SELBYVILLE, Del., April 4, 2019 /PRNewswire/ -- The Pumps Market revenue is set to exceed from US$74 billion in 2018 to around US$91 billion by 2025, according to a 2019 Global Market Insights, Inc. report. The global pumps market is mainly driven by an increase in fixed investment in developed countries and rapid industrialization in developing countries in Asia-Pacific, Latin America and parts of Eastern Europe. Spending in fixed investment makes it easy for manufacturers to upgrade and expand their manufacturing facilities, which involves the applications of pumps for several purposes. This trend of increasing fixed investment in developed countries is expected to continue and is anticipated to boost the global pumps market size during the forecast period.
Rapid industrialization in Asia Pacific has increased investment in water & wastewater treatment and several end-use industries such as mining, oil & gas, building & construction, pharmaceutical, chemical, food & beverages, agriculture, etc. in which pumps find their extensive applications in daily business operations. For instance, in 2014 the Asia Pacific construction industry is forecast to expand at over 5 percent CAGR over the forecast timeframe mainly due to strong government initiatives to enhance public infrastructure and escalating residential construction in countries such as India and Indonesia.
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High equipment, operational and maintenance cost is the key restraining factor for the global pumps market. Despite the high cost incurred by the manufacturing and maintenance of the pumps, the indispensable use of pumps across industrial sectors including the oil & gas industry, building & construction, mining, agriculture, etc. will positively impact growth dynamics of the pumps market by 2025.
Portable pumps are small in size and are generally used in emergency applications such as fire brigade and other industrial applications such as industrial dewatering. In 2018, the portable pumps market valued over USD 13 billion and is expected to grow at a CAGR of 2.6 percent during 2019–2025.
Browse key industry insights spread across 264 pages with 336 market data tables & 23 figures & charts from the report, "Pumps Market Size By Type (Portable, Stationary), By Position (Submersible, Non-submersible), By Driving Force (Engine Driven, Electrical Driven), By Technology (Centrifugal Pumps, Diaphragm Pumps), By Application (Mining, Building & Construction, Oil & Gas, Industrial, Municipal), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, U.K., France, Italy, Russia, China, India, Japan, Australia, South Korea, Thailand, Indonesia, Malaysia, Brazil, Mexico, South Africa, Saudi Arabia, UAE), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019-2025" in detail along with the table of contents:
The market is divided into submersible pumps and non-submersible pumps. Non-submersible pumps cannot be immersed in water and are commonly used in the industrial sector. In 2018, the pumps market was led by non-submersible pumps and was valued over USD 46 billion and will grow by over 2 percent CAGR during the forecast period, owing to rapid industrialization in Asia-Pacific.
Depending on the technology involved in operation, pumps are classified as centrifugal pumps, diaphragm pumps and others. Centrifugal pumps are the most commonly used pumps and have led the market in 2018, valued over USD 53 billion and will grow with a CAGR close to 2 percent over the forecast timeframe. Presently, Asia Pacific is the leader in the global market which is followed by Europe. The size of the Asia Pacific pumps market was valued at over USD 36 billion in 2018 and is expected to grow with the highest CAGR close to 3 percent from 2019 to 2025.
The global pumps market share is majorly accounted with several medium and large scale manufacturers in the market. Key players in the market include Kirloskar Brothers Ltd., Xylem Inc., Atlas Copco, MultiQuip, Gorman Rupp, Magnum, Wacker Neuson, Generac, Gardner Denver, Grundfos, Sulzer Ltd., Flowserve Corporation, Ebara Corporation, Shimadzu Corporation, Schlumberger, Baker Hughes etc. Prominent players in the market are focusing on increasing their product portfolio to attain a competitive edge in the value chain. For instance, in October 2014, Baker Hughes launched a new product, 'Centrilift FlexPumpER', an extended range pump, which expands the operating range of a single electrical submersible pumping (ESP) system.
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Pumps Market size worth over $91bn by 2025
Pumps Market size is growing at over 2.4 percent CAGR to surpass USD 91 billion by 2025, according to a new research report by Global Market Insights, Inc.
SOURCE Global Market Insights, Inc.