The Pumps Market is differentiated according to the usage of the pumps since they are manufactured for different applications. Mechanical pumps are used for water cooling and fuel injection. Impulse pumps are used in oil and gas industry that uses gas created by pressure. According to the International Energy Agency, by 2023, the world demand for oil will reach to 104.7 mb/d, up 6.9 mb/d from 2018. With respect to the growth in the demand for oil, the production will go up and simultaneously the need for the pump will also increase in the industry which will make up for huge opportunities in the pumps marketplace.
According to a newly compiled market research report from IndustryARC titled “Pumps Market: By Classification (Axial Flow Pump, Semi- Axial Flow Pump and others), By Pump Type (Residential Pumps, Agriculture Pumps and others), By Application (Water Supply, Agriculture and Others), By Geography- Forecast (2019-2025)”, the global market size was valued to be around $80 billion in 2018, and the analyst has estimated the CAGR to be less than 5% during the forecast period of 2019 to 2025. The pumps market is in the helm of continuously providing the supply of pumps in various industries. APAC, especially due to the industrial growth in China and India has the largest market for pumps, with the highest growth rate in water pumps market, and the region bears the market share of 40% to 45%. The application CAGR of pumps in the oil & gas industry is estimated to be less than 2% during the forecast period of 2019 to 2025.
In Germany, a total of 84,000 heating heat pumps units were sold in 2018, as per the European Heat Pump Association. Similarly, there has been an increasing demand for pumps across the globe in all the sectors. During the summertime, the stipulation of water goes high in various sectors, especially in the residential areas, considering it suffices the basic necessity of water. In the solar panel system, the power can be sourced by photovoltaic panels that can produce electricity, and so the electric power pumps have more efficiency.
Pumps Market Leading Players: Recent Development
Some of the companies that have done some recent developments in the pump market are listed below:
- Alfa Laval- In February 2019, the company has introduced Alfa Laval Twin Screw Pumps, which is the latest addition to the company’s hygienic pump portfolio for its usage in dairy, food, beverage, and personal care industries.
- General Electric- In December 2018, General Electric signed a deal with Suzler in order to increase services of the parts, new equipment like generators, motors and pumps. They will now be maintained and repaired by Suzler.
- Idex- In June 2018, the company announced an acquisition of the intellectual property assets of Phantom Controls. The deal is for the water flow expertise of leading brands Hale Products, Akron Brass and Class 1 Electronics and the operational capabilities and innovative pumps operation of Phantom’s Systems called S.A.M.
- Schlumberger- In January 2018, the company bought Weatherford’s US pressure pumping and pump down assets for $430 million in cash. Schlumberger will take ownership of the company related to the facilities, suppliers, and customer’s contacts.
Pumps market demand is projected towards a robust growth for its application in various sectors, from which the oil and gas industry bears the maximum application. The pumps are now being replaced with new water or heating pumps. These factors are responsible for a constant increase in the demand for pumps.
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- Industrial Pumps Market
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