The last decade has witnessed tremendous investment in infrastructure, sanitation, and water and wastewater management in the Middle East and Asian countries such as GCC countries, India, and China to support the growing rate of regional urbanization. The same trend is expected to continue over the forecast period, becoming a prime driver for the sustained growth of the global pumps market, expectedly boosting demand for pumps across the globe. Increasing demand for electricity across the world is strengthening the global power sector; with pumps being an integral part of each power plant, development in the power sector is expected to contribute significantly to the growth of the global pumps market through 2024. However, low-priced offerings by Chinese pump manufacturers and low replacement rates due to durable life and energy efficient centrifugal pumps are factors that are likely to restrict the growth of the global pumps market over the forecast period.
Rising demand for energy efficient centrifugal pumps and the adoption of micro disc pumping and variable frequency drive technology for centrifugal pumps are some of the key trends observed in the global pumps market.
The Centrifugal Pumps segment is estimated to be valued at US$ 32.18 Bn by the end of 2016 and is expected to increase to US$ 46.22 Bn by the end of 2024, registering a CAGR of 4.6% during the forecast period. The Positive Displacement Pumps segment is expected to create the incremental $ opportunity of US$ 981.1 Mn between 2016 and 2024. The Wastewater Treatment application segment is expected to account for 24% revenue share of the Centrifugal Pumps market by the end of 2024 while the Water Treatment application segment is expected to register a CAGR of 5.4% over the forecast period. The Water & Wastewater Treatment application segment is estimated to account for 21.3% revenue share of the Positive Displacement Pumps market by the end of 2024.
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The global pumps market is segmented into the five key regions of North America, Latin America, Europe, APAC, and the Middle East & Africa (MEA). The APAC region is estimated to dominate the global pumps market in terms of revenue with 38.5% share by 2016 end. Sales of pumps in the North America and Europe regions is estimated to collectively account for 48.8% share by the end of 2016.
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The report features some of the leading companies operating in the global pumps market. Market players featured in the report are KSB AG, Flowserve Corporation, Sulzer AG, Ebara Corporation, Grundfos, The Weir Group Plc., WILO SE, Xylem Inc., Ruhrpumpen Group, and Kirloskar Brothers Ltd.
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