Pumps: Key market research findings
- Increase in exploration activities is the primary driver for the market
- APAC region dominates the market geographically
- Key vendors—Flowserve, Grundfos, ITT, KSB, and Sulzer
Technavio’s market research analysts predict the global pumps market to grow at a CAGR of more than 5% between 2016 and 2020. The rise in the adoption of solar pumps is the fundamental driving force behind growth in the market. Pumps are an integral part of irrigation and communal water supply systems in rural economies. However, it is not feasible to plug into a reliable local power grid due to an electricity shortage in many developing countries that have poor infrastructure. Solar pumping systems are a practical solution to overcome such problems. At present, the APAC region dominated the global pumps market by accounting for more than 42% of the total market share. The market is thriving in this region owing to the increasing use of positive displacement (PD) pumps. The growth of process industries such as chemicals, oil and gas, and food and beverage in APAC is likely to contribute to growth in the pumps market in APAC by 2020.
The new market research report from Technavio presents a breakdown and analysis of the pumps segments by end-users.
“The growing application of 3D printing is the latest trend in the global pumps market. Pump manufacturers are attempting to combine 3D printing with digital advances in modeling software. This integration of the twin fields of 3D and computer modeling technologies are opening up a whole new frontier in pump design, repair, and replacement. The use of 3D printing techniques enables end-users to go beyond conventional tooling and casting while manufacturing pump components such as diaphragms and impellers and encourages them to use their creativity,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research.
Currently, the oil and gas segment dominated the global pumps market by holding almost 24% of the overall market share. The increase in the exploration activities in challenging fields such as subsea and oil sands are significantly boosting the demand for pumps in the oil and gas industry. Advancements and innovation in pump technologies brought upon by the need for environmental compliance and energy efficiency while choosing products are expected to influence the growth of this segment of the pumps market during the forecast period.
The key vendors in the global pumps market include Flowserve, Grundfos, ITT, KSB, and Sulzer. The global pumps market is highly competitive, and intense competition among vendors has led to increased number of strategic mergers and acquisitions in this market. Major players use mergers and acquisitions to increase their geographical foothold and to expand their product. For instance, in early 2015, Flowserve, one of the leading providers of engineered vacuum and fluid pumps, acquired SIHI group. This move further fortifies Flowserve’s extensive portfolio of products and services.
A more detailed analysis is available in the Technavio report, Global Pumps Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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