Thu, 10/20/2016 - 00:00

NEW YORK (Oct. 20, 2016) — The global pumps market is expected to exhibit a compound annual growth rate (CAGR) of 4.2 percent in terms of sales volume and 4.6 percent in terms of revenue during the forecast period 2016-2024, according to a recent report from Persistence Market Research. Growing investment in sanitation, infrastructure, and water and wastewater management in India, China and the Middle East is likely to boost the sales revenue of the global pumps market. Also, rising demand for electricity across the globe is firming up the power sector globally; pumps are the essential part of each power plant so development in the power sector will considerably contribute to the growth of global market of pumps. Some of the key trends observed globally in the pumps market that are driving technology for centrifugal pumps include growing demand for centrifugal pumps that are energy efficient and adapting micro-disc as well as variable frequency pumping. Some factors that are globally restricting the growth of the pumps market include low cost offered by Chinese pump manufacturers as well as low replacement prices due to long-lasting life and energy-efficient centrifugal pumps. On the basis of product type, the global pumps market is categorized into the centrifugal pumps market and positive displacement pumps market. Further, the centrifugal pumps market is segmented into sealless and circular pumps, axial and mixed flow pumps, single-stage pumps, submersible pumps and multistage pumps. The segment of centrifugal pumps is projected to reach $46.22 billion by 2024 during the forecast period, registering a healthy CAGR of 4.6 percent. The positive displacement pumps market is further classified into rotary pumps and reciprocating pumps. The positive displacement pumps segment, during the forecast period 2016-2024 is anticipated to create incremental opportunity of $981.1 million. In terms of application, the centrifugal pumps market is classified into water treatment (municipal and commercial facilities, industrial process), agriculture and irrigation, wastewater treatment (effluent treatment plant, sewage treatment plant), domestic, other industrial, mining and oil and gas. The segment of water treatment application is projected to dominate the centrifugal pumps market with 23 percent revenue share throughout the forecast period. In terms of application, the positive displacement pumps market is classified into power, chemical, water and wastewater treatment, oil and gas, pulp and paper, and others. The segment of oil and gas application is anticipated to dominate the market with 23.6 percent revenue share throughout the forecast period. Regionally, the global pumps market is categorized into Europe, North America, APAC, Latin America, and the Middle East and Africa (MEA). The APAC pumps market is expected to reach $19.65 billion by 2024 end, registering a healthy CAGR of 5.0 percent over the forecast period. The sales of pumps in Europe and MEA region is projected to account for 7.2 percent share in 2016.