Increasing product energy use pumps for the extraction and transport of oil and natural gas is expected to have a positive impact on the market per the next nine years. High crude oil prices will fuel the energy sector's revenue, thereby resulting in more demand for the product.
The Global Industrial Pumps Market is expected to reach USD 88.43 billion by 2025, according to a new report by Grand View Research, Inc.
Government of India has passed Petroleum Chemicals Petrochemicals Investment Region (PCPIR) policy intended for promoting FDI investments in oil & gas sector. This regulatory move is expected to result in increasing production of petrochemicals and polymers in India, thus fueling industrial pump demand over the forecast period.
Technological advancement 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 over the forecast period. Further rising water & wastewater treatment plants in the region will fuel market growth over the next nine years.
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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 over the forecast period. However, tough competition from low-cost manufacturers is expected to be major restraint for development this market.
Top Players of Industrial Pumps Market:
The key players in the industrial pumps industry are Flowserve Corp., Schlumberger Ltd, ITT Corp., Sulzer Ltd., KSB AG, Ebara Corp., Weir Group plc, Grundfos A/S, Baker Hughes, Inc., and Clyde Union, Inc.
Market Segmentation of Industrial Pumps Market:
The Global Industrial Pumps Market Segmented on the basis of Product and Application.
By Product:
Centrifugal
Reciprocating
Rotary
Diaphragm
By Application:
Oil & gas
Chemicals
Construction
Power generation
Water & wastewater
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