Global screw pumps market to exhibit significant growth by 2019
The global screw pumps market is projected to grow significantly by 2019, posting a compound annual growth rate of over 7%, a new market study forecasts.
According to the study, conducted by Research and Markets, the growth is triggered by rapid urbanisation and industrialisation around the globe.
Urbanisation has resulted in a rising demand for improved infrastructure and water and wastewater treatment plants, thus expediting the demand for screw pumps.
Screw pumps play an essential role in a wide range of applications such as sewage, water, and wastewater treatment, food and beverage, oil extraction, hydraulic fracturing, and chemical industries.
Industrial growth in developing countries, such as China and India, are motivating global players to establish their manufacturing facilities in these countries, hence fuelling the demand for screw pumps.
Additionally, some enterprises are leveraging from the benefits of rotary positive displacement screw pumps for transporting crude oil.
One primary reason behind the rising popularity of screw pumps is the low level of maintenance required to keep them running.
The oil and gas industry contributes the largest market share for screw pumps with more than 25% share, as this industry deploys screw pumps for spanning oil exploration, drilling, pumping oil to surface, wellbore recovery, and processing applications in oil refineries and petrochemical plants.
Thus, increasing oil production plays an important role in boosting the market growth during the forecast period.
Asia contributes the majority share to the market revenue and also registers the highest growth rate of more than 8% by 2019.
Research and Markets has established that the current pace of infrastructure development in process industries, rising standards of living, and rapid industrial development are factors enhancing the scope for sanitation infrastructure and food delivery systems in the region.
The existence of local as well as international players increases the competitiveness of the global screw pumps market.
However, the better-established pump companies are expanding their footprint in the market by enhancing their product portfolios.
The full market study is available here.