Global, national, technology and regulatory factors are all shaping the future of the industrial pump industry. The best forecast today may not be the best forecast tomorrow based on some singular event. A case in point would be the surprise decision by the U.S. Supreme Court to vacate the Clean Power Plan. Because China accounts for more than 30 percent of pump purchases, any economic change in that country will potentially have measureable impact on global market forecasts.
Pumps World Markets is updated continually to take into account new developments.
Source: McIlvaine Company
At one time extraction of oil from onshore and offshore oil platforms was the leading sector of the market. This application has seen substantial but temporary decline. By 2018 this sector will rebound with likely double-digit growth Markets in municipal wastewater treatment, desalination, pharmaceuticals and aquaculture are growing nicely.
The market for pumps in desalination has expanded faster than the overall industry due to the gain in market share for membrane separation as opposed to thermal desalination. The use of pumps for energy recovery provides another big boost. The aquaculture market is booming as the technology is replacing wild fish harvesting.
The biggest opportunity for pump suppliers is a pro-active strategy to boost after-market sales. In many applications, it is better to buy more expensive pumps and repair them as needed than to buy inexpensive pumps and replace them frequently. This necessitates a program to prove the lower total cost of ownership for this approach. The pump company has to understand the application as well as the customer does in order to make a convincing case for the more expensive initial purchase.