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.
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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:
"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.
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Analysis of the Global Centrifugal Pumps Market, Forecast to 2023
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