Fluid and power pump market set to grow in US, report says
Research and Markets has published a report by technology research company, TechNavio, forecasting growth in the US fluid power pump and motor market over the next four years.
TechNavio's report, the Fluid Power Pump and Motor Market in the US 2012-2016, foresees growth in the US market at a CAGR of 10.81% over the period.
One of the key factors contributing to this market growth, it says, is the increasing demand of fluid power pumps and motors among process industries. The Fluid Power Pump and Motor market in the US has also been witnessing the development of micro disc pump technology. However, the lack of effective product differentiation could pose a challenge to any expected growth.
The report covers the Americas, and the EMEA and APAC regions; it also covers the market landscape and its growthprospects in the coming years.
According to the report, key vendors operating in this market space are Eaton, Flowserve, Parker Hannifin, and ITT.
It suggests one of the major drivers of the fluid power pump and motor market in the US is the increasing demand for fluid power pumps and motors from process industries such as water management, paper and pulp, oil and gas, energy, petrochemical, and thermal management. Currently, the market generates the majority of its revenue from process manufacturing industries in the US.
Since the end of the global economic recession, the process industries in the US have been growing at a rapid rate, which in turn is creating more opportunities for the market in the US, says the report.