Press release
Fuel Transfer Pumps Market: Major Trends Reshaping the Future of the Industry
Fuel Transfer Pumps
What Will the Fuel Transfer Pumps Industry Market Size Be by 2025?
In recent times, the fuel transfer pumps industry has seen robust expansion. This market is projected to increase from a valuation of $1.87 billion in 2024 to about $1.97 billion in 2025, with a compound annual growth rate (CAGR) of 5.3%. The historic progression can be linked to aspects such as consumer inclinations, energy sector necessities, industrial growth, urbanization and building activities, the oil and gas sector's demand, and heightened fuel usage.
What's the Long-Term Growth Forecast for the Fuel Transfer Pumps Market Size Through 2029?
Expectations are high for robust expansion in the fuel transfer pumps market in the forthcoming years. The market is projected to reach $2.54 billion by 2029, growing at a compound annual growth rate (CAGR) of 6.5%. This growth during the forecasted period can be linked to factors such as product innovation, the advent of remote monitoring solutions, emerging markets, industrial growth, urban development schemes, and investment in energy infrastructure. Key trends expected during the forecast span include safety and efficiency enhancements, increased fuel demands, transition towards renewable energy sources, broader industrial developments, and advancements in agricultural machinery.
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What Are the Key Growth Drivers Fueling the Fuel Transfer Pumps Market Expansion?
The fuel transfer pumps market is projected to be driven by the growth of the automotive industry. Fuel transfer pumps, often found in vehicles with advanced injection systems due to their relative safety and effectiveness, deliver fuel to engines with minimal power loss. They also help reduce carbon dioxide emissions from engines, particularly in the case of electric vacuum fuel transfer pumps. The Organisation Internationale des Constructeurs d'Automobiles (OICA), an international association of car manufacturers based in France, reported significant growth in the global automotive industry in 2023. Figures indicated that production of vehicles rose impressively to 93546599 units, up from 85016728 units in 2022. As such, the flourishing of the automotive field is fuelling the rise of the fuel transfer pumps market.
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What Are the Key Trends Driving Fuel Transfer Pumps Market Growth?
The primary trend picking up steam in the fuel transfer pumps market is technological innovation. To maintain their market standing, prominent businesses are introducing fuel transfer pumps laden with novel features including self-cleaning filters, permanent magnet motors, and two-sided high-speed dispensing, among others. In September 2022, for instance, SVANEHØJ Danmark A/S, an offshore installation pump design and manufacturing company based in Denmark, launched a cutting-edge fuel pump for LNG-powered ships. The innovative CS pump, a submerged unit installed at the tank base, heralds two major market breakthroughs via the CS fuel pump (an acronym for cryogenic submerged). These include a self-cleaning LNG filter to avoid blockages that cause boosted wear and operation interruptions, and an advanced permanent magnet motor promising greater efficiency and reduced energy consumption than its counterparts.
How Is the Fuel Transfer Pumps Market Segmented?
The fuel transfer pumps market covered in this report is segmented -
1) By Type: AC Fuel Transfer Pump, DC Fuel Transfer Pump, Hand Fuel Transfer Pump
2) By Motor Type: 12V DC, 24V DC, 115V AC, 230V AC
3) By Mounting: Fixed, Portable
4) By Application: Construction, Mining, Agriculture, Chemical, Military, Transportation, Food And Beverage, Other Applications
Subsegments:
1) By AC Fuel Transfer Pump: Submersible AC Fuel Pumps, Surface AC Fuel Pumps
2) By DC Fuel Transfer Pump: Electric DC Fuel Pumps, Battery-Powered DC Fuel Pumps
3) By Hand Fuel Transfer Pump: Manual Lever Pumps, Siphon Pumps
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Which Companies Are Leading the Charge in Fuel Transfer Pumps Market Innovation?
Major companies operating in the fuel transfer pumps market are Piusi S.p.A, Graco Inc., Creative Engineers, Groz Engineering Tools Ltd., Tuthill Corporation, GoatThroat Pumps, SPATCO, Pricol Limited, Liquidynamics, Robert Bosch GmbH, DENSO CORPORATION, ContiTech AG, Johnson Electric Holdings Limited, Fill-Rite Company, Great Plains Industries Inc., Yamada Corporation, TeraPump, Fuelworks Ltd., Gorman-Rupp Company, FLOJET Corporation, Lincoln Industrial Corporation, IDEX Corporation, Hytek GB Ltd., Fuel Transfer LLC, Meclube S.R.L., Gilbarco Inc., Cim-Tek Filtration, Corken Inc., RAASM SpA
Which Regions Are Leading the Global Fuel Transfer Pumps Market in Revenue?
Asia-Pacific was the largest region in the fuel transfer pumps market in 2024. The regions covered in the fuel transfer pumps market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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