- Coolant pump is used to re-circulate coolant, which is normally liquid. This re-circulation helps remove heat from any device or engine that generates heat.
- Coolant pumps are installed in pressurized water reactors, a type of light water reactors used in nuclear power plants
- Coolant pumps are used in nuclear power plants or station for cooling reactors. Beside it, coolant pump is a type of water pump, which is used in internal combustion engine applications i.e. fossil fuel powered vehicles.
Global Coolant Pumps Market – Dynamics
Key Drivers of Coolant Pumps Market
- Rise in demand for coolant pumps in the automotive industry has led to replacement of mechanical components with electronic components. Electrical components are more capable and efficient in handlings complexities than mechanical components. Furthermore, coolant pumps are used to develop efficient automotive systems to improve heat transfer in vehicles. This, in turn, is driving the coolant pumps market.
- Continuously growing demand for electricity across the globe as a result of rise in power consumption is likely to drive the global coolant pumps market in the near future. This increase in electricity demand is expected to propel the coolant pumps market, as these pumps are used in nuclear power stations or plants to cool reactors used to generate electricity.
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- Moreover, dynamic industrial development across the world is expected to boost the coolant pumps market.
Asia Pacific to Hold Significant Market Share followed by North America
- Rise in the number of nuclear power plants in Asia Pacific and North America, and increase in demand for electricity are factors driving the global coolant pumps market. Additionally, China and the U.S. are major consumers of coolant pumps, in terms of nuclear power plants. However, governments of these countries are formulating policies to ensure that energy-efficient equipment, such as coolant pumps, are installed in nuclear power plants.
- Policies and regulations relating to lower carbon dioxide emissions are expected to boost the demand for coolant pumps
- Manufacturers based in North America are focusing on developing innovative coolant pumps with improved features to conserve energy and can be used in nuclear power stations or plants
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Global Coolant Pumps Market – Competition Landscape
The global coolant pumps market is highly concentrated, with major manufacturers accounting for approximately 35% to 40% market share in 2018. Key players operating in the global coolant pumps market are:
- Westinghouse Electric Company LLC.
- Sogefi SpA
- Brinkmann Pumps, Inc.
- Eaton Corporation Inc.
- Nidec Corporation
- KSB Aktiengesellschaft