LONDON, Oct. 14, 2013 /PRNewswire/ -- Increasing greenfield projects and rising infrastructure investments are expected to drive demand for industrial pumps in the Turkish market. Energy-efficiency regulations present further growth potential for technologically advanced industrial pumps. This will have a huge impact on the market as local manufacturers scout for mergers and acquisition opportunities to offset the high costs of research and development (R&D).
New analysis from Frost & Sullivan (http://www.industrialautomation.frost.com), Analysis of the Industrial Pumps Market in Turkey, finds that the market earned revenues of $478 million in 2012 and estimates this to reach $814 million in 2017. Of the centrifugal pumps (single-stage, multi-stage, axial and mixed-flow, submersible, and seal-less and circulator) as well as positive displacement pumps (rotary, reciprocating and peristaltic) covered in the study, single stage centrifugal pumps are expected to find more takers due to their competitive prices.
"Technologically advanced pumps that enable reduction in energy costs have bolstered end-user intent to replace older pumps within their facilities," said Frost & Sullivan Industrial Automation and Process Control Research Analyst Ahmet Kesoglu. "New European Union regulations that require companies to produce energy-efficient products also fuel uptake of advanced industrial pumps."
However, the improved product quality and lifecycle of newer pumps negatively impacts the market for spare parts. Customers are unlikely to replace their operating pumps unless significant technological developments occur. This challenge is compounded by the geo-political uncertainty in the Middle East, which has compelled end users to be extremely cautious with their investments.
While multinational companies have the advantage of superior quality products, the price-sensitivity of the Turkish market demands that the latest technologies be offered at competitive prices. Increasing awareness about technology in the demanding end-user industries poses a significant challenge for local manufacturers, whose products are less technologically advanced.
"Foreign entrants will have to forge alliances with local manufacturers to ensure a smooth entry and gain access to niche markets," prescribed Kesoglu. "These partnerships will benefit local manufacturers too, as they require R&D funding to boost the quality of their products and gain an edge in this competitive landscape."
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Analysis of the Industrial Pumps Market in Turkey is part of the Industrial Automation & Process Control Growth Partnership Service program. Frost & Sullivan's related research services include: Global Centrifugal Pumps Market, Global Pump Services Market, European Pumps Market for Food and Beverage Industry, and European Pumps Market for Commercial and Industrial Buildings. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Analysis of the Industrial Pumps Market in Turkey
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