Future Market Insights upcoming report on global Industrial Pumps market uncovers hidden opportunities and potential threats. The report gives an incisive coverage on the Industrial Pumps market through a detailed segmentation on its key growth drivers, opportunities, restraints and challenges expected to prevail the market in the upcoming years. According to FMI, the industrial automation industry is expected to have a positive outlook through 2021 and beyond.
Increasing usage of machines and demand for high quality products in various industries coupled with installation of smart devices in the machinery are some of the factors propelling the growth of Industrial Pumps market in industrial automation industry. Industries are implementing automation to increase the productivity and reduce labor costs. FMI provides detailed insights about the industry for the market players to craft their long-term strategies to maintain the competitive edge in the industry.
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According to the FMI’s report, the Industrial Pumps market is projected to record a CAGR of xx% over the forecast period. To receive the detailed insights about the Industrial Pumps market, our experts relies on the primary and secondary research, and various wide range of data set gathered from organic and inorganic sources to provide estimates for the upcoming decade.
Understanding the Impact of Covid-19 on Industrial Automation Industry
The COVID-19 outbreak has been posing staggering challenges for the industry. Like other industries, the industrial automation industry has been particularly affected due to the lack of equipment and availability of the products. Furthermore, dearth of labor, factory closures, and supply restrictions induced by the pandemic crisis resulted in slight setback in 2020.
Lack of human assistance and key player’s hesitation in investing for high-end machineries during the pandemic has negatively impacted the industrial automation industry in 2020. However, with relaxation in lockdown, the Industrial Pumps market has picked up the pace.
The FMI’s recent report talks about the market scenario in the chapter on the Covid-19 impact analysis to aid the market players for the upcoming years. The report gives a detailed market analysis surrounding the market condition and its impact on the Industrial Pumps market.
Key Questions Answered in the Report
- What are the key trends and challenges that will affect global Industrial Pumps market in upcoming years?
- What are the factors that will influence the Industrial Pumps market demand?
- Which region will be the most lucrative for Industrial Pumps market throughout the forecast period?
- How will evolving regulatory policies impact the market growth?
- What is the impact of Covid-19 on the Industrial Pumps market?
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Industrial Pumps Market: Segmentation
Industrial pumps are broadly segmented as centrifugal pumps (also called roto-dynamic pumps) and positive displacement pumps. Centrifugal pumps comprise axial, mixed-flow and radial types. Positive displacement pumps include piston, screw, sliding vane and rotary lobe types. Conformance to performance standards and reliability of these pumps is very crucial. For instance, pump failure in a cooling system can result in overheating and substantial damage to equipment.
Various end-use industries for industrial pumps include water, wastewater, oil & gas, chemicals, food & beverages and others. Centrifugal pumps are the extensively used type because of their low cost, low maintenance and long service life. Centrifugal pumps are used in high-flow, low head applications with low fluid viscosity. In contrast, positive displacement pumps are used in low-flow, high head applications with high viscosity fluids and accurately controlled flow applications. Centrifugal pumps are anticipated to lead in terms of market share. The various services in power generation segment such as boiler feed, circulation, sludge handling and cooling stations are the largest market for centrifugal pumps. Positive displacement pumps find extensive use in renewable power generation such as micro-hydroelectric power generation; however, this type find limited application in the power generation industry.
Competitive Analysis
The key players in the industrial pumps market are ITT Corp., Flowserve Corp., KSB AG, Sulzer Ltd., Grundfos A/S, Ebara Corp., Weir Group plc, Baker Hughes, Inc., Schlumberger Ltd. and Clyde Union, Inc.
Pumping systems are critically important for any process or manufacturing plants to operate efficiently. Industrial pumps are used for various industrial applications such as power and petrochemical plants, which directly support generation and production processes, and usually work for extended durations. It is estimated that around 27% of all the energy consumed by any industry is constituted by motor-driven equipment. This offers manufacturers of industrial pumps a window of opportunity to improve efficiency and launch newer and more innovative products.
This research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data and statistically-supported and industry-validated market data and projections with a suitable set of assumptions and methodology. The report provides analysis and information by categories such as market types, technology and applications.
Why Future Market Insights?
- Comprehensive analysis on evolving purchase pattern across different geographies
- Detailed insights of market segments and sub-segments for historical as well as forecast period
- A competitive analysis of prominent players and emerging players in the Industrial Pumps market
- Detailed information about the product innovation, mergers and acquisitions lined up in upcoming years
- Ground breaking research and market player-centric solutions for the upcoming decade according to the present market scenario