Global Industrial Pumps Market (2021-2026) – Growth, Trends, COVID-19 Impact, and Forecast – ResearchAndMarkets.com
DUBLIN – (COMMERCIAL THREAD) – The report “Industrial Pumps Market – Growth, Trends, COVID-19 Impact and Forecast (2021 – 2026)” has been added to ResearchAndMarkets.com offer.
The industrial pump market is expected to grow at a CAGR above 4.5%.
Grundfos Holding A / S
Weir group plc
Baker Hughes Company
Clyde Union, Inc.
SPP pumps inc.
Wilo Mather & Platt Pvt Ltd Pumps
General Electricity Company
SPX Flow Inc.
Ruhrpumpen Group (a Corporacion EG company)
Key market trends
Growing demand for centrifugal pumps to drive the market
Global refining capacity increased 1.5% in 2019, which is expected to continue over the forecast period. The increase in refining capacity globally has increased the demand for centrifugal pumps at refineries and is expected to continue during the forecast period.
In 2018, there were more than 470 petrochemical plants planned and announced, of which China is expected to have 240 plants with a total capacity of around 100 MTPA by 2026. Capital expenditure for projects in China was around 52 billions of dollars.
In addition, with the entry into force of the IMO 2020 regulation from January 1, 2020, the growing demand for low sulfur fuels is likely to force major refiners to modernize existing infrastructure to produce low sulfur fuels. sulfur content. With refineries scheduled for renovation, demand for pumps is expected to increase over the next few years, further driving market growth.
However, growing concerns about increasing carbon emissions may negatively impact the growth of the oil and gas industry over the forecast period, which in turn may dampen the increase in demand for industrial pumps.
Asia-Pacific to dominate the market
China is expected to explain 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 total APAC refining expansion capacity by 2025.
In addition, India’s refining capacity experienced a CAGR of 3.36% between 2009-10 and 2018-19. In August 2018, India Oil Corp., India’s largest refining company, planned to increase its refining capacity from 80.7 million metric tons per year to 150 million metric tons per year by 2030. In addition, projects worth INR 320 billion are at various stages. execution.
Southeast Asia is witnessing the commissioning of several refinery projects, including the expansion of existing ones and the development of new ones to reduce dependence on imports.
The oil and gas industries, in addition to being a source of the majority of primary energy consumption, also help provide raw materials for various industries such as petrochemicals, solvents, fertilizers and many more. others. With population growth and rapid urbanization, demand for these is likely to increase, prompting refiners to set up new plants or expand. Increasing demand is expected to drive the market during the forecast period.
Main topics covered:
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.2 Market Size and Demand Forecast, in USD Billion, to 2026
4.3 Recent trends and developments
4.4 Government policies and 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 Alternative pump
5.1.3 Rotary pump
5.1.4 Other types of pumps
5.2 End-user industry
5.2.1 Oil and gas
5.2.2 Water and wastewater
5.2.3 Chemicals and petrochemicals
5.2.4 Mining industry
5.2.5 Electricity generation
5.2.6 Other end-user industries
6 COMPETITIVE LANDSCAPE
6.1 Mergers and acquisitions, joint ventures, collaborations and agreements
6.2 Strategies adopted by the main actors
6.3 Company profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information on this report, visit https://www.researchandmarkets.com/r/bltrnr