Hot Shots: Emerging Trends
- Reciprocating pumps are expected to dominate in product applications, with 52.5 percent market share in revenues by 2013.
- Peristaltic pumps are expected to be the fastest growing segment, with 7.5 percent CAGR during 2006-2013.
- The Asia-Pacific region is expected to be the fastest growing market, with a current market share of 19.0 percent in 2006.
- The chemical industry is experiencing a declining trend, while the growing investments in the food and beverage and water and wastewater industries are expected to drive the revenues in the PD pumps market during the forecast period 2007-2013.
The chart below demonstrates the revenue forecast for the total positive displacement pumps market (global), for the period 2003-2013. The total PD pumps market generated revenues of $7.13 billion in 2006. The initial years of the forecast period will see a steady revenue growth rate due to PD pumps' unique design and their ability to handle high differential pressure. The North American and European markets are witnessing a stagnant growth rate that has negatively affected the investment in end-user industries like chemical, pulp and paper, and power generation. This has resulted in a shift of end-user industries to emerging markets such as India, China, Mexico and Brazil.
Furthermore, all end-user industries are under increasing pressure to comply with newly-introduced regulations and future legislation with respect to issues such as health, safety, hygiene, waste management, emissions and quality. As a result, demand for positive displacement pumps that facilitate compliance is likely to increase and revenues are expected to reach $9.42 billion in 2013.
Going Forward: Conclusion
The positive displacement pumps market experienced a growth rate of 3.8 percent in 2006. The market continues to be mature and is dependent on growing investments in the oil and gas, water and wastewater, and food and beverage industries.
Manufacturers are faced with key market challenges such as the need to provide energy efficient pumps, value-added support services, market maturity and price pressures. In addition, the ongoing consolidation trend in the PD pumps market is likely to continue as the top manufacturers expand their product offering and penetrate newer markets.
Presently, technology improvements are very few, with the majority concentrating on increasing the energy efficiency of the pumps. The lobe, diaphragm and peristaltic pumps markets are projected to enjoy steady revenue growth over the forecast period from 2007-2013. This growth rate is expected due to all three sectors benefiting from growth in the key applications groups, most notably food and beverages, oil and gas and water and wastewater treatment.
The growth opportunities in the Asia-Pacific PD pumps market will continue to be robust until 2013. The key differentiating factors for manufacturers in the market are product quality, delivery times, value-added services and price.
Overall, the PD pumps market is a mixed bag that offers opportunities and poses certain challenges.