- Product innovation, greater energy-efficiency and improved after-sales support will sustain steady growth
LONDON, Nov. 8, 2012 /PRNewswire/ -- After making a recovery in 2010-2011, the European positive displacement pumps market was hit by a dip in sales volume in the last quarter of 2011 due to the deepening debt crisis in Europe. However, strong, and as yet untapped growth potential in Eastern Europe, is set to help market participants ride out the ongoing economic instability. Product innovation, particularly a focus on energy-efficient pumps, will also support steady market growth.
New analysis from Frost & Sullivan (http://www.industrialautomation.frost.com), Strategic Analysis of the European Positive Displacement Pumps Market, finds that the market earned revenues of $1,762.6 million in 2011 and estimates this to reach $1,962.6 million in 2016.
Energy conservation and efficiency have become the key criterion during product selection.
"The trend of preferring energy-efficient pumps will intensify due to the dual factors at play in the minds of end-users – concern for the environment and the gradual shift to alternate energy sources," noted Frost & Sullivan Research Associate Niranjan Paul. "As the prices of traditional sources of energy continue to soar, energy-efficient pumps are identified as being more cost-effective."
In geographic terms, the market is expected to be driven primarily by Eastern European countries. Growth in the Czech Republic and Poland is set to persist, even as recent EU entrants such as Romania and Bulgaria are expected to offer solid growth potential.
A key challenge for market participants will be the shifting of end-user manufacturing facilities out of Europe to countries like China, India and Brazil. While this offers end-users the twin benefits of gaining a foothold in high growth areas and greater cost-effectiveness, for pump manufacturers it will mean a reduction in the number of potential customers within Europe.
To continue a long-term relationship with their existing customers and expand their customer base, European pump manufacturers will have to keep introducing innovative design features, pumps that are environmentally-friendly and provide prompt after-sales service, including on-site consultation for their products.
"Product customisation and value-added services are set to become the norm," stated Paul. "Mergers and acquisitions to address a larger customer base and partnering with local entities to penetrate markets in Eastern Europe, will also be critical to competitive success."
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Strategic Analysis of the European Positive Displacement Pumps Market is part of the Industrial Automation & Process Control Growth Partnership Service programme, which also includes research in the following markets: Strategic Analysis of Pumps Market in the European Pharmaceutical Industry, Strategic Analysis of Eastern European Pumps Market and Strategic Analysis of the European Pumps Market in the Oil and Gas Industry. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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SOURCE Frost & Sullivan