Selbyville, Delaware, Dec. 15, 2020 (GLOBE NEWSWIRE) --
According to latest report “Pump Market by Type (Portable, Stationary), By Position (Submersible, Non-submersible), Driving Force (Engine-Driven, Electrical-Driven), Technology (Centrifugal Pumps, Diaphragm Pumps), Application (Mining, Building & Construction, Oil & Gas, Industrial, Municipal), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of pump will cross $77.1 billion by 2026. Growing expenditure in infrastructure and mining activities will escalate pump demand.
Pumps have numerous applications both in midstream and upstream operations of the oil & gas industry. Offshore production activities present a host of challenges while hunting for deep oil & gas reserves in the seascapes, which need several types of pumps to ease the exploration process without taking any risks. Technologies including subsea multiphase pumping systems are designed for offshore drilling operations. On the other hand, in onshore drilling operations, many pumps and pump systems are specially designed to provide easy operations and avoid any serious hazards.
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COVID-19 has disrupted the product value chain. On the raw material supply side, Pump Market participants have experienced a decreased outflow of raw materials owing to factory shutdowns in China, Europe, and India. On the end-user side, the supply chain product demand witnessed a significant drop as many end-user industries were suffering from economic instability and loss of revenue. In the building & construction industry, industry leaders observed a drop in the construction output due to credit crunch and social distancing measures. In the agriculture sector, farmers and ranchers showcased a very huge drop in product demand led by the shutdown of restaurants and hotels.
The electrical-driven pumps segment will hold around 75% of the Pump Market share by 2026. These pumps are ideal for employment in both solids and clean laden fluids involving waste & seawater, sewage, and sludge. They are convenient to use and offer several advantages such as lower operating expense, greater compactness, and simplicity. In addition, these pumps are equipped with emergency stop switches and automatic level controls, thus providing enhanced safety. Electric-driven pumps can readily be arranged for automatic operation, starting, and stopping automatically at pre-determined pressures on the discharge mains.
Mining application in the Pump Market will reach USD 4.6 billion by 2026. The mining industry is highly dependent on different types of pumps for various operations before mining starts, such as water transport & boosting, dust & fire suppression, and dewatering, and after hydrocarbon is extracted from the Earth. Mining pumps are generally used in sludge dewatering, extracted mineral processing, slurry transferring, water supplying & boosting, and wastewater & tailing transfer operations.
Latin America Pump Market is estimated to attain a CAGR of over 3.2% till 2026. The regional industrial sector is attracting new investments impelled by the favorable socio-economic environment. Countries, such as Brazil and Mexico, are significantly contributing to the revive of the economies after the economic downturn. Oil & gas reserves are predominantly present in the region and companies are motivated to do more exploration activities. The proximity of the region to the U.S. plays an important role as many American product manufacturers have a presence in LATAM, supplying to the regional end-users.
Some of the prominent companies operating in the Pump Market are Gorman Rupp Company, Gardner Denver, Thompson Pump and Manufacturing Company, Flowserve Corporation, Baker Hughes, Schlumberger, Roper Pump Company, Ebara Corporation, Atlas Copco, Sulzer, Doosan, MultiQuip, Magnum Pumps, Generac Holdings, Wacker Neuson, Kirloskar Brothers, KSB SE & Co. KGaA, and Cornell Pump Company. Industry players are investing in product quality improvement, product customization, and strategic collaborations to dominate the pump industry.
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Some major findings of the Pump Market report include:
- Asia Pacific Pump Market accounted for 53% of the revenue share in 2019. The prevalence of numerous low-cost product manufacturers in China, India, and Southeast Asian countries will also characterize the regional market as they provide strong customized support to end-users focused on operational cost optimization.
- Stationary pumps held a significant revenue share in 2019. These pumps play an indispensable role in varied applications such as wastewater lift stations, municipal wastewater treatment plants, building wastewater treatment systems, hospitals, schools, and communities.
- Engine-driven pumps are powered by a running engine (can be portable or stationary) that often uses diesel or gas. However, the trend of switching from diesel to electric-based engines is growing due to environmental controls & regulations on the operation of diesel engines and the rising cost of diesel fuel.
- Diaphragm pumps are very efficient as they remove air from the lines and thus eliminate the need to bleed the air. These pumps are effective when dealing with high-viscosity liquids. They have good suction lift characteristics, depending on the effective working diameter of the diaphragm and its stroke length.
- The industrial application in the Pump Market is anticipated expand at more than 3.2% CAGR through 2026. Pumps are employed in this sector for a variety of applications such as drying, mixing, filtration, absorption, evaporation, and crystallization. Rising demand for fine and specialty chemicals in various industries will propel the demand for pumps at a healthy rate.
Table of Contents (ToC) of the report:
Chapter 3 Pump Market Insights
3.1 Industry segmentation
3.2 Industry size and forecast, 2016 – 2026
3.2.1 COVID-19 impact on industry landscape
3.3 Industry ecosystem analysis
3.4 Innovation & sustainability
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.2 Industry pitfalls & challenges
3.6 Regulatory landscape
3.7 Growth potential analysis
3.8 Regional price trends
3.9 Competitive landscape, 2019
3.9.1 Global market share analysis, 2019
3.9.2 Brand analysis
3.9.3 Key stakeholders
3.9.4 Strategic dashboard
3.10 Porter’s analysis
3.11 PESTEL analysis
3.12 COVID-19 impact on submersible pump by application
Browse Complete Table of Contents (ToC) @
https://www.gminsights.com/toc/detail/pumps-market
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.