Strategic Outlook of the Global Pumps Market, 2020
NEW YORK, June 1, 2020 /PRNewswire/ --
This research service covers the global opportunities in 2020 for pump companies in the top 3 end-user industry segments (water and wastewater, food and beverages, and construction).It offers regional analysis of how economic factors will impact the market.
Read the full report: https://www.reportlinker.com/p05808205/?utm_source=PRN
Opportunities in all end-user industry applications for pump manufacturers are highlighted, including oil and gas (O&G; upstream, midstream, and downstream), power generation, chemicals, water and wastewater, construction, food and beverages, metals and mining, and pharmaceuticals.Global economic changes and the impact on end-user industry trends and aftermarket services are detailed as well.
Top Predictions for 2020:
- The outbreak of coronavirus in China starting from January 2020 has shaken the global economy, leading to temporary closure of manufacturing facilities and emergency lockdown. The alarming spread of the virus across 195 countries with Europe (Italy and Spain) and the US being the worst affected and having highest fatality rate raises concern on the virus containment.
The whole of 2020 is likely to remain gloomy, affecting the investment sentiment until the vaccine development and decline in the number of infected individuals.
- 2020 began with signs of economic slowdown and the worst hit, with COVID-19, pandemic virus, hurting business sentiment and investor confidence. Price war between the oil rich nations peaked with Saudi Arabia's announcement of oil price cut by $3 per barrel in March 2020. The oil prices crashed with WTI reaching the lowest ever in the last decade at $20.8 per barrel. Russia and Saudi Arabia's disagreement with OPEC's production cut and prevalence of COVID-19 are likely to result in oil price instability in 2020.
- Plant maintenance continues to be key area of focus for end users, with capital allocation toward asset services and aftermarket needs. Services that include programs enhancing pump reliability and minimizing the scope of unexpected failure will continue to gain traction in 2020 with settlement of economic conditions. Water and wastewater, chemicals, and O&G are expected to be the main adopters of pump monitoring solutions.
- Market consolidation through mergers and acquisitions is expected to be a pivotal factor to increase market share and presence of pump OEMs. Several large transactions have been observed in 2019; this includes Ingersoll Rand and Gardner Denver merger, Weir's divestment of flow control division, acquisition of Sundyne by Warburg Pincus investment firm. Owing to market maturity and competition, innovative and strategic perspectives on collaboration and consolidation will be necessary to drive long-term growth of larger market participants in the high-growth markets.
Read the full report: https://www.reportlinker.com/p05808205/?utm_source=PRN
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