Global Pumps Market 2018-2022| Development of 3D-printed Impellers to Boost Growth| Technavio
LONDON--(BUSINESS WIRE)--Aug 29, 2018-- market research analysts forecast the global pumps market to grow at a CAGR of almost 4% during the forecast period.
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Technavio has published a new market research report on the global pumps market from 2018-2022.(Graphic: Business Wire)
The development of 3D-printed impellers is one of the major trends being witnessed in the . The vendors are striving to increase their competence in the region by adopting modern technologies in pumping solutions. The vendors have been able to improve their product offerings owing to the technological developments in the centrifugal pumps market.
According to Technavio analysts, one of the key factors contributing to the growth of the global pumps market is the increasing number of initiatives to develop energy-efficient equipment:
Global pumps market: Increasing number of initiatives to develop energy-efficient equipment
The requirement of energy-efficient equipment in different processes has been increasing because the end-user industries are increasing their production volume to cater to the growing demand for their products and services. Approximately 9% of the cost of production is spent on electricity in most industries.
According to a senior analyst at Technavio for research on engineering tools, “The regulatory authorities have been encouraging the adoption of energy-efficient equipment due to the increasing consumption of electricity by energy-intensive industries. The governments of many countries are concentrating on increasing the energy efficiency of electric motor technologies through applied research and science.”
Global pumps market: Segmentation analysis
The global pumps market research report provides market segmentation by product (centrifugal pumps, specialty pumps, and positive displacement pumps), by end-user (oil and gas, water and wastewater, chemical, building, and power), and by region (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the three major products, the centrifugal pumps segment held the largest market share in 2017, contributing to over 54% of the market. This product segment will dominate the global market throughout the forecast period.
EMEA held the largest share of the market in 2017, accounting for close to 36% share. It was followed by APAC and the Americas respectively. The EMEA region is anticipated to dominate the global market throughout the forecast period.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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PUB: 08/29/2018 02:23 PM/DISC: 08/29/2018 02:22 PM