LONDON--(EON: Enhanced Online News)--Technavio’s latest research study covers the present scenario and growth prospects of the global pumps and compressors market for 2016-2020. Some of the top suppliers listed in the report include Grundfos, Flowserve, Xylem, Sulzer, and KSB Aktiengesellschaft.
Pumps and compressors market at a glance
The growing need for energy efficiency, particularly in process industries such as oil and gas and chemical, along with increasing construction and water management activities across the world in regions such as APAC and MEA, is a major category driver for both pumps and compressors. The market for pumps is projected to grow at a 5.47% CAGR, whereas compressors will grow at 7% CAGR during the forecast period.
According to Angad Singh, a category spend intelligence specialist, “Global demand for pumps is driven by factors such as increase in infrastructural investments, spend by heavy industries, oil and gas production from shale and subsea sources, and investments in desalination and water treatment plants. Similarly, overall demand for compressors is driven by an increase in demand from non-oil and gas-based industries such as metal and mining, power, and petrochemical industries.”
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Key end-user industries of the pumps and compressors market include oil and gas, power generation, chemicals, automotive, industrial manufacturing, and construction. In 2015, the building and residential construction segment was the largest end-user of pumps market, accounting for about 19% market share. On the other hand, the oil and gas segment occupied the largest share in the compressors market with around 53% market share in 2015.
The pumps and compressors market embraces both global suppliers and regional suppliers.
Profit margins by supplier type 2015 (%)
Global suppliers have high profit margins compared to regional suppliers as they are capable of product differentiation via adoption of advanced technologies such as remote monitoring and communication systems. Also, a large number of international pump suppliers are involved in M&A activities to gain a strong foothold in the regional market and to meet the increasing demand from regional buyers for integrated solutions and to increase their ROI. For instance, in 2014, Sulzer acquired 75% stakes in Saudi Pump Company LLC, one of the largest pump manufacturers in the Gulf to increase regional market share.
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