Increased demand for mining pumps is attributed to a boom in worldwide mining activities, driven by proactive investments, according to a recent report from Fact.MR. In 2018, mining pump sales surpassed 3.5 million units.
According to the report, the mining pumps market is predicted to grow at a compound annual growth rate of approximately 2.9 percent from 2018 to 2028.
According to Fact.MR’s report, the resurgence of the mining sector that is fueling the sales of mining pumps is also due to the rising prices of various commodities. Fact.MR senior research consultant S N Jha said that new and expanding mining projects are generating a need for new equipment and machinery.
Upgrading the quality and efficiency of mining pumps is a focus industrywide for manufacturers, the report states. The primary goal for increased efficiency is in terms of saving energy consumption, and many manufacturers are taking steps toward this end, according to the report.
The sales of mining pumps with small capacity—up to 500 gallons per minute (gpm)—remain the highest at an estimated 2,404,279 units by the end of 2018, the Fact.MR report states. This is followed by medium- and high-capacity pumps.
Mining pumps sales in the Asia-Pacific region continue at an all-time high, both in 2017 and 2018. According to the report, manufacturers are competing to expand their businesses across this region, especially in China. The report attributes this to the advanced manufacturing technologies and cost-effective products present there, as compared to developed economies. North America and Eastern Europe trail the Asia-Pacific region as the second and third attractive regions for investments opportunities.