Global market study on pumps: Sales of centrifugal pumps to remain disproportionately strong for 6 more years
The centrifugal pump is an integral part of any system that needs to move fluids quickly from one place to another. They are used in the mining industry, water treatment plants, desalination plants and hundreds of other applications.
If you’re in the market to get one then you need to visit truflopumps.com.au; the better the quality of your pump the longer it will last.
It is important to note that a centrifugal pump will move liquids quickly through your system. But a positive displacement pump is the better choice if the consistency of your flow is important.
The Market For Centrifugal Pumps
There has been a massive amount of growth in the use of plumbing systems and other infrastructure, particularly in the Middle East and Asia.
This has led to a huge demand for plumbing materials including centrifugal pumps. The drive to improve the standing of these countries and provide their citizens with a better quality of life is instrumental to the increase in sales.
This shows no signs of abating.
It’s not just the sanitation systems that are improving; the demand for electricity is increasing. Countries with existing infrastructures are upgrading to accommodate the increasing demand by their residents. Many countries in the Middle East and even Third World Countries are now committing to electricity plants.
Every one of these plants needs centrifugal pumps to create the electricity safely!
But, it’s not all positive news. While the demand for centrifugal pumps is certain to keep increasing for at least the next 6 years there is more competition than ever before.
One of the biggest threats is China. They are capable of producing centrifugal pumps for less than many of their competitors. Add to this the fact that pumps are becoming more efficient and reliable and there is a limit to the growth f each manufacturer.
Understanding The Market Segment
The pump market is huge. Even centrifugal pumps, which account for 90% of the pump market; can be split into smaller segments.
These consist of single stage, multiple stage, mixed flow, submersible and circular pumps.
The trick to remaining part of the growth in pump sales for the next 6 years is to choose your sector wisely. It is estimated that 23% of centrifugal pumps will be bought by the water treatment industry. This makes it the industry where you can expect the most growth and competition. But it is definitely a market that you cannot afford to ignore.
It is also worth noting that the place which is likely to have the most growth is the APAC. It is currently valued at $13.25 billion US dollars. By 2024 this is likely to be $19.65 billion.
Whether you’re already a key player or are hoping to become one; there is no doubt that this is the market that you should be looking at to increase your sales and profits over the next 6 years.
After all, the disproportionate growth does have a finite life; you need to make the most of it while you can.