Press release
Mining Pumps Market to Witness Increase in Revenues by 2028|| Key companies are Flowserve Corporation, KSB SE & Co. KGaA, Weir Group, Sulzer Ltd., GRUNDFOS
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Manufacturers Unleashing Potential of IoT and Industry 4.0
Mining pumps manufacturers remain oriented toward various ways of obtaining significant benefits, owing to the volatile nature of global pump market. The growing eminence of ‘Industry 4.0’ and ‘Industrial Internet of Things (IIoT)’ in industrial automation is encouraging manufacturers of mining pumps to craft new products in line with the same. This is foreseen to introduce a pool of new opportunities for the key stakeholders and drive the emergence of new business models in line with evolving realities.
The key objective behind such product diversifications is the enhancement of user experience via fully integrated solutions. Convergence of intelligence with pump infrastructure enables every component to have its own set of protocols and empowers its competency to effectively communicate with its fellow components, scaling up the overall efficiency factor.
Key manufacturers are eyeing technologies as such to drive notable profits and solidify their market sustenance. Leading players have made notable efforts to highlight prominence of these technologies for boosting performance of the next-generation mining pumps.
Resurgence of Mining Sector with Hefty Investments in Greenfield and Brownfield Projects Spur Demand
Investments in new mining projects and amelioration of existing projects across various regions have revved up by a significant margin. For instance, the ‘New Federal Mining Agreement’ was drafted in the year 2017 and was aimed at attracting investments in the regional mining sector. As per United States Census Bureau, mining was one of the sectors with the largest absolute increase in terms of capital investments from 2006 to 2015 i.e. 75.9 percent.
Burgeoning investments in mining projects are pushing the demand for new equipment and machinery. Mining pumps, as one of the integral parts of the overall mining infrastructure, are also being highly sought-after for use in productive or extractive processes. The expenses on pumps broadly fall under either of the two investment categories, greenfield investments (for instance setting up of a new mine) or brownfield investments (refurbishing an existing facility).
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Evolving Demand for New Age Commodities to Create Untapped Opportunities
Apart from the conventional commodities, new investments are gaining prominence with regard to extraction of ‘new-age minerals’, such as cobalt, copper, nickel, lithium, and many more. For instance, the growing demand for Li-ion batteries is pushing the demand for Lithium. Likewise, cobalt is also garnering significant attention on the back of its necessity in case of electric vehicles.
Prominent miners across the globe are eyeing these commodities in a bid to attain substantial benefits, owing to their long-term prospects and their rising prominence apropos of the technology of the future. Leading mining firms, with an objective of tapping into new opportunities, are vying to capitalize on this evolving trend having an optimistic potential.
Ease of Installation and Optimal Performance - Key USPs Spurring Sales of Centrifugal Mining Pumps
Cost-effectiveness and easy installation are two of the key attributes enhancing the appeal of centrifugal mining pumps. Easy installation, coupled with superior performance attributes, are the key factors scaling up the popularity of centrifugal mining pumps.
However, high maintenance and controlling issues in case of low flow rates are few of the prominent factors that might pose challenges apropos of adoption. Minimal cost-effectiveness, as compared to other mining pump types, is another key factor that might also confine the adoption of centrifugal mining pumps.
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