Dubai, United Arab Emirates. According to detailed research by FMI, the global end-suction pump market is expected to reach US$6.08 billion by 2021. The growing use of end suction pumps in the energy sector for a variety of processes including boiler feed, circulation, sludge treatment is driving market demand.
End suction pumps are used in a wide range of applications such as water filling, fire fighting, and gas pumping for heating, ventilation and air conditioning (HVAC) applications in hotels, gas stations, and other locations. Thus, the market is expected to grow at a CAGR of 4.6% during the forecast period from 2021 to 2031.
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Hence, the rise in construction activities due to rapid urbanization in developing countries such as China, India and Japan is expected to create lucrative growth opportunities in the market.
Some governments emphasize expanding their production capabilities. For example, the Indian government launched the “Make in India” initiative to expand manufacturing in the country.
Such steps to increase production of petrochemicals, food and beverages, chemicals, etc. will stimulate the market. As such, the end suction pump market is expected to grow at a CAGR of 3.5% in 2021.
In terms of application, the industrial segment is expected to hold the largest market share, accounting for over 75% of sales by 2021. There is a growing demand for end suction pumps in sectors such as oil and gas, power generation, water treatment and medical applications. The mining industry contributes to the growth of this sector.
“Increasing offshore and onshore oil and gas exploration activities in the US, China and India, as well as growing focus on wastewater infrastructure development, are expected to drive market growth,” FMI analysts said.
View full report with table of contents, charts and tables: https://www.futuremarketinsights.com/reports/end-suction-pump-market.
Increasing customer preference for renewable and clean fuels has led to a recession in the oil and gas industry, which in turn could slow down market growth.
Leading companies in the global market include Grundfos, Sulzer AG, Xylem AG, KSB AG, Flowserve AG, Ebara Corporation, Kubota Corporation and others. The top 10 players are expected to capture over 15% market share in 2021, according to Future Market Insights.
Key players are focused on launching new products to expand their product portfolio. Some companies are looking to forge strategic collaborations and partnerships with other manufacturers, local dealers and service providers to strengthen their global presence. For example,
Post time: Jul-10-2024