A new report on the global fluid handling system market has been recently published by Report Ocean. The study is titled “Global Fluid Handling System Market Size, by Equipment Type (Positive displacement pumps and Centrifugal pumps), by Component Type (Fluid meters, Control valves, Hoses, Tanks and collectors, Pressure regulators, Filters and Other Accessories (switches, sensors etc.)), by End-use Industries (Oil & gas industry, Pharmaceutical industry, Water & wastewater treatment, Food & Beverage industry, Pulp & paper, power generation, Mining and Chemical industry) and Regional Forecasts 2020-2027” and presents a detailed assessment of this market on the basis of its past performance and future prospects. It has also taken key market segments into consideration to offer deep insights into this market.
In 2019, the global fluid handling system market was valued at US$63.52 bn. Over the period from 2020 to 2027, the market is anticipated to report a CAGR of more than 4.80%. The expansion in the oil and gas industry is the driving force behind this significant growth of this market. According to International Energy Agency’s (IEA’s) Oil Market Report, the demand for oil reached around 99.3 million b/d in 2018. Moving ahead, the increased flexibility in oil production and supply, owing to the expansion in the oil and gas markets in Saudi Arabia, Russia, and the US is likely to open new revenue streams for market players in the near future.
High Demand for Pumps Drives Market’s Growth
In terms of the component, the pumps segment has been dominating the market in terms of demand volume. The expanding application base of pumps is likely to support the growth of this segment and, consequently, the entire market in the years to come.
The demand for fluid handling systems has been relatively higher in the oil and gas industry. With increasing installation of new pipelines and construction of terminals and storage facilities, these systems are expected to remain in high demand in this industry during the forecast period.
North America to Retain Dominance
The research report has presented a regional assessment of the global market for fluid handling systems. It has considered Asia Pacific, North America, Europe, Latin America, and the Rest of the World as the key regional categories of this market. North America is the leading regional market for fluid handling systems across the world. The increasing demand for different types of pumps in the oil and gas industry is propelling the North America fluid handling system market and is expected to remain doing so over the next few years. Asia Pacific is also anticipated to showcase a high CAGR over the forecast period, thanks to the integration of latest technologies into fluid handling systems.
Impact of Covid 19 on Global Fluid Handling System Market
Due to the Covid 19 pandemic, the businesses of many markets, including the global market for fluid handling systems, have impacted severely. A number of governments imposed strict lockdown in their respective economies, which led to stoppage of exploration of oil and gases, eventually affecting the demand for fluid handling systems. However, with situation getting under control, the market is likely to return to its normal self soon.
- Pumps have surfaced as the most prominent component segment in the global market for fluid handling systems.
- North America is the leading regional fluid handling system market across the world.
The global fluid handling system market is segmented into:
By Equipment Type
- Positive displacement pumps
- Centrifugal pumps
By Component Type
- Fluid meters
- Control valves
- Tanks and collectors
- Pressure regulators
- Other Accessories (switches and sensors)
By End-use Industries
- Oil & gas industry
- Pharmaceutical industry
- Water & wastewater treatment
- Food & Beverage industry
- Pulp & paper
- Power generation
- Chemical industry
- North America
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- Sulzer Ltd.
- Colfax Corporation
- Graco Inc.
- Des-Case Corporation
- EBARA International Corporation
- Alfa Wassermann, Inc.
- Raumedic AG
- Pentair Ltd.
- Ingersoll Rand Inc.
- Malema Engineering Corporation
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