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The industrial pumps are commonly used for dewatering or removing excess water accumulation. Industrial pumps find application in various industries and play an essential role in moving an assortment of fluids from one location to another. Industrial pumps come in a variety of shapes, sizes, and capacities. The various types of industrial pumps are used in different industries like power generation, mining, refineries, petrochemicals, and many others. Industrial pumps find different use different industries; for instance, in the water and wastewater sector, these are used to remove excess water while in refineries, they are used to removes excess of oil accumulation.
Based on type, the industrial pump market is classified into a centrifugal, reciprocating, rotary, and Other. The centrifugal pumps dominate the market as they are widely used for water and wastewater treatment, hydrocarbon processing, refineries, water injection, and pipeline services. As the demand for energy has risen, the oil and gas industry has expanded over the years, bringing new refineries that have increased the application field for these pumps and therefore fuelled the industrial pumps market growth.
Based on the application, the market is segmented into water and wastewater, oil and gas, chemicals and petrochemicals, power generation, mining industry, and others. Water and Wastewater segment is expected to dominate the market in the coming years owing to infrastructural development across the globe. The oil and gas sector is also expected to drive the market growth with increasing production capacities of each region.
The key market driver for the industrial pumps market is the requirement from refineries to produce low sulfur crude oil end products, to meet the regulations marked by the government authorities. The other factors fueling the growth include heavy investments on new infrastructure projects, expansion of the oil and gas industry, and the growing industrial sector across the world.
The key market restraint hindering the growth of industrial pumps is the carbon emissions from the pumps which occur during their operation. This can leads to actions on the industry by the environmental bodies present within the country. Other market hampering factors includes the timely maintenance required by the pumps to secure efficient operations.
Key Market Driver -
Requirement to produce low sulfur fuels in refineries to avoid toxicity
Key Market Restraint -
Increasing carbon emission from the use of pumps
Some of the major companies in Industrial Pump Market includes ITT Inc., Flowserve Corporation, KSB Company, Sulzer, GRUNDFOS, Elliott Group, Ebara Corp, Weir Oil and Gas, Baker Hughes, Schlumberger, Clyde Union Pumps, Titan Manufacturing Inc., Dover Corporation, Colfax Corporation, and Iwaki America, Inc.
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The global industrial pumps market covers different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific region is expected to dominate the market owing to the increasing refineries in the region. The region is said to have the maximum refining capacity spread across various countries like China, India, South Korea, Japan, and Australia. Also, the growth of the infrastructure sector in the region will cater to the market growth of these pumps. North America is expected to show healthy growth with the maximum adoption of these pumps for the shale gas industry, which has expanded at a healthy rate in recent years. Europe being the manufacturing hub for many products supplied over the globe, holds a significant share in the market. Europe has also heavily invested in wastewater treatment activities, which are expected to expand further and create more space for the adoption of industrial pumps. Latin America and the Middle East & Africa region will also show significant growth in the market, mainly due to the oil and gas sector in the specific regions. Brazil and Mexico are expected to be the dominating countries in Latin America with the highest refining capacity in the region. Similarly, the GCC countries will lead the market in the Middle East.
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