April 06, 2020
According to a recent study titled ‘Pumps Market Size By Type, By Driving Force, By Technology, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025’, available with Market Study Report LLC, the global pumps market is projected to exceed USD 91 billion by the year 2025.
Increasing product demand from oil & gas industry is the primary growth driver of pumps market. Pumps are the key equipment in upstream and midstream operations for accelerating fluid transmission from one location to other. Use of pumps in onshore activities for exerting external force to release oil from the ground, coupled with its applications across several industry verticals will stimulate the market growth. However, high maintenance and operational costs resulting in loss of productivity is a restraint to the business scenario.
Based on the type, stationery pumps segment is projected to account for 75% market share by the end of 2025, owing to its extensive utilization across oil & gas industry and construction sector as well. On the other hand, portable pumps market segment is presumed to show decent growth in the coming years, on account of increasing fire accidents in manufacturing industries, and residential and commercial spaces.
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Elaborating on the position class, non-submersible segment accounts for majority share of pumps market, owing to their increasing usage in surface applications such as pressure boosting, water transfer, washdown application, turf irrigation, along with wastewater and storm water transportation. Meanwhile, submersible segment is also expected to grow considerably due to increasing subsea operations and deepwater exploration.
Speaking of the application scope, pumps market share from mining industry is slated to grow rapidly during the study period, pertaining to rising demand for huge pumping systems for dewatering of mine and washing of the extracted hydrocarbon.
Considering the geographical outlook, Asia Pacific held 52% share of global pumps market in 2018 and is slated to grow substantially during the analysis period. The growth can be attributed to the presence of local and medium scale market players across the region. Booming industrial sector is augmenting the demand for pumps across various industry verticals including food, agricultural, pharmaceutical, and chemical.
Prominent players of pumps market include Kirloskar Brothers Ltd., Atlas Copco, Xylem Inc., MultiQuip, Magnum, Gorman Rupp, Wacker Neuson, Gardner Denver, Generac, Grundfos, Flowserve Corporation, Sulzer Ltd., Ebara Corporation, Schlumberger, Shimadzu Corporation, and Baker Hughes among others.
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