Pumps Market growth
Driven by unprecedented growth in the global construction and oil & gas sectors, pumps market has registered considerable proceeds since the last few years. Specifically in the oil & gas industry, robustly designed pumps are required for applications like gasoline transfer, injection tasks, chemical transfer or steam stripping.
U.S. Pumps Market Share By Application, 2014 – 2025 (USD Million)
The product, traditionally driven by fixed speed electric motors, offers enough momentum to transport oil and other fluids from one location to another. However, pumps driven by a variable speed electric motor drive system are now considered a better option in most cases.
Aided by highly efficient pumps such as centrifugal, oil transfer, positive displacement, diaphragm, and petrochemical pumps, oil can effectively be extracted from under the ground to a tanker and then to a refinery. The product is also useful for chemical processing, methanol injection, glycol pumping, gas sweetening, and water disposal, thus offering an efficient solution for transporting liquids in diverse industries. Furthermore, rapid urbanization in developed countries has also led to a growing number of O&G extraction processes in recent years, supplementing pumps market share.
Based on reports from EIA’s Short-Term Energy Outlook (STEO), the U.S. may be at par or may have surpassed Saudi Arabia and Russia to become one of the world’s major crude oil producers in early 2018. In its October STEO, EIA has projected U.S. crude oil production to average around 11.8 million b/d in 2019 – around 300,000 b/d higher than its forecast in the September STEO.
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Additionally, the agency also claims that the country is likely to become a net energy exporter in 2020 with a rapid increase in natural gas, crude oil, and natural gas plant liquid (NGPL) production and a slump in U.S. energy consumption. This scenario undeniably points toward enhanced product adoption in the U.S. in the oil & gas sector, which would in consequence, majorly impel pumps market size.
Impact of the APAC construction sector on pumps industry outlook
The rapidly expanding construction sector in the Asia Pacific is expected to bring about a spate of opportunities for the pumps market contenders. APAC’s construction markets, especially China, seemingly one of the largest regional construction grounds, are said to undergo a massive change in terms of remuneration and volume in the next few years. China alone is expected to depict significant growth prospects as the country looks to shift toward a services-led economy and implement more sustainable construction policies.
Increased urbanization has also led to development of smart cities across China. According to China’s 13th Five-Year-Plan, the country aims to optimize urban space through high-capacity infrastructure, public transport, mixed-use development, and green city planning. These initiatives are speculated to enhance the demand for pumps in the region, thereby augmenting the growth graph of the APAC pumps industry.
Impact of increasing number of wastewater treatment initiatives on pumps market trends
In a bid to tackle global climate changes and widespread droughts, the wastewater management sector has, of late, registered increased demand for pumps. Wastewater treatment is vital in the residential, commercial as well as in industrial sector, across the chemical, pharmaceutical, food processing, manufacturing and several other domains, as it can potentially remove bacteria and other chemicals that can cause severe harm to humans and environment.
However, irrespective of different industries employing different types of treatment processes, all wastewater and sewage treatment plants commonly depend on wastewater pumps for undertaking their operations. These pumps are used to move wastewater from the collection pit to the treatment plant and back, and once purified, are used to move the treated water to places where it is required or to a storage tank.
The demand for pumps is expected to escalate with the rising number of initiatives from private and public sector bodies targeted at wastewater treatment, thus charting out a profitable growth graph for the global pumps market.
Powered by a widespread application portfolio, spanning the municipal, construction, O&G, mining, and industrial sectors, pumps industry trends are set for a major upheaval in the ensuing years. By 2025, it is anticipated that the global pumps market size may exceed a mammoth $91 billion.
Author Name : Saipriya Iyer