Pump Market to Exceed $48 Billion/Yr by 2019
Sales of industrial and municipal pumps will exceed $48 billion per year by 2019.
The growth will be driven by East Asia where sales will be over $18 billion in 2019. Among the major purchasers will be municipalities. East Asia is constructing a large number of drinking water and waste treatment systems. Pumps are used in transport to and from the plants and also for all the purification processes in the plants.
Construction of new coal-fired plants in East Asia will also be substantial. Japan is joining China as a constructor of new coal-fired plants. This is due to the shutdown of nuclear power plants and the high price on natural gas which is delivered as LNG.
Other major purchasers will be the chemical industry, pulp and paper mills, and the iron and steel industry. Special sanitary pumps will be purchased by food and pharmaceutical companies. The construction of many plants to make generic drugs will impact the market. High purity pumps will also be needed for the ultrapure water used to wash semiconductor chips. Taiwan, Korea, China and Japan account for a large percentage of semiconductor manufacturing. This percentage will grow over the next six years.
The oil and gas industry and refineries represent a growth area worldwide. The U.S. will be a major purchaser in 2019 due to its continuing hydro fracturing activities as well as offshore extraction. Refining and gas processing will be significant markets in the Middle East. Mining will be a major market for pumps in South America and Africa.
Source: The McIlvaine Company