Digital transformation and new technologies are rapidly changing the face of various industries completely, and the pump industry is no exception. In recent years, several developments have been made on the efficiency of these devices to accurately fit in with the age of digitalization. As the energy costs continue to escalate, the pressure to adopt new business models for manufacturers are also evolving in an attempt to enhance product monitoring, while lowering the environmental impact.
Persistence Market Research (PMR), in its new offering, turns the spotlight on ‘Global Pumps Market’ to explore the possible demand patterns and growth opportunities on pumping systems. The study also offers valuable information for the stakeholders on many aspects of evolving trends along with operational and strategic impacts of the pumps market.
Pumps Market – Tracing the Historical Route and Assessing Technological Advancements
Today’s pumps are many years ahead of their ancient counterparts. As focus continues to be placed on hydraulic science, rudimentary designs evolved, and new designs and inventions began to flood the market. In 2018, worldwide sales of pumps were valued at US$ 37.5 billion, and a large number of market players are focusing on aligning with the ever-changing trends and introducing advanced products at competitive price.
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Increasing infrastructural development activities as well as exploration of new water sources worldwide, in the view of continued urbanization, has been parallel to rapid adoption of pumps. However, in recent years, emergence of various Chinese players offering pumps at relatively low cost has been challenging the growth of global and regional market players. Additionally, more focus on enhancing the operating life of modern-day pumps, rather than spending on R&D on new products, has affected the aftermarket sales of pumps and their components.
Centrifugal Pumps – The Product of Choice
Manufacturers continue to focus on increasing the production of centrifugal pumps for water treatment and wastewater treatment, as the category has witnessed robust sales in the recent years. Providing a very high flow rates and covering a wide range of liquid pumping applications as compared to positive displacement pumps, the centrifugal pumps also continue to witness higher innovations and investment. The impact of new trends such as ‘portability’, ‘miniaturization’, and ‘size reduction’ – end users’ preference that have induced tectonic shifts in number of industries – is noticeable in centrifugal pumps as well. Manufactures are leveraging new technologies such as micro disc pumping to create small-size yet energy efficient centrifugal pumps to capitalize on chemical and hygiene markets.
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As several organizations draw attention to the threat of water scarcity, wastewater treatment has become an integral part of the sustainable development goals. Recognizing the growing importance of water and wastewater treatment across the globe, pumps market players are directing their focus and exploring the potential of their products in these applications. Increased government investments in water and wastewater treatment activities are further likely to work to the advantage of the pump manufacturers.