positive displacement pumps are used in low-flow, high head applications with high viscosity fluids and accurately controlled flow applications. Centrifugal pumps are anticipated to lead in terms of market share. The various services in power generation segment such as boiler feed, circulation, sludge handling and cooling stations are the largest market for centrifugal pumps. Positive displacement pumps find extensive use in renewable power generation such as micro-hydroelectric power generation; however, this type find limited application in the power generation industry.
The global industrial pump market has been witnessing new developments in micro disc pump technology. One of the key factors contributing to growth of this market is the increase in infrastructural development. China, India and other Asian and African countries are experiencing robust investments into infrastructure, which is expected to aid in increasing industrial output; in-turn driving growth for industrial pumps. Demand for industrial pumps from process and manufacturing industries is expected to drive growth of the industrial pumps market in developed regions such as Europe and North America.
Western Europe is expected to witness sluggish market growth, characterized by stagnant economic conditions and low industrial output. Eastern Europe is expected to exhibit relatively stronger growth owing to improving industrial output in chemicals and water treatment industries. Middle East expenditure for industrial pumps are expected to rise as the pump sales in this region is expected to gain traction due to investments in desalination plants.
Improving economic conditions in the Asia Pacific (APAC) region are expected to open up enormously potential opportunities for pump manufacturers, as the automotive, construction and manufacturing industries are likely to witness substantial growth in the coming years. Along with the harsh impact of the recent recession, tough competition from low-cost manufacturers in developing nations is indeed a major restraint for development of the industrial pumps market in this region. Customers are usually inclined towards low-cost products, which barely comply with environmental standards. This factor is impacting the industrial pumps market to considerable extent.
As it is difficult to compete with low-cost rivals on the basis of price, leading industrial pump manufacturing companies will need to adopt different promotional strategies, based on the quality of their products, services and maintenance to sustain in the global market.
The key players in the industrial pumps market are ITT Corp., Flowserve Corp., KSB AG, Sulzer Ltd., Grundfos A/S, Ebara Corp., Weir Group plc, Baker Hughes, Inc., Schlumberger Ltd. and Clyde Union, Inc.
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Pumping systems are critically important for any process or manufacturing plants to operate efficiently. Industrial pumps are used for various industrial applications such as power and petrochemical plants, which directly support generation and production processes, and usually work for extended durations. It is estimated that around 27% of all the energy consumed by any industry is constituted by motor-driven equipment. This offers manufacturers of industrial pumps a window of opportunity to improve efficiency and launch newer and more innovative products.
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