The report forecasts the global pump market to grow at a CAGR of 5.47% during the period 2016-2020.
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.
According to the report, 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.
Further, the report states that one challenge that could restrict market growth is fluctuations in the oil and gas industry.
Key Topics Covered:
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by product
PART 07: Market segmentation by end-users
PART 08: Geographical segmentation
PART 09: Market drivers
PART 10: Impact of drivers
PART 11: Market challenges
PART 12: Impact of drivers and challenges
PART 13: Market trends
PART 14: Vendor landscape
PART 15: Key vendor analysis
PART 16: Appendix
For more information about this report visit http://www.researchandmarkets.com/research/wvllcn/global_pumps
Related Topics: Pumps
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/global-pumps-market-to-grow-547-by-2020---growing-demand-for-pumps-in-mena---research-and-markets-300321589.html
SOURCE Research and Markets