Industrial Pump Market to Exceed $37 Billion in 2012
Thanks to the growth in Asia the world industrial pump market will exceed $37 billion in 2012. This is the conclusion reached by the McIlvaine Company in Pumps: World Markets, a continuously updated online publication.
The larger market including residential pumps and those used in hydraulic systems will exceed $60 billion worldwide.
Asia is the largest industrial market with 40 percent of the total. China will lead all countries thanks to its investment in municipal water and wastewater plants, construction of new coal-fired power plants and expansion of its iron and steel industry. China will account for 61 percent of the Asian purchases.
Centrifugal pumps are the leading category. This includes slurry as well as clear fluid pumps. The other pump types are used for slurries, viscous fluids, chemical metering and even moving semi-dry sludges.
Thousands of pump companies participate in the world market. Many of the smaller regional companies will be acquired by international companies or be forced out of business as the market continues to globalize. The small regional company faces not only the problem with international competitors but with international customers. The international customer regardless of plant location will prefer an international supplier.
Chinese wages are increasing to the point that the country is no longer the lowest cost producer of pumps. Other Asian countries have taken this role.
Source: The McIlvaine Company