Global Industrial Pumps Market: Overview
The global industrial pumps market will record a moderate but steady growth rate, compounded annually, over the period of 2018 to 2028, notes Transparency Market Research. There are various growth factors driving the market forward. Some of these are increase in refinery capacity, increase in exploration and extraction activities, and stringent government norms regarding production of low sulfur fuels. As up-gradation demand grows for existing infrastructure, demand for industrial pumps would witness an upward facing growth curve, driving the global industrial pumps market forward. Additionally, it is also important to note here that new opportunities will be found in the landscape and the overall growth atmosphere would lead the market to a higher valuation over the stated forecast period.
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Global Industrial Pumps Market: Competitive Landscape
The global industrial pumps market is quite competitive with players dabbling with a number of measures taken with an aim at acquiring a larger market share.The slightly fragmented vendor landscape is set to witness growth owing to these measures.
Companies that are dominant in the global industrial pumps market are Flowserve Corporation, Grundfos Holding A/S, KSB AG, ITT Inc, Sulzer Ltd., Ebara Corp., Weir Group plc, Schlumberger Ltd., Baker Hughes, Inc, Clyde Union, Inc., Dover Corporation, among others.
The global industrial pumps market players are highly reliant on safety and efficacy of products and therefore it is easy to understand why technological advancement and innovation play a key role here. Besides, various other organic and inorganic strategies are also deployed time and again in order to beat the competition. These include alliances based on mutual synergies. Some of these are mergers and acquisitions and partnerships and collaborations. Product development and improvement also holds prominent players in the overall growth strategies opted for by these players.
Global Industrial Pumps Market: Key trends and driver
Numerous trends and drivers are at interplay in the global industrial pumps market and this is leading to high growth trajectory. Transparency Market Research delineates prominent factors of growth in its upcoming market research report. A glimpse into it is provided below:
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Global Industrial Pumps Market: Regional Analysis
Asia Pacific (APAC) is set to dominate growth in the global industrial pumps market over the forecast period. China will contribute massively towards this growth with its increasing refining capacity. Besides, India will also emerge as a notable country, driving growth in the regional market owing to the same reason – improving refining capacity. Number of refinery projects is increasing in South-east Asia. It is also significant to note here that oil and natural gas exploration and extraction activities have witnessed increase in certain new hotspots. These include Latin America, Mediterranean region, and Africa. This would lead to new opportunities of growth for market players.
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