Global Heavy Duty Pumps Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
“Global Heavy Duty Pumps Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global heavy-duty pumps market report has been segmented on the basis of product type, pump type, application, and region.
Global Heavy-duty Pumps Market: Overview
Heavy duty pumps are industrial pumps which are designed especially for transferring the highly corrosive and abrasive fluids conveniently from one point to another point. These pumps are used for various industrial applications such as transmitting chemicals, oil & gas, sewer, and other related heavy-duty applications.
Global Heavy Duty Pumps Market: Dynamics
Rapidly growing industrialization globally is one of the major factor projected to drive the global market growth. Growing demand for electricity and increasing power consumption across the globe is resulting into high demand for these pumps, which turns in, rising growth of the target market. Increasing oil consumption globally, influencing growth of the oil and gas industry. This is a factor expected to support the revenue growth of the global market. Moreover, manufacturers are adopting new strategies such as mergers and acquisitions, extending their product portfolio in order to stay forward in competitive market. For instance, in 2017, GE (General Electric Co.) completed the acquisition of Baker Hughes and GE’s oil and gas equipment and services operations were combined with Baker Hughes and renamed it as Baker Hughes, a GE Company. These kind of developments are propelling the target market growth significantly. Heavy duty pumps that are used in various end use industries, should be implemented under various standards before operation. For instance, all the heavy duty centrifugal pumps that are to be used in petrochemical, petroleum, and natural gases industries need to follow the standards set by American Petroleum Institute (API) 610 standard for handling hydrocarbons. Hence, technological advancements in heavy duty pumps along with authorized standards in order to save energy is anticipated to create lucrative opportunities for growth of the target market during the forecast period.
However, escalating prices of raw materials is majorly affecting the global heavy-duty pumps market. In addition,
Global Heavy Duty Pumps Market: Segmental Analysis
The growth of the centrifugal segment among the pump type segments is attributable to its durability and lower cost of maintenance.
Among the end use industry segment, the oil, gas, & power segment is projected to account for significant revenue shares in the global market, owing to growing number of energy and oil & gas plants.
The crude oil segment among the product type segments is expected to register significant growth, owing to expansion of crude oil pipelines across the globe.
Global Heavy Duty Pumps Market: Regional Analysis
Asia Pacific is projected to dominate the global market during the forecast period, which is attributable to increasing industrialization. In addition, high demand for food coupled with increasing base of population is resulting into increase in number of food processing plants which turns in, rising growth of the target market. Nevertheless, growing number of power processing plants and oil & gas plants in emerging countries including India and China is another factor expected to support the revenue growth of the target market in this region.
Global Heavy Duty Pumps Market Segmentation:
Segmentation by Pump Type:
Segmentation by End Use Industry:
- Oil, Gas, & Power
- Other (Food and Beverages, Sewage, etc.)
Segmentation by Product Type:
- Crude Oil
- Fuel Oil
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- Alfa Laval
- EBARA Corporation
- Flowserve Corporation
- Gardner Denver, Inc.
- General Electric Company
- ITT INC.
- KSB SE & Co.
- Sulzer Ltd.
- The Weir Group PLC
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