DUBLIN, October 22, 2021--(BUSINESS WIRE)--The "Industrial Pump Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The market for the industrial pump is expected to grow at a CAGR greater than 4.5%.
Grundfos Holding A/S
Weir Group plc
Baker Hughes Company
Clyde Union, Inc.
SPP Pumps Inc.
Wilo Mather & Platt Pumps Pvt Ltd
General Electric Company
SPX Flow Inc.
Ruhrpumpen Group (A Corporacion EG Company)
Key Market Trends
Increasing Demand for Centrifugal Pumps to Drive the Market
The global refining capacity increased by 1.5% in 2019, which is likely to continue over the forecast period. The increase in the refining capacity globally has increased the demand for centrifugal pumps in refineries and is expected to continue over the forecast period.
As of 2018, there were above 470 planned and announced petrochemical plants, out of which China is expected to have 240 plants with a total capacity of around 100 MTPA by 2026. The capital expenditure for the projects in China accounted for about USD 52 billion.
Furthermore, with the IMO 2020 regulation being enforced from the 1st January 2020, the increasing demand for low sulfur fuel is likely to force major refiners to upgrade the existing infrastructure to produce low sulfur fuels. With the refineries expected to go through revamp, the demand for pumps is likely to increase over the next few years, further driving the growth of the market.
However, the growing concerns regarding the increasing carbon emission have the potential to negatively impact the growth of the oil & gas industry over the forecast period, which in turn can restrain the increase in demand of Industrial pumps .
Asia-Pacific to Dominate the Market
China is expected to account for the significant growth in crude oil refining capacity between 2019 and 2025 in Asia-Pacific (APAC). The country is expected to account for 26.8% of the total refining expansion capacity in APAC by 2025.
Also, India's refining capacity has witnessed a CAGR of 3.36% between 2009-10 and 2018-19. As of August 2018, India Oil Corp., India's largest refining company, had plans to increase its refining capacity from 80.7 million metric tons per annum to 150 million metric tons per annum by 2030. Additionally, Projects worth INR 320 billion are in various stages of execution.
South-east Asia is witnessing the commissioning of several refinery projects, including the expansion of existing ones and developing new ones to reduce the dependency on imports.
The oil & gas industries, apart from being a source for the majority of primary energy consumption, also aids in providing raw materials for various industries such as petrochemical, solvents, fertilizers, and many others. With the growing population and rapid urbanization, the demand for these is likely to increase, promulgating the refiners to set up new plants or undergo expansion. The increase in demand is expected to drive the market during the forecast period.
Key Topics Covered:
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.2 Market Size and Demand Forecast, in USD billion, till 2026
4.3 Recent Trends and Developments
4.4 Government Policies & Regulations
4.5 Market Dynamics
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1.1 Centrifugal Pump
5.1.2 Reciprocating Pump
5.1.3 Rotary Pump
5.1.4 Other Pump Types
5.2 End-user Industry
5.2.1 Oil & Gas
5.2.2 Water & Wastewater
5.2.3 Chemicals & Petrochemicals
5.2.4 Mining Industry
5.2.5 Power Generation
5.2.6 Others End-user Industries
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/bltrnr
View source version on businesswire.com: https://www.businesswire.com/news/home/20211022005384/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900