Press release
The Global Pumps Market to Reach $91.08 Billion by 2027. Centrifugal Pumps Powered by Digitalization is Propelling Market Growth - Arizton
According to Arizton's latest research report, the global pump market is expected to grow at a CAGR of 4.72% during the forecast period. Centrifugal and positive displacement pumps are smart and intelligent pumps used across several end-user applications. Centrifugal pumps have more variable flow applications than positive displacement pumps. Therefore, many of these pumps are expected to be used for live monitoring purposes.In addition, European regulations on motor and pump performance enable manufacturers to be completely informed of maximum device quality; thus, the use of smart and connected technologies to enhance pumps' overall quality is anticipated to increase in the future.
The advent of intelligent pumps has helped in reducing operating costs and plant downtime. Centrifugal and positive displacement pumps are smart and intelligent pumps used across several end-user applications. The need for intelligent pumping systems in the oil & gas industry is high owing to strict environmental regulations related to energy consumption and pollution. The high number of M&As by major players is anticipated to boost the demand for intelligent and smart pumps. Vendors deliver quality products and user-friendly innovative software solutions to control and design smart systems. Furthermore, continuous technological advances and R&D, smart city projects, and focus on digitalization will drive the demand for intelligent and smart pumps during the forecast period.
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How APAC Leading the Global Pumps Market?
Pump sales in APAC are expected to be based on high capital spending and construction expenditure growth. The growth in the demand for electricity supply in developing countries in APAC, such as India, Japan, and Indonesia, is expected to increase the demand for centrifugal pumps. Economic improvements in APAC are projected to generate enormous opportunities for pump manufacturers since substantial development is anticipated in the future in the automotive, building, and manufacturing industries. However, heavy competition from low-cost suppliers is a major barrier to the development of the pump industry in the region.
Market Segmentation
The adoption of new technologies in agriculture to improve productivity will increase the demand for rotary pumps. Improved intelligent production plants with pumps connected to cloud services are expected to be available during the forecast period. However, high raw material costs will increase rotary pump prices and could impede their demand. Rotary pumps offer cost-effective options for primary, secondary, and tertiary water management plans for wastewater disposal. The lobe rotary pump is the most used and cost-effective pump for water and wastewater treatment with 3% sludge and over. The rotary pump market is moderately fragmented due to product differentiation, which provides companies with innovation potential.
To know more click: https://www.arizton.com/market-reports/pump-market-size-analysis
About Arizton:
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals, and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.
Arizton Advisory and Intelligence
Call: +1-312-235-2040
+1 302 469 0707
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