Pumps Market by Products & Regional Analysis 2019 - 2025: Global Market Insights, Inc. Driven by unprecedented growth in the global construction and oil & gas sectors, pumps market has registered considerable proceeds since the last few years. Specifically in the oil & gas industry, robustly designed pumps are required for applications like gasoline transfer, injection tasks, chemical transfer or steam stripping. The product, traditionally driven by fixed speed electric motors, offers enough momentum to transport oil and other fluids from one location to another. However, pumps driven by a variable speed electric motor drive system are now considered a better option in most cases.
Asia pacific is the strongest market among all for pumps market accounting for a market share of close to 52% in 2018, as the region comprises of a number of local as well as medium scale enterprises engaged in the business of manufacturing and selling different types of pumps and their equipment. Furthermore, the region has been experiencing a tremendous growth in its industrial sector which in turn is triggering the demand for pumps in agricultural, food, chemical, pharmaceutical and in other application areas.
ÂŠ 2017 Global Market Insights Inc. All Rights Reserved
Oil & gas industry is the major influencer behind escalating global pumps market as pumps are the key equipment used in upstream and midstream operations to accelerate transfer of fluid from one location to other. Oil pumps are used to lift fluid out of an oil well when there is not enough ground pressure to force the oil on the surface. These pumps are used mainly in onshore areas where oil is in abundant but the ground needs external force to release it. Based on reports from EIA’s Short-Term Energy Outlook (STEO), the U.S. may be at par or may have surpassed Saudi Arabia and Russia to become one of the world’s major crude oil producers in early 2018. In its October STEO, EIA has projected U.S. crude oil production to average around 11.8 million b/d in 2019 – around 300,000 b/d higher than its forecast in the September STEO. Additionally, the agency also claims that the country is likely to become a net energy exporter in 2020 with a rapid increase in natural gas, crude oil, and natural gas plant liquid (NGPL) production and a slump in U.S. energy consumption. This scenario undeniably points toward enhanced product adoption in the U.S. in the oil & gas sector, which would in consequence, majorly impel pumps market share. To browse this report titled, “Pumps Market by Products & Regional Analysis 2019 - 2025: Global Market Insights, Inc.” https://www.gminsights.com/industry-analysis/pumps-market Increased urbanization has also led to development of smart cities across China. According to China’s 13th Five-Year-Plan, the country aims to optimize urban space through high-capacity infrastructure, public transport, mixed-use development, and green city planning. These initiatives are speculated to enhance the demand for pumps in the region, thereby augmenting the growth graph of the APAC pumps industry. Despite of having applications in several business industries, global pumps market growth is hindered by high maintenance and operational cost of the equipment, as eventually some parts get damaged and need to be replaced or repaired immediately, otherwise they can hamper the total productivity of the plant. Based on position, pumps are categorized as of two types submersible and non-submersible. This segment is dominated by non-submersible pumps because of their growing use in surface application like pressure boosting, water transfer, turf irrigation, washdown application, storm water, waste water and in other areas. Submersible pumps hold a comparatively smaller market due to their restricted use in offshore areas. However, with increasing exploration activities related to deep-water and increase in subsea operations are factors that will offer growth opportunities to submersible pumps.
© 2017 Global Market Insights Inc. All Rights Reserved
Inquire Before Buying This Report @ https://www.gminsights.com/inquiry-before-buying/3212 Global pumps market covers various medium and large-scale manufacturers in the industry. Key players in pumps market include Kirloskar Brothers Ltd., Xylem Inc., Atlas Copco, MultiQuip, Gorman Rupp, Magnum, Wacker Neuson, Generac, Gardner Denver, Grundfos, Sulzer Ltd., Flowserve Corporation, Ebara Corporation, Shimadzu Corporation, Schlumberger, Baker Hughes etc. Some key players in the industry are focusing towards introducing new and innovative products to maintain competitive environment in the market. For instance, Gardner Denver introduced a new fluid transfer technology in 2018 to differentiate itself from other players.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Contact Us: Arun Hegde Corporate Sales, USA Global Market Insights, Inc. Phone:1-302-846-7766 Toll Free: 1-888-689-0688 Email: firstname.lastname@example.org Web: https://www.gminsights.com/ Social Media: Google+ | LinkedIn | Twitter | Facebook
ÂŠ 2017 Global Market Insights Inc. All Rights Reserved