The global industrial pumps market size is anticipated to reach USD 88.4 billion by 2025
Industrial Pumps Market Size, Share & Trends Analysis Report By Product (Centrifugal, Rotary, Diaphragm), By Application (Oil & Gas, Chemicals, Power, Water & Wastewater), And Segment Forecasts, 2019 - 2025
NEW YORK, May 29, 2019 /PRNewswire/ -- Read the full report: https://www.reportlinker.com/p05778960/?utm_source=PRN
The global industrial pumps market size is anticipated to reach USD 88.4 billion by 2025, expanding at a CAGR of 5.9% over the forecast period. Growing demand in water and wastewater treatment and the oil and gas industry due to population outburst and industrialization across the globe is anticipated to boost the industry growth over the forecast period.
Rising industrialization, rapid urbanization, technological developments, and growth in infrastructure are the major driving factors augmenting the demand for energy fuels, which have resulted in growth of the oil and gas and power sectors.These factors are, in turn, expected to propel the market growth.
The water and wastewater application segment held the largest share because of its wide-scale usage in various end-use industries. In addition, stringent energy efficiency regulations for industrial pumps of different types are expected to drive the segment.
Centrifugal pumps are expected to dominate the industrial pumps market on account of its predominant consumption in utilities and shop floors of manufacturing units. Centrifugal pump was valued at USD 43.5 billion in 2018 and is projected to hold the largest market share over the forecast period.
High demand from the end-user industry due to increased productivity is expected to augment the demand for industrial pumps.Demand for the product is on a rise owing to its varied use in applications such as water and wastewater, power construction, chemical, and oil and gas.
This, in turn, has led to increased spending by industrial pumps manufacturers to provide value-added benefits to consumers.
Fluctuation in the prices of components of industrial pumps owing to high demand from end-user industries is expected to affect the capital investment over the forecast period. Rising investment in strategic merger and acquisition activities by major players to develop low-cost manufacturing processes is expected to augment market demand over the forecast period.
Furthermore, replacement of existing industrial water and wastewater infrastructure in the country is likely to be another driving factor in the market.Amplified usage of high-pressure pumps in Germany for controlling water flow rates is projected to offer scope for product consumption to a certain extent.
China is expected to emerge as the fastest growing market for petrochemicals owing to strong demand from end-use industries, such as transportation, packaging, and construction.
Further key findings from the study suggest:
• The market revenue in U.S. is projected to expand at a CAGR of 5.2% over the forecast period owing to significant exploration activities in both the offshore and onshore unconventional oil and gas sector
• The market in Germany was valued at USD 1.8 billion in 2018 and is projected to grow significantly over the forecast period owing to rising demand for reverse osmosis and membrane separation technology
• The market in China is anticipated to reach USD 23.8 billion by 2025 owing torapid industrialization, coupled with growing urbanization.
Read the full report: https://www.reportlinker.com/p05778960/?utm_source=PRN
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