Mining Pumps Market: Top Players Collectively Hold Around 60-70% Revenue Share || Key Players: TechnipFMC plc (FMC Technologies), EBARA Pumps Europe S.p.A., GRUNDFOS, KSB SE & Co. KGaA
These insights are derived from the latest research report by Fact.MR on the mining pumps market, which offers in-depth statistics of growth along with key trends shaping the global market landscape. The booming prices of various commodities have further necessitated the resurgence of mining sector with large-scale adoption of mining equipment, which is fuelling growth of mining pumps market.
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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.
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.
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“New mining projects and expansion of existing mining projects have generated demand for new equipment and machinery. This provides enough credence to the fact that demand for mining pumps will increase at a significant pace.” Senior Analyst, Fact.MR.
The market structure section in the mining pumps market report enunciates on the detailed market taxonomy of mining pumps market, on the basis of various segments analyzed. By capacity, the mining pumps market has been segmented into into small (upto 500 gpm), medium (500-1000 gpm), and high (more than 1000 gpm).
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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