Pump global pump market estimated at $45 billion by 2017April 06, 2012
Pumps continue to be big business. The world market for pumps used by industry, municipalities and for irrigation will total an estimated $45 billion by 2017, according to a recent report, Pumps: World Markets, by The McIlvaine Company. That's $7 billion more than the current annual sales.
East Asia will account for more than 33 percent of that market, according to the report. Pump purchases there will be driven by increased industrial spending and new infrastructure projects. The oil and gas industry will lead growth in NAFTA -- largely due to the expansion in gas and oil production from shale.
The Western Europe market will be a slow growth market, with demand for replacement pumps outpacing the need for new ones, the report forecasts. Pump expenditures in the Middle East will also grow as the region transforms into a supplier of refined rather than raw products. Growing investment in desalination will also spur pump sales.
In fact, the McIlvaine report suggests that the ocean will play a bigger role in the pump market between new regulations for ballast water treatment booster pump sales for new and old ships, to the expanded production of deep sea oil and gas sources, which also requires pumps.
Source: World Pumps, McIlvaine Company