Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The global pumps market is estimated to grow a moderate rate of around 3.5% over the forecast period. The market growth is attributed to the increasing adoption of pumps across end-users for a range of applications. In addition, rising public and private expenditure in the modern water infrastructure sector further gives a boost to the growth of the global pumps market. Countries are building state-of-the-art flood control systems in flood-prone areas which are also expected to surge the demand for pumps. Moreover, the increasing use of pumps in industrial applications such as chemical and pharmaceutical is another major factor positively impacting the market growth. Surging construction activities and rapid industrialization in developing economies have boosted the growth indicators across mining, oil & gas industry, and water infrastructure that are other factors for the market growth.
Market Segmentation
The global pumps market has been analyzed on the basis of type, installation, end-user, and region. Based on the type, the market is segmented into centrifugal pump and positive displacement pump. The centrifugal pump segment is dominating the global pumps market in 2022 and is further expected to maintain its dominating position over the forecast period. Based on installation, the market is bifurcated stationary and portable. Based on end-user, the market covers the analysis of oil & gas, chemical & petrochemical, water & wastewater, power generation, and others. The demand for pumps in water & wastewater applications is expected to grow at a significant rate during the forecast period. Geographically, the market is analyzed into North America, Western Europe, Eastern Europe, Asia Pacific, Latin America, and Middle East & Africa.
Market Structure and Competition Landscape
The growth of the global pumps market is characterized by the presence of players operating in the market. Some of the players operating in the market include Flowserve Corp., Grundfos Holding AS, KSB SE & Co. KGaA, ITT Inc., Sulzer Ltd., Ebara Corp., Weir Group PLC, Schlumberger Ltd., Baker Hughes Company, Clyde Union Inc., Dover Corp., Kirloskar Brothers Ltd., Ingersoll Rand, Inc. and Atlas Copco, among others. These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global pump market include,
• In February 2020, Ingersoll-Rand announced the spin-off of its industrial segment and combine it with Gardner Denver Holdings Inc.
• In May 2019, Ingersoll-Rand acquired the Precision Flow System, one of the prominent providers of fluid management systems consisting of brands like Milton Roy, LMI, Haskel, BuTech, Dosatron, YZ Systems, Williams, and Hartell. This acquisition enabled Ingersoll-Rand to reinforce its revenue stream by expanding its brand portfolio.
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