Sea Water Pumps Market Set to Ride a 4.3% CAGR Wave, Projected to Reach US$ 1.6 Billion by 2028

In 2022, the global sea water pumps market surged to an impressive valuation of approximately US$ 1.3 billion, showcasing its significance in various industries. This growth story is poised to continue, with a projected compound annual growth rate (CAGR) of 4.3% between 2022 and 2028. By the end of this period, the market is expected to reach an estimated worth of over US$ 1.6 billion.

One of the standout stars in this maritime narrative is the centrifugal pump segment. These pumps, known for their higher efficiency and cost-effectiveness, are set to maintain their dominance as top-selling products. End users across diverse sectors are increasingly turning to centrifugal pumps for various applications, thanks to their reliability and performance.

Regionally, Asia Pacific Excluding Japan (APEJ) commands the helm of the global sea water pumps market, boasting a substantial market share of 46.9% in 2022. APEJ's maritime industry is surging, driven by the rise in seaborne trade activities and an uptick in ship manufacturing. Additionally, the region benefits from the presence of key market players who continue to shape and drive the APEJ sea water pumps market.

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Future Market Insights has released a comprehensive half-yearly analysis comparing growth forecasts and key developments in the sea water pumps market. This analysis comes in light of increased investments in oil drilling activities by various countries, driven by industrialization and population expansion trends.

This heightened focus on oil drilling activities has resulted in a notable surge in demand for centrifugal sea water pumps. Additionally, to address the rising need for fresh water, numerous desalination plants are being constructed. Consequently, the sea water pumps market is poised for rapid expansion in the upcoming years.

According to Future Market Insights' analysis, there has been a decrease of 24 units in the BPS (Basis Point Scale) values identified in the sea water pumps market in H1 2022 compared to the projected figures for H1 2022. Notably, this marks a 16 BPS dip in the market compared to H1 2021.

- Key Takeaways of Sea Water Pumps Market Study:

The centrifugal sea water pumps segment is expected to hold major share of the global sea water pumps market value as compared to positive displacement sea water pumps.

On the basis of end use, the ships segment is expected to hold prominent value share of the global sea water pumps market. These pumps are used in weight transfer function, firefighting, bilge pumping, and high pressure pumping an air conditioners.

By sales channel, offline sales channel is estimated to remain a key segment on the back of consumer preference towards customized sea water pumps.

Asia Pacific is projected to hold prominent market share in terms of value in the global sea water pumps market. This growth is being propelled by rapid increase in ship building in countries such as China, South Korea, and Japan.
These countries hold 70% share of the ship building market.

However, the Middle East & Africa sea water pumps market is expected to project lucrative growth during the forecast period. This growth is attributable to increasing investments for desalination plants in the region.

"Sea water pumps are utilized in a variety of applications, ranging from ship building to desalination plants. Each of the applications has a different requirement, and therefore, enterprises are developing products as per specific demand."

- Key Companies Profiled:

KSB SE & Co. KGaA
Xylem Inc.
Sulzer Ltd
Torishima Pump Mfg. Co.
Danfoss A/S, ITT INC.
Flowserve Corporation
Ebara Corporation
WILO SE
Grundfos Holding
The Weir Group PLC
Alfa laval
Kubota Corporation
AxFlow Holding AB
Kirloskar Brothers Ltd.
Franklin Electric Co. Inc.
Tsurumi Manufacturing Co. Ltd.
Schlumberger Limited
Eureka Pumps AS

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- Sea Water Pumps Market by Category:

By Product:
Centrifugal Pumps
Positive Displacement Pumps

By Operation:
Submersible
Non-submersible

By End Use:
Ships
Ballast Transferring
Firefighting
Bilge Pumping
High Pressure Deck Washing/Engine Cooling
Air Conditioning
Desalination Plants
Oil Refineries

By Flow Rate:
1 - 50 M3/H
51 - 150 M3/H
151 - 350 M3/H
351 - 500 s M3/H
Above 500 M3/H

By Region:
North America
Latin America
Europe
Japan
APEJ
MEA

Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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This release was published on openPR.