The global mechanical pump market is expected to grow from US$ 49,639. 6 million in 2021 to US$ 72,732. 2 million by 2028; it is estimated to grow at a CAGR of 5. 6% from 2021 to 2028. A mechanical pump is a device that uses mechanical action to move fluids (liquid or gas) and slurries.
New York, Jan. 07, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Mechanical Pump Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Stage, Type, and Application" - https://www.reportlinker.com/p06195611/?utm_source=GNW
Mechanical pumps are classified based on how they operate, but they all work on the same principle of consuming energy and moving fluid through mechanical action.
Eight major industries, namely coal, fertilizers, oil & gas, refinery products, steel, cement, and electrical, are driving the adoption of pumps.Agriculture and construction services are also important end-use segments in developing economies like India and China.
The mechanical pumps market’s major players are primarily focused on quality and a low-cost proposition. One of the major success factors for standing out in the global market is to build a stronger brand and expand market reach in new geographies.
The mechanical pump market is segmented on the basis of stage, type, application, and geography.Based on stage, the market is bifurcated into single stage and multi-stage.
Based on type, the market is bifurcated into positive displacement and centrifugal pumps.Based on application, the market is segmented into residential, commercial, and industrial.
Additionally, based on region, the mechanical pump market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Impact of COVID-19 Pandemic on Mechanical Pump Market
APAC has several developing countries, high industrial presence, and positive economic outlook.Increasing urbanization and industrialization in APAC countries is presenting ample growth opportunities to the mechanical pump market players.
The increasing use of enhanced technologies; growing adoption of Industrial Internet of Things (IIoT) across various industrial facilities; and rising safety mandates in developing countries such as India, Japan, and China are propelling the adoption of mechanical pumps in the region.The COVID-19 outbreak has brought the entire manufacturing sector to a halt, causing major supply chain disruptions.
As a result, there was a shortage of raw materials required for mechanical pump manufacturing, as the key raw material suppliers are located in China and Taiwan.The trade war between the US and China has had a negative effect on the trade of raw materials and on the demand for mechanical pumps.
Further, the scarcity of raw materials has led to increase in their prices, resulting in high mechanical pump manufacturing costs. However, in the Asia Pacific market, the need for mechanical pumps has been driven by rising demand for power generation in economies such as India, Japan, and Indonesia. The increased usage of the Internet of Things, which allows mechanical pumps to monitor, analyze, and boost productivity, will have a favorable impact on the market growth.
The overall mechanical pump market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the mechanical pump market with respect to all the segments.It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East and Africa, and South America.
Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic.The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the mechanical pump market.
A few key players in the market are EBARA CORPORATION; Grundfos Holding A/S; KIRLOSKAR BROTHERS LIMITED; KSB SE and Co. KGaA; PLEUGER INDUSTRIES; Sulzer Ltd; The Weir Group PLC; Tsurumi Manufacturing Co., Ltd.; WILO SE; and Xylem Inc., which are profiled in this report.
Read the full report: https://www.reportlinker.com/p06195611/?utm_source=GNW
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