Increasing infrastructure expenditure and mining activities commenced worldwide is expected to generate new growth strides in the pumps market. High demand for specialty and fine chemicals in several industries is likely to drive the demand for pumps.
Pumps have many applications in upstream and midstream operations in the oil & gas sector. In offshore production activities, while searching for deep oil & gas reserves in the seascapes, different types of pumps are required to ease the exploration process without any risks. Technologies like subsea multiphase pumping systems are designed for offshore drilling activities, to give easy operations and to avoid serious hazards. An example being centrifugal pumps that have automatic mainline & booster pipeline stations, diesel-driven non-submersible, and high-pressure water injection that are customized for effective operations.
In the industrial sector, pumps are used for evaporation, drying, filtration, mixing, crystallization, and absorption. Given to numerous uses and mounting significance, pump manufacturers are working on product customization, quality improvement and strategic collaborations. For example, in 2020, fluid engineering technology firm, Sulzer introduced a new heating jacket for the thermal maintenance of CPE pumps. With such developments.
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Mentioned below are some of the key trends that may propel pumps market outlook:
- Multiple advantages of electrical-driven pumps
The electrical-driven pumps industry is anticipated to witness around 75% demand share over the forecast period. Electrical-driven pumps are suitable for usage in both clean laden fluids and solids involving sludge, sewage, and waste & seawater.
They are easy to use and have multiple benefits such as greater compactness, simplicity, and lower operating expense. These pumps are also equipped with automatic level controls and emergency stop switches that give better safety. Electric-driven pumps can be easily arranged for starting, automatic operation, and stopping automatically at pre-determined pressures on discharge mains.
- Robust demand from mining industry
The mining sector heavily depends on different types of pumps for several operations before the mining begins, such as for dust & fire suppression, dewatering, water transport & boosting, as well as after the hydrocarbon is extracted from the earth.
Mining pumps are usually deployed in extracted mineral processing, sludge dewatering, water supplying & boosting, wastewater & tailing transfer operations, and slurry transfer. The mining application segment is likely to reach USD 4.6 billion over the coming years.
- New investments in Latin America industrial sector
The Latin America pumps market is projected to record a CAGR of 3.2% owing to new investments in the regional industrial sector. Favorable socio-economic environment has attracted new investments in the region. Mexico and Brazil are making significant contributions to revive the economies post the economic downturn. Many oil & gas reserves are present in the region and firms are motivated to conduct more exploration activities. The fact that Latin America is located near the U.S helps, as several American product manufacturers are situated in the LATAM area, supplying products to end-users.