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Asia Pacific Drives New Growth in Global Centrifugal Pumps Market, finds Frost & Sullivan


News provided by

Frost & Sullivan

30 Mar, 2017, 08:12 BST

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End-user demand, modernization and power generation in emerging economies sustain growth

SINGAPORE, March 30, 2017 /PRNewswire/ -- Water and wastewater end-user demand, power generation in emerging economies and investment in modernizing water and wastewater infrastructure are factors igniting pockets of growth in the global centrifugal pumps market. However, uncertain oil and gas drilling activities and low-cost pump alternatives are slowing market revenues. Manufacturers must align their portfolios to end-user requirements in order to sustain growth in a highly commoditized, fiercely competitive ecosystem.

"As technology steers the market toward predictive maintenance and diagnostics, manufacturers should tap into a growing demand for efficient, automated, smart pumps that are environment-friendly and can seamlessly integrate with smart grids and Internet of Things," said Frost & Sullivan Industrial Automation & Process Control Industry Analyst Arun Prasath.

Analysis of the Global Centrifugal Pumps Market, Forecast to 2023, part of Frost & Sullivan's Industrial Automation & Process Control Growth Partnership subscription, finds that global centrifugal pumps market revenue is expected to grow at a compound annual growth rate of 2.5 percent and reach $28.57 billion by 2023. The research analyzes key areas such as drivers, restraints and competitors, with market share and revenue by end-user industry and product type. A detailed regional breakdown, covering North America, Latin America, Europe, the Middle East and Africa, and Asia-Pacific, has been provided.

Click here for complimentary access to more information on this analysis and to register for a Growth Strategy Dialogue, a free interactive briefing with Frost & Sullivan's thought leaders.

In 2016, the top seven participants accounted for 26.1 percent of global revenues. Manufacturers such as Flowserve, Sulzer, KSB, Grundfos Holding A/S, ITT, Weir Group, and Xylem Inc. compete on price, technical capabilities, reliability and aftersales support services.

Current regional developments include:

  • Asia Pacific accounted for 40.6 percent of total pump sales and has the highest growth rate among other regions due to high demand for mechanical seals in China and India.
  • North America's revenues are expected to increase by 0.5 percent in 2017, primarily as a result of investment in the water and wastewater and chemical segments.
  • Europe accounts for 29.2 percent of the total pump sales and has high potential for aftermarket services.
  • Energy efficiency is expected to play an important role in Europe, along with investment to improve and upgrade water and wastewater infrastructure.
  • Manufacturing activities are shifting from Western Europe to Central and Eastern Europe, which offer cost advantages in terms of operations and labor.
  • The Middle East and Africa account for 9.3 percent of total pump sales, with sales growth highly dependent on oil and gas and water and wastewater segments.
  • Latin America accounts for 6.2 percent of total pump sales and is the smallest market for centrifugal pumps.
  • Mexico, Brazil, and Argentina are market hot spots.

"Existing market conditions have had a negative impact on the centrifugal pumps market. Pump manufacturers should diversify their product segments and shift their focus towards end users with higher growth opportunities, such as the chemical process and water and waste sectors," said Prasath.

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Contact us: Start the discussion

Analysis of the Global Centrifugal Pumps Market, Forecast to 2023
NFF1-10

Media Contact:

Melissa Tan
Corporate Communications, Asia Pacific
P: +65 6890 0926
E: melissa.tan@frost.com

http://www.frost.com

Related Links

http://www.frost.com

SOURCE Frost & Sullivan

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