The analysts forecast global pump market to grow at a CAGR of 5.47% during the period 2016-2020. The report covers the present scenario and the growth prospects of the global pump market for 2016-2020. To calculate the market size, the report takes into account the revenue generated from the following product segments:
- Centrifugal pumps
- Specialty pumps
- Positive displacement pumps
The following companies are the key players in global pump market: Flowserve, Grundfos, ITT, KSB, and Sulzer. Other prominent vendors in the market are: Baker Hughes, Clyde Union, Ebara, Schlumberger, Weir Group, Atlas Copco, Busch, Gardner Denver, Pfeiffer, ULVAC, GE, and Halliburton.
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According to the Pumps market a key growth driver is the growing demand for pumps in MENA. According to the World Bank, the most populated areas of MENA (the Middle East and North Africa) comprise countries such as Iran, Iraq, Saudi Arabia, and Egypt. The population in MENA is growing at the rate of 2% per year, with Iran, Iraq, Saudi Arabia, Egypt, Oman, and the UAE adding more to their populations in absolute numbers in the last five years.
The global Pumps market an emerging trend which is expected to boost market growth is the development of next-generation industrial automation. The digital revolution has effectively transformed operations across industries. In the industrial automation industry, this transformation led to mainframe computers displacing analog controls. These mainframes were soon replaced by microprocessor controllers; that resulted in the first distributed control systems (DCS) and programmable logic controllers (PLCs) coming into existence. As the digital revolution evolved, process pumps that were previously not considered as a component of the control system came to be distinctly connected to automation architecture. This process began with the invention of intelligent variable frequency drives (VFDs). These drives have knowledge embedded about the pump and its performance and endow them with inherent energy and reliability benefits. Also, embedded pump intelligence enhances asset management capacities of the drive and control system."
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Global Pump Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Although overall global growth in the global pump market is likely to be robust, the factors that will fuel this growth will vary from region to region. In emerging economies such as India and China, the growth will primarily be the result of rapid industrialization as investment in the power generation and water infrastructure sectors grows. In the developed countries, improving manufacturing output will enable growth of process manufacturing industries. Oil-producing countries, including those in the Middle East, will benefit from increasing drilling activities. In the US, the improving economy and the boom in hydraulic fracking (fracturing) in the oil and gas sector will contribute to the hike in demand.
Further, the report states that one challenge that could restrict market growth is fluctuations in the oil and gas industry.
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