Industry market research firm Freedonia Group has released a study called World Pumps to 2016, indicating a 6.4 percent annual rise in global pump demand through 2016. The study predicts that the global pump market will reach $76.1 billion by then, with gains coming from investments in water infrastructure and electricity generation in China and India. World Pumps to 2016 forecasts positive displacement and centrifugal pumps to lead the market gains.
Further, the Freedonia study pegs the global pump market currently at $55.8 billion. The 444-page report breaks down the industry and its 2016 forecast (as well as an outlook to 2021) by pump type, market, geographic region, and 36 countries. Besides growth markets China and India, Freedonia says “continued advances in manufacturing output will provide growth in the process manufacturing market” in developed regions, rising oil drilling activity in the Mideast, and the fracking boom in the U.S. will continue to drive the global pump market.
In the process manufacturing market, Freedonia cites the chemical, pulp and paper, and food and beverage industries as pump growth drivers, as capacities will rise due to improving living standards in developing regions. Also, manufacturing operations in developed nations demanding higher process efficiencies will spur equipment investments — as will stricter environmental regulations. In these nations as well, pump demand will be generated by repairs and upgrades of aging water infrastructure.
The growth in process markets will boost gains for positive displacement pumps, while growing demand for more versatile, low-maintenance pumps will spur penetration of centrifugal pumps. Freedonia expects there will be pumps employing new and innovative materials of construction.
The Freedonia report is available for purchase here in print and PDF format.