Mining Pumps Market Expansion to be Persistent During 2018 to 2028 | Key Players are Weir Group, Sulzer Ltd., GRUNDFOS, etc.
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The mining pumps market remains moderately-consolidated, with tier 1 and tier 2 players accounting for a collective 60-70% revenue share. The top 6 players, namely Xylem, Flowserve Corporation, KSB SE & Co. KGaA, Weir Group, Sulzer Ltd., and GRUNDFOS, account for around 40-48% share, driven by their superior product portfolios.
Rapid permeation across prominent customer segments with operational excellence remains one of the key focus areas of the leading players in the mining pumps market. Moreover, growing sales of mining pumps through persistent innovations and developments also remains a key revenue lever of these companies. Furthermore, amelioration of product efficiency, in tune with application-specific protocols, are one of the focal points of these companies for long-term customer retention.
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).
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. The competitive landscape of mining pumps market provides a quick overview of the key players operating in the mining pumps market, along with their key developments. Moreover, it also talks about the key differential strategies being adopted by these players to retain their buoyancy in the mining pumps market. Two notable developments include,
Flowserve Corporation entered into a global partnership with Azima Inc. in the year 2017. This partnership delivers an exclusive predictive maintenance solution for industrial pumps as well as other rotating equipment.
Xylem Inc., a key player in the mining pumps market, acquired PIMS Group of the U.K in the year 2013. This acquisition is aimed at adding an industry-leading service capability built on PIMS’ talent, tools and processes.
Mining Pumps Market- Definition
Mining pumps are the pumps involved as a crucial part of the mining process. Mining pumps are employed for a wide range of activities, such as abrasive sludge dewatering, mineral processing, slurry transfer, and waste water and tailing transfer.
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