Press release
Pumps Estimated to Accumulate US$ 49.40 Bn by 2024
Water Treatment Application Segment of Centrifugal Pumps Market Estimated to Grow at 5.4% CAGR
Based on application the market is categorised into
Centrifugal pumps – domestic, oil & gas, mining, agriculture & irrigation, other industrial, water treatment (commercial & municipal activities, industrial process) and wastewater treatment (sewage and effluent treatment plants)
Positive displacement pumps – oil & gas, pulp & paper, wastewater & water treatment, Power and Chemical.
Wastewater treatment is estimated to reach 24% share of market revenue of centrifugal pumps market by 2024 end. Water treatment is expected to grow at 5.4% CAGR during the forecast period. Wastewater & water treatment is estimated to account for 21.3% market revenue share of market for positive displacement pumps by 2024 end.
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Centrifugal Pumps Market Expected to Grow at 4.6% CAGR During 2016 to 2024
Based on product type, the global pumps market is divided into
Centrifugal pumps – multi-stage, single-stage, submersible, sealless & circular, mixed flow and axial pumps.
Positive displacement pumps – reciprocating pumps and rotary pumps.
Each pump is further divided into high, medium and small pump based on capacity (HP). The segment of Positive displacement pumps is estimated to generate an incremental $ opportunity of US $981.1 million from 2016 to 2024. The market value of segment of centrifugal pumps was worth US $32.18 billion in 2016 and it is estimated to reach US $46.22 billion by 2024 end. This segment is expected to witness 4.6% CAGR over the forecast period.
Top players in the global pumps market are focusing on structured innovation and expansion of their research and production facilities for strengthening their presence in global pumps market. These key players include Flowserve Corporation, Ebara Corporation, Grundfos, WILO SE, Ruhrpumpen Group, KSB AG, Sulzer AG, The Weir Group Plc., Xylem Inc. and Kirloskar Brothers Ltd.
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Asia Pacific Remain Lucrative in Global Pumps Market During the Forecast Period
Region-wise, global pumps market is categorised into North America, Europe, Latin America, Middle East & Africa (MEA) and Asia Pacific (APAC). The revenue share of Asia Pacific in global pumps market was 38.5% in 2016. Asia Pacific is expected to dominate the global market for pumps during the forecast period. Pump sales collectively accounted for 48.8% market revenue share in 2016 in Europe and North America.
Middle East and Asian countries such as China, India and GCC countries are expected to concentrate on huge investments in water & wastewater management, sanitation and infrastructure, which is estimated to fuel the global market revenue growth of pumps during the forecast period. As pumps hold prominent position in integral parts of power plants, the increasing electricity demand around the world is expected to drive the global power sector which in turn will drive the global market growth of pumps during the forecast period.
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While some factors impeding the growth of global pumps market include
Energy efficient centrifugal pumps provide durability which results into low replacement rates.
Affordability and sustainability offered by Chinese pump manufacturers.
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