Demand from countries in Asia-Pacific (APAC), Latin America and the Middle East and Africa (MEA) are helping spur the production rate of pumps. The global demand for pumps is directly correlated to infrastructure development activities worldwide, according to a study from Persistence Market Research (PMR).
The global market for pumps experienced significant growth in 2018, and the market value is anticipated to reach $40 billion this year, the report states. Growing investments in wastewater treatment and water supply, in addition to rising urbanization in developing economies such as China and India, are influencing the demand for pumps.
Submersible centrifugal pumps have been in high demand in the APAC region. Submersible pumps for water and wastewater treatment are increasing momentum in emerging economies. And the growth of this pumps market can be attributed to their application in the oil and gas industries, which has led to growth of the global pumps market in countries such as the United States, India, China, South Korea and Japan. The construction of new plants for pumps and growing investments in emerging economies across Asia are expected to increase the demand for pumps from now until 2029, the PMR report said.
The global pumps market is estimated see a compound annual growth rate of 4.5 percent during this forecast period. The adoption of pumps in the APAC and MEA regions is likely to be high, and these regions are expected to register compound annual growth rates of 5 percent and 4.5 percent, respectively, the PMR report said.
Pump Prices Influenced by China
The number of pump manufacturers and the emergence of Chinese manufacturers as the main exporters of pumps has significantly decreased the prices in the market, the study showed. Customers are more inclined toward low-cost pumps due to the high maintenance costs associated with various pumps. Furthermore, price transparency and online sales have influenced consumers. The internet gives consumers quick access to pumps with various prices and information about the integrity of pump products is readily available.
The submersible centrifugal pumps segment is projected to remain a major share of the global value share and reach a share of 31 percent by the end of 2029. The wastewater treatment segment is estimated to remain a major segment in the global pumps market, with an expected value of more than $14 billion by the end of 2029.
APAC was among the attractive regions in the pumps market last year and accounted for 38 percent of the global market share. Research and development in pumps for applications in oil and gas, mining, and chemical industries is also anticipated to drive demand for pumps in APAC, MEA and Latin America.
The growing demand for submersible pumps is projected to push leading manufacturers to form partnerships with regional distributors and suppliers to strengthen business. Manufacturers are increasing production and distribution units to meet the demand from the rising import and export of centrifugal and positive displacement pumps.