ROCKVILLE, Maryland, March 7, 2019 /PRNewswire/ -- With the higher requirement to fulfill energy needs, the market for power generation pumps is on a rise. This growth is experienced primarily in the developing regions and is expected to further intensify in the coming years. Fact.MR has carefully assessed the global power generation pumps market through its recently published report titled "Power Generation Pumps Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2018 to 2028". The purpose of this assessment is to highlight the key variations experienced across the concerned market during the period until 2028. Readers can access vital statistics associated to market size, regional market share and competitive analysis through this intelligent study.
According to this Fact.MR investigation, the power generation pumps market is expected to witness stable growth, as well as demand for power generation pumps is projected to touch 3.7% CAGR in terms of volume during the forecast period, 2018-2028. The chief objective of the report focusing on the power generation pumps market is to deliver select information from within the sector, thereby permitting the key players along with new entrants to design business strategies. In addition, information concerning growth opportunities across the power generation pumps market is also enclosed in this study.
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Rising Energy Requirements Set to Drive the Power Generation Pumps Market
Based on the statistics gathered by the International Energy Agency, the global energy needs swelled by 2.1% in 2017; twice as compared to its preceding year. The contribution of oil, natural gas, and coal led to the fulfillment of 70% of worldwide energy demand, whereas renewable energy acquired the remaining share. The development of new power plants to fulfill the ever-increasing need for energy has sternly shifted the focus on energy efficiency. Considering the process optimization in order to lessen energy consumption, the demand for power generation pumps presenting efficiency is likely to advance.
The involvement of manufacturers around the globe to deploy cost-effective solutions through the delivery of new pump design, together with research and development is successfully contributing towards the growth of the target market.
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Increased Preference for Smart Monitoring Technologies Influencing Market Growth
It has been noticed that older motors as well as power generation pumps have led to increased risk associated to unplanned outage and higher maintenance cost. For ensuring safe power plant operations, the adoption of progressive monitoring technologies is gaining pace. It is anticipated that demand for pumps equipped with sensors is likely to rise in the near future.
The incorporation of sensor technologies that support automatic monitoring of the power generation pumps is gaining traction. These pumps are equipped with multiple sensors for measuring voltage, vibration, pressure, current and temperature.
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APAC Region to Govern Power Generation Pumps Market
According to this researched study, the APAC region is witnessing a rise in demand for power and electricity. After the implementation of new government regulations along with emission standards, several countries in APAC region are transferring to cleaner source of energy.
Furthermore, the increasing demand for power emerging from various industries has directly influenced the demand for power generation pumps across the APAC region. Based on the report, various nations in the target region have promoted policy framework as well as increased regional co-operation to enhance investments for supporting upgraded power generation pumps.
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