Press release
Pumps Market Worth US$ 49 Bn by 2024, Globally
Growing investment in sanitation, infrastructure and water & wastewater management in the India, China and Middle East is likely to boost the sales revenue of global pumps market. Also, rising demand for electricity across the globe is firming up the power sector globally; as pumps are the essential part of each power plant so the development in the power sector will considerably contribute to the growth of global market of pumps.
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Some of the key trends observed globally in the pumps market that are driving technology for centrifugal pumps include growing demand for centrifugal pumps that are energy efficient and adapting the micro disc pumping as well as variable frequency.
However, some factors that are globally restricting the growth of pumps market include low cost offered by Chinese manufacturers of pumps as well as low replacement prices due to long-lasting life and energy efficient centrifugal pumps.
On the basis of product type, the global market of pumps is categorized into centrifugal pumps market and positive displacement pumps market. Further, the market of centrifugal pumps is segmented into Sealless & Circular Pump, Axial & Mixed Flow Pump, Single-stage Pump, Submersible Pump and Multi-stage Pump. The segment of centrifugal pumps is projected to reach US$ 46.22 Bn by 2024 end during the forecast period, registering a healthy CAGR of 4.6%.
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And the market of positive displacement pumps is further classified into rotary pump and reciprocating pump. The segment of positive displacement pumps, during the forecast period 2016-2024 is anticipated to create incremental $ opportunity of US$ 981.1 Mn.
In terms of application, the market of centrifugal pumps is classified into Water Treatment (Municipal & Commercial Facilities, Industrial Process), Agriculture & Irrigation, Wastewater Treatment (Effluent Treatment Plant, Sewage Treatment Plant), Domestic, Other Industrial, Mining and Oil & Gas. The segment of water treatment application is projected to dominate the market of centrifugal pumps with 23% revenue share throughout the forecast period.
In terms of application, the market of positive displacement pumps is classified into Power, Chemical, Water & Wastewater Treatment, Oil & Gas, Pulp & Paper, and Others. The segment of Oil & Gas application is anticipated to dominate the market with 23.6% revenue share throughout the forecast period.
Regionally, the global pumps market is categorized into Europe, North America, APAC, Latin America, and the Middle East & Africa (MEA). The APAC pumps market is expected to reach US$ 19.65 Bn by 2024 end, registering a healthy CAGR of 5.0% over the forecast period. While the sales of pumps in Europe and MEA region is projected to account for 7.2% share in 2016.
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Some of the key leaders operating in the market of pumps globally include Kirloskar Brothers Ltd., KSB AG, Ruhrpumpen Group, Flowserve Corporation, WILO SE, Xylem Inc., Sulzer AG, ., WILO SE, Ebara Corporation, The Weir Group Plc., and Grundfos.
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