Industrial pumps are used in many construction applications and are set to plump up the markets in the next few years. In fact, according to a new report by Grand View Research Inc., the global industrial pump market is expected to reach $88.43 billion by 2025.
The report notes the following developments that will impact usage of industrial pumps:
- The Government of India has passed PCPIR (Petroleum Chemicals Petrochemicals Investment Region) policy intended for promoting investments in the oil and gas sector. This regulatory move is expected to result in increasing production of petrochemicals and polymers in India, thus fueling industrial pump demand throughout the forecast period.
- Technological advancements in enhanced oil recovery and deploying hydraulic fracturing activities in Russia and Ukraine are expected to increase availability of tight oil and shale gas, which in turn will have a positive impact on the industrial pumps market throughout the forecast period. In addition, new water and wastewater treatment plants in the region will fuel market growth during the next nine years.
- Improving economic conditions in Asia Pacific are expected to open new opportunities for pump manufacturers, as the construction, manufacturing and automotive industries are likely to witness considerable growth throughout the forecast period. Tough competition from low-cost manufacturers is expected to be the major restraint for development in this market.
Centrifugal pumps were the largest product segment in 2015 and accounted for more than 70 percent of the marketshare on account of their low cost and long shelf life. Construction is one of the largest applications for these pumps and is expected to witness considerable growth during the next nine years on account of the rising number of upcoming projects, particularly in Asia Pacific and the Middle East.
Asia Pacific accounted for more than 45 percent of the overall market for industrial pumps in 2015 and is estimated to grow at a rate of 6.7 percent annually during the forecast period due to upcoming infrastructural projects coupled with surging industrial developments.
China has been one of the fastest-growing markets for pumps due to the country's rapidly expanding industrial bases and infrastructure projects. Other emerging markets that account for a growing share of industry revenue include Mexico, Saudi Arabia and Brazil. The use of these pumps in construction activities will assist in the growth of these markets.