According to a new market report published by Credence Research, Inc., “Industrial Pumps Market (By Application (Oil and Gas, Chemicals, Utilities (Water and wastewater), Building, Residential Construction, and Others (Food and Beverage, etc.)), By Product Type (Centrifugal Pumps, Positive Displacement Pumps, and Specialty Pumps)) – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023”, the global industrial pumps market is expected to expand at a compound annual growth rate of 5.2% during the forecast period 2016 – 2023.
Browse the full Industrial Pumps Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023 report at https://www.credenceresearch.com/report/industrial-pumps-market
An industrial pump is a device used to transfer fluids (gases or liquids), or sometimes semi-liquid mixture by mechanical action. Infrastructure developments, especially in emerging economies of Asia Pacific and Rest of World have resulted in an increased construction spending and industrial output. This, in turn has propelled demand for industrial pumps. In addition, heightened investments made in wastewater treatment and drinking water facilities across the globe bode well for the overall market growth. Process manufacturing industries including chemicals and food and beverage are expected to offer healthy growth and investment opportunities for manufacturers during the forecast period 2016 – 2023.
The global industrial pumps market is characterized by the presence of large number of manufacturers and thus, is highly competitive. The intensifying competition among manufacturers has led to increased number of strategic partnerships, mergers, and acquisition by the established players. Inorganic expansion through mergers and acquisitions has helped established players to not only strengthen their product and service portfolios, but also geographical foothold. For instance, the acquisition of SIHI Group by Flowserve Corporation is in line with this strategy. The study identifies Flowserve Corporation, Suzler Ltd., KSB Pumps Ltd., Grundfos, and ITT Goulds Pumps as the leading industrial pumps manufacturers across the globe. Other manufacturers including Atlas Copco, ClydeUnion Pumps, Baker Hughes Incorporated, Busch LLC, Gardner Denver, Ebara Corporation, ULVAC Technologies, Inc., Pfeiffer Vacuum Technology AG, Halliburton Company, General Electric, Schlumberger Ltd, and Weir Group have been marked as promising and emerging players in the industrial pumps market.
Key Research Takeaways
- Growing demand for industrial pumps in 3D printing
- Heightened investments in waste water recycling and treatment projects by the concerned authorities across the globe
- Strong recuperation in the construction and industrial sector to drive demand for industrial pumps.
- Adherence to stringent government regulations and environmental guidelines to support market growth
- Growing use across budding application segments such as chemicals, food and beverage, etc.