Big demand expected for industrial pumps market in Russia, Asia Pacific and India
The global industrial pumps market is forecast to reach $88.43 billion (EUR 83.4 billion) by 2025, according to a new report by Research and Markets.
A number of key insights and predictions about the global industrial pumps market are included in the report.
In 2015, centrifugal pumps were the biggest product segment in the market, making up over 70% of the market share. Construction is the most popular application for industrial pumps and this is likely to increase thanks to a large number of new projects in the Middle East and Asia Pacific regions.
The Asia Pacific region accounted for over 45% of the total market share in 2015, and over the period 2017-2025 it is expected to grow by a further 6.7%. Other regions that are showing signs of substantial growth are Brazil, China, Mexico and Saudi Arabia.
India’s Petroleum Chemicals Petrochemicals Investment Region (PCPIR) policy intended for promoting FDI investments in the oil and gas sector is expected to trigger an increase in the production of petrochemicals and polymers in the country, in turn increasing demand for industrial pumps over the period. Improved oil recovery and hydraulic fracturing methods in Russia and Ukraine meanwhile, are forecast to increase access to shale gas and oil, expanding the region’s need for industrial pumps.
It is predicted that high crude oil prices will fuel the energy sector’s revenue, resulting in greater investment in industrial pumps.
The report, titled: ‘$88.43 Billion Industrial Pumps Market 2017 By Product, By Application, By Region And Segment Forecasts, 2014 – 2025’, is now available from Research and Markets.