The power generation pumps market is likely to witness steady growth, with global demand expected to exceed 4,000,000 units by the end of 2018. The growth of the market is influenced by rising energy demand, especially in the developing regions. Integration of new technologies including sensors to monitor different parameters in the power generation pumps is also on a rise.
Providing high flow rate with a capacity of handling large quantities of fluids, centrifugal pumps are widely used in the power generation plants. The demand for centrifugal pumps is likely to be influenced by its various features, such as small size and low costs.
Demand for centrifugal pumps is expected to increase in the Asia Pacific region, especially in China, India, and Japan. Rising demand for power supply and favorable government policies are driving the demand for power generation pumps.
Power Generation Pumps to find Large Application in Coal/Oil Power Plants
The demand for power generation pumps is likely to grow significantly in coal/oil power plants with demand expected to exceed 1,400,000 units by 2018 end. The development of new coal and oil power plants across various countries is driving the power generation pumps market growth.
According to the International Energy Agency (IEA), coal generation increased by 3% in 2017 after witnessing a fall in last two years. Substantial growth in coal generation is seen in India and China. Moreover, with the share of around 30%, coal-fired power generation remains the largest source of energy worldwide.
Efforts are being made to improve the coal power plants design and power generation pumps to boost efficiency and flexibility of the plants. The coal-fired power plants are deploying efficient supercritical and ultra-supercritical coal power generation technologies. Although Southeast Asia is an important producer of coal, oil, and gas, it is likely to face several challenges in the coming years, owing to the increasing focus on power generation through green energy sources.
APAC to Dominate Power Generation Pumps Market
APAC is witnessing an increase in demand for power and electricity. With new government regulations and emission standards, countries in APAC region are switching to cleaner source of energy. Adoption of renewable sources of energy for power generation has increased in recent years.
With the increasing demand for power from various industries, the demand for power generation pumps in APAC region is expected to surpass 2,000,000 units by the end of 2018. According to the report, various countries in the region have upgraded policy framework, increased regional co-operation, and are moving towards renewable energy resources along with the increasing investments.
Growing investments in infrastructure and development of new industries, energy demand in the Southeast Asian countries is set to grow strongly. According to the IEA’s Southeast Asia Energy Outlook 2017, increasing energy needs is resulting in the rise in consumption of fuels. Coal accounts for nearly 40% of the growth, whereas demand for natural gas is also likely to grow by around 60% by 2040. Hence, new power plant construction is also expected in the region, thereby driving power generation pumps market growth.
As per the study, in order to meet the electricity demand, installed power generation capacity is expected to rise to more than 565 GW in 2040. Also, renewables are expected to account for largest share in installed capacity by 2040. Thereby, driving the demand in the power generation pumps market.
According to the Fact.MR report, power generation pumps with small capacity of up to 500 gpm are likely to witness highest growth in the coming years. The demand for smaller power generation pumps is increasing due to low cost and have smaller motors, resulting in less power consumption.
The power generation pumps market is likely to witness steady growth, the demand for power generation pumps is expected to reach 3.7% CAGR in terms of volume during 2018-2028.