KUALA LUMPUR, Malaysia, March 16, 2017 /PRNewswire/ -- The Southeast Asia and Australia-New Zealand Industrial Pumps Market is experiencing moderate growth due to high demand for energy, investment in water projects and development of infrastructure in rural areas. End users' preference to refurbish or service existing pumps, mainly to reduce costs, will augment growth in the region. Suppliers can maximize revenues and sustain growth by providing smart, energy-efficient pumps and offering advanced after-sales support and services.
"Due to the current economic slowdown, competition is set to intensify. A robust supply chain management system is crucial to ensure fast delivery times and to sustain customer loyalty," said Frost & Sullivan Industrial Automation and Process Control Research Analyst Nurrafidah Rashid.
Southeast Asia and Australia-New Zealand Industrial Pumps Market Outlook, 2017, part of Frost & Sullivan's Industrial Automation and Process Control Growth Partnership Service program, finds that the pumps market is expected to grow 3.9 percent from 2016 to 2017. In 2017, moderate growth is expected as the overall economy improves.
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From a competitor viewpoint, Flowserve has a strong presence in infrastructure industries, including oil and gas, chemicals, power generation, water management and general manufacturing. Its strategy of building on existing sales relationships and leveraging its strong portfolio of products and services has made it the top pumps manufacturer in the region. Sulzer's current strategy is to reduce spending and strengthen operational capabilities.
Other key developments and trends include:
- Indonesia, Vietnam, and the Philippines will experience the highest growth in 2017 due to significant investment in these regions.
- The chemicals and petrochemicals pump market is likely to experience high growth of 4.2 percent in 2017.
- The pumps market in the water and wastewater treatment industry is likely to experience high growth of 4.3 percent in 2017.
- Continued uncertainty about oil prices is expected to further stall investments in the oil and gas industry.
"China's economy slowdown, low commodity prices, currency depreciation and fluctuating oil prices are key factors hindering market growth; however, demand should remain stable due to growth in the water and wastewater and chemicals and petrochemicals industries," notes Nurrafidah.
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Southeast Asia and Australia-New Zealand Industrial Pumps Market Outlook, 2017
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SOURCE Frost & Sullivan