Heavy Duty Pumps Market – Overview
Heavy duty pumps are used in industrial applications and are used to transfer corrosive, highly viscous or abrasive products such as sewage, chemical, crude oil, etc. efficiently from one location to another. These pumps are specially designed to handle liquids with both lower and higher viscosities, have pressure up to 80 bar and temperature up to 400 degrees Celsius. The design of these pumps is highly flexible as each pump is tailored made, designed, and constructed according to customer requirements.
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Heavy Duty Pumps Market – Drivers and Restraints
Increasing demand for power and electricity consumption worldwide will drive the demand for heavy duty pumps over the forecast timeline. Rising oil consumption globally will fuel the oil & gas sector, thereby generating opportunities for the heavy duty pumps market. Rapid urbanization and industrialization have fueled the water & wastewater management industry which will indirectly support the demand for heavy duty pumps over the forecast period.
Rising demand for water management will surge the demand for heavy duty pumps due to high reliability and efficiency offered by these pumps. According to the United Nations World Water Development Report published in 2017, more than 95% of wastewater is produced in least-developed economies and more than 80% of the wastewater produced globally is discharged into the environment untreated, thereby polluting the freshwater.
Heavy duty pumps used in end-use industries need to conform to a wide-range of standards before operation. For instance, all the heavy duty centrifugal pumps which operate in petrochemical, petroleum, and natural gas sectors need to follow the American Petroleum Institute (API) 610 standard for handling hydrocarbons. Therefore, technological advancements in heavy duty pumps along with regulatory standards to save energy will create healthy growth opportunities for this industry over the forecast timeline.
Heavy Duty Pumps Market – Segmentation
The global heavy duty pumps market can be segmented on the basis of pump type into centrifugal and positive displacement pumps. The centrifugal pump segment is expected to have a higher growth rate due to its lower maintenance and longer service life. Based on product transferred, the industry is classified into fuel oil, crude oil, asphalt, and others. By end-user, the industry can be classified into oil & gas, power, processing, and others. The processing industry segment is anticipated to have highest market share due to increasing growth of the wastewater and chemical processing industry across the globe. By region, the global heavy duty pumps market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
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The Asia Pacific heavy duty pumps market is anticipated to have the highest CAGR over the forecast period. Economies such as India and China are densely populated, thereby creating huge demand for electricity, food, oil, gas, and power requirements. Therefore, increase in installation of food processing plants, power processing plants, and oil & gas plants will lead to demand for heavy duty pumps. Moreover, industry players are developing heavy duty pumps for different industrial sectors such as food processing, chemicals, mining, and other industries. Over the years, Europe has used advanced technologies for treating industrial water, and now the focus has shifted to treating municipal water, thereby supporting the demand for heavy duty pumps.
Heavy Duty Pumps Market – Key Players
Industry participants are adopting newer strategies such as business expansion and mergers & acquisitions in order to increase their heavy duty pumps market share. For instance, SIHI Group B.V was acquired by Flowserve Corporation which helped Flowserve Corporation to strengthen its industrial products division. In 2017, GE acquired Baker Hughes and its services & operations were merged to increase their operational efficiency. Some of the major industry players in the global heavy duty pumps market are Alfa Laval, Gardner Denver, Inc., EBARA Corporation, General Electric Company, ITT INC., Grundfos, KSB SE & Co., The Weir Group PLC, and Sulzer Ltd.
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