Centrifugal pump market growth spurred by infrastructure development in BRIC countriesNovember 29, 2010
A new report from analysts at Frost & Sullivan forecasts the presence of Asian companies in the world centrifugal pump market to increase due to regulations aimed at improving product quality in Asia and increased growth opportunities in price-sensitive markets such as Eastern Europe.
The report -- titled Strategic Analysis of the World Centrifugal Pumps Market -- reveals that the market earned total revenues of $19.4 billion last year, according to a Frost & Sullivan news release. Researchers anticipate centrifugal pump revenues to reach $26.2 billion by 2016.
Frost & Sullivan anticipates areas for potential growth in Brazil, Russia, India and China (BRIC).
“Countries constituting the BRIC are expected to witness considerable growth over the short term, mainly due to infrastructural developments,” states Frost & Sullivan Research Analyst Ram Ravi. “In addition, factors such as population growth and urbanization in developing economies are poised to boost growth prospects. Mature economies such as Europe, Japan and North America are expected to offer opportunities mainly in the replacement business.”
The report covers several end-user sectors including oil and gas, water and wastewater, power generation, chemical process, construction (including HVAC), mining, food and beverage, pharmaceuticals and others (like marine).
The demand for energy-efficient pumps will witness a slow, but steady increase across the sectors as pump customers continue to focus on saving money, according to the report.
“End-user focus on life cycle costs and energy saving will boost market prospects,” Ravi said. “As the maintenance, operating and energy costs of pumps contribute a major share of the total life cycle costs, customers are shifting focus towards products that offer better energy savings and greater life cycle advantage.”
Greater emphasis on strategic services will also support market expansion. Although these services have been an integral part of the centrifugal pumps market, they have assumed greater significance during the recent financial downturn.