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Power Generation Pumps Market find Large Application in Coal/Oil Power Plants || key Players:
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As per the study, in order to meet the electricity demand, installed power generation capacity is expected to rise to more than 565 GW in 2040. Also, renewables are expected to account for largest share in installed capacity by 2040. Thereby, driving the demand in the power generation pumps market.
According to the Fact.MR report, power generation pumps with small capacity of up to 500 gpm are likely to witness highest growth in the coming years. The demand for smaller power generation pumps is increasing due to low cost and have smaller motors, resulting in less power consumption.
The power generation pumps market is likely to witness steady growth, the demand for power generation pumps is expected to reach 3.7% CAGR in terms of volume during 2018-2028.
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Smart Monitoring Technologies Gaining Traction in Power Generation Pumps Market
Older motors and power generation pumps are resulting in increased risk of unplanned outage along with the higher cost to keep them running. Hence, to ensure safe power plant operations, adoption of advanced monitoring technologies is gaining ground. It is highly likely that demand for pumps that are equipped with sensors is likely to grow in the near future.
The cost of installing power generation pumps has increased in recent years. Considering current design practices, the life-cycle cost of the pump including cost of installation, operation, and maintenance has also increased.
Moreover, power generation pumps used for primary application in the power plants need more maintenance. To ensure reliability and optimum efficiency, the components of both positive displacement pumps and centrifugal pumps used in the power generation require timely inspection, service, and replacement if necessary. This is leading to the high maintenance cost of power generation pumps.
Sensor technologies are also becoming popular, supporting the process of automatically monitoring the power generation pumps. The pumps outfitted with multiple sensors to measure voltage, current, vibration, pressure, and temperature are being developed and designed.
Leading players in the power generation pumps market are primarily focusing on new product development. Gaining competitive advantage and adding more value to the existing product line, companies are developing new products to meet the evolving need of end-users. Key power generation pump manufacturers include Xylem, Weir Group, Flowserve Corporation, and Sulzer Ltd.
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