Mechanical Pump Market Size, Share, Revenue, Trends, forecast to 2028 - COVID-19 Impact and Global Analysis - Increasing Energy Demands to Provide Growth Opportunities for Mechanical Pump Market during 2021-2028
NEW YORK, Nov. 17, 2021 /PRNewswire/ -- According to The Insight Partners study on "Mechanical Pump Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Stage, Type, Application, and Geography," the market is projected to reach US$ 72,732.2 million by 2028 from US$ 49,639.6 million in 2021; it is expected to grow at a CAGR of 5.6% from 2021 to 2028.
Minerals extracted from mines are widely used across industries such as chemicals and petrochemicals, power generation, healthcare and pharmaceuticals, manufacturing, and construction. Currently, iron ore, coal, gold, aluminum, and copper are the most mined minerals. Moreover, the cumulative revenue of Top 40 mining companies increased steadily during 2016-2019. However, in 2020, a fall in revenue was witnessed owing to the COVID-19 containment measures imposed across the world. In mining industries, an enormous volume of water is required in the transportation of ore and waste in slurries, mineral separation using chemical processes, suppression of dust during mineral processing, cooling systems around power generators, and dewatering of mines, among others, and mechanical pumps play a vital role in these applications. Moreover, the demand for minerals is rising sustainably with the growing rate of urbanization and industrialization, as well as increasing demand for energy, which is propelling the adoption of mechanical pumps.
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The COVID-19 outbreak has had a detrimental influence on the global mechanical pump market. These pumps are mostly used in industrial and residential properties to pump water. They are also widely utilized in agriculture, municipal water and wastewater treatment plants, electricity production plants, petroleum, and chemical sectors. These pumps provide various benefits, such as ease of operation, consistent distribution, the option to be installed horizontally or vertically, and low maintenance costs. The demand for these pumps has been temporarily restricted in recent months due to business closures across the world. Centrifugal pump demand, on the other hand, is expected to revive in the following months and rise significantly in the long run.
Growth in Construction Sector to Boost Mechanical Pump Market Growth
The construction sector is witnessing significant traction in developing countries in Asia Pacific, the Middle East, and Latin America, with growing investments in commercial as well as infrastructural and institutional development projects, such as bus stations, airports, railway stations, and educational institutions. The growth of this sector is majorly ascribed to the increasing urban population, backed by a rise in the standard of living. Also, the rise in commercial construction such as recreational centers, cinema halls, shopping malls, hospitals, sporting arenas, and office buildings is further propelling the proliferation of this sector. Emerging economies are taking various initiatives to boost industrialization by creating favorable business environments for international investors, alongside extending support for local manufacturing growth. The Make in India, Made in China, UAE Strategy for the Fourth Industrial Revolution, and Saudi Arabia National Industrial Development & Logistics Program are among such initiatives. Furthermore, several foreign players are relocating their manufacturing operations to developing countries in APAC to reap the benefits of low labor cost, which is further projected to propel industrial construction. Thus, with the steady rise in construction activities worldwide, the mechanical pumps market is expected to grow further during the forecast period.
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Mechanical Pump Market: Type Overview
Based on type, the mechanical pump market is bifurcated into positive displacement and centrifugal pumps. A centrifugal pump moves fluid through the transfer of rotational energy from one or more driven rotors. It converts the rotational energy of the fluid to energy in a moving fluid. These pumps are suitable for pumping fluids with higher flows and lower viscosities. Therefore, centrifugal pumps are preferred choice over positive displacement pumps in chemical plants. These pumps are also widely used in the HVAC, oil & gas, mining, construction, manufacturing, agriculture, and power generation industries.
Growing urbanization in emerging economies, couple with burgeoning demand for water treatment plants, is encouraging the adoption centrifugal pumps. Thus, the market for centrifugal pumps is likely to experience high growth in the Middle East and Asia Pacific in the coming years.
Mechanical Pump Market: Competitive Landscape and Key Developments
EBARA CORPORATION; Grundfos Holding A/S; KIRLOSKAR BROTHERS LIMITED; KSB SE and Co. KGaA; PLEUGER INDUSTRIES; Sulzer Ltd; The Weir Group PLC; Tsurumi Manufacturing Co., Ltd.; WILO SE; and Xylem Inc. are among the key players that are profiled during this market study. In addition, several other essential market players were studied and analyzed to get a holistic view of the global mechanical pump market and its ecosystem.
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In 2021, Grundfos Holding A/S entered into an agreement for the acquisition of Mechanical Equipment Company, Inc., industrial water treatment players based in the US.
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