The Asia Pacific Industrial Pumps market share is projected to reach US$ 39.3 Bn in 2032. The growing worldwide industrialization has been increasing the demand for the industrial pump.
According to FMI, the Asia Pacific Industrial Pumps market is estimated to be valued at US$ 24.8 Bn in 2022 and is projected to increase at a CAGR of 4.7% in the forecast period from 2022 to 2032.
In developed regions such as Europe and North America, demand for industrial pumps from the process and manufacturing industries is expected to drive growth. Centrifugal pumps are expected to dominate the market.
The largest market for centrifugal pumps is in the power generation segment, which includes boiler feed, circulation, sludge handling, and cooling stations. Positive displacement pumps are widely used in renewable energy generation, such as micro-hydroelectric power generation; however, their use in the power generation industry is limited.
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Industrial pumps are broadly segmented as centrifugal pumps (also called roto-dynamic pumps) and positive displacement pumps.Centrifugal pumps comprise axial, mixed-flow and radial types. Positive displacement pumps include piston, screw, sliding vane and rotary lobe types.Industrial pumps find application in various industries and play an essential role in moving an assortment of fluids from one location to another. Industrial pumps come in a variety of shapes, sizes and capacities.
Western Europe is expected to witness sluggish market growth, characterized by stagnant economic conditions and low industrial output. Eastern Europe is expected to exhibit relatively stronger growth owing to improving industrial output in chemicals and water treatment industries. Middle East expenditure for industrial pumps are expected to rise as the pump sales in this region is expected to gain traction due to investments in desalination plants.
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Improving economic conditions in the Asia Pacific (APAC) region are expected to open up enormously potential opportunities for pump manufacturers, as the automotive, construction and manufacturing industries are likely to witness substantial growth in the coming years. Along with the harsh impact of the recent recession, tough competition from low-cost manufacturers in developing nations is indeed a major restraint for development of the industrial pumps market in this region. Customers are usually inclined towards low-cost products, which barely comply with environmental standards. This factor is impacting the industrial pumps market to considerable extent.
As it is difficult to compete with low-cost rivals on the basis of price, leading industrial pump manufacturing companies will need to adopt different promotional strategies, based on the quality of their products, services and maintenance to sustain in the global market.
The key players in the industrial pumps market are ITT Corp., Flowserve Corp., KSB AG, Sulzer Ltd., Grundfos A/S, Ebara Corp., Weir Group plc, Baker Hughes, Inc., Schlumberger Ltd. and Clyde Union, Inc.
Pumping systems are critically important for any process or manufacturing plants to operate efficiently. Industrial pumps are used for various industrial applications such as power and petrochemical plants, which directly support generation and production processes, and usually work for extended durations. It is estimated that around 27% of all the energy consumed by any industry is constituted by motor-driven equipment. This offers manufacturers of industrial pumps a window of opportunity to improve efficiency and launch newer and more innovative products.
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