A new market research report by Future Market Insights investigates the sea water pumps market and provides key insights for the forecast period. As per the study, the global sea water pumps market is anticipated to experience significant growth over the forecast period, due to multiple driving factors such as increase in ship building activities and rise in the number of desalination plants being set up across several geographies.
The global sea water pumps market is estimated to be valued at US$ 1.3 Bn in 2022, increasing at a CAGR of 4.3% from 2022 and 2028. Growth is also being driven by the need to replace old sea water pumps and innovation in pump technology.
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Key Takeaways of Sea Water Pumps Market Study
- The centrifugal sea water pumps segment is expected to hold major share of the global sea water pumps market value as compared to positive displacement sea water pumps.
- On the basis of end use, the ships segment is expected to hold prominent value share of the global sea water pumps market. These pumps are used in weight transfer function, firefighting, bilge pumping, and high pressure pumping an air conditioners.
- By sales channel, offline sales channel is estimated to remain a key segment on the back of consumer preference towards customized sea water pumps.
- Asia Pacific is projected to hold prominent market share in terms of value in the global sea water pumps market. This growth is being propelled by rapid increase in ship building in countries such as China, South Korea, and Japan. These countries hold 70% share of the ship building market.
- However, the Middle East & Africa sea water pumps market is expected to project lucrative growth during the forecast period. This growth is attributable to increasing investments for desalination plants in the region.
“Sea water pumps are utilized in a variety of applications, ranging from ship building to desalination plants. Each of the applications has a different requirement, and therefore, enterprises are developing products as per specific demand.”
Sea Water Pumps Market: Vendor Insights
The report highlights some of the prominent market players who have established themselves as leaders in the global sea water pumps market, such as KSB SE & Co. KGaA, Xylem Inc., Sulzer Ltd, Torishima Pump Mfg. Co., Danfoss A/S, ITT INC., Flowserve Corporation, Ebara Corporation, WILO SE, Grundfos Holding, The Weir Group PLC, Alfa laval, Kubota Corporation, AxFlow Holding AB, Kirloskar Brothers Ltd., Franklin Electric Co. Inc., Tsurumi Manufacturing Co. Ltd., Schlumberger Limited, and Eureka Pumps AS, among others.
The global seawater pumps market is significantly consolidated, with a few players holding prominent shares of the market. Tier-1 manufacturers account for 20%-25% share of the global market.
Find More Valuable Insights on Sea Water Pumps Market
FMI, in its new research report, offers an unbiased analysis of the global sea water pumps market, presenting historical demand data (2014-2021) and forecast statistics for the period of 2022-2029. The study reveals insights on the sea water pumps market, and covers market dynamics, market share analysis, pricing analysis, and channel partners involved in the sea water pumps market value chain. Readers can also find key trends and market growth scenarios based on end-use industry and regions such as North America, Latin America, Europe, APEJ, Japan, and MEA.
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