On the basis of geographical analysis, the global horizontal multistage pumps market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of growing demand for water pumps for irrigation, waste water treatment, and other applications. The high population in the APAC region is estimated to play a crucial role in the growth of the market. Moreover, the growing water scarcity in the region, is further estimated to boost the market growth. According to the data by the UNESCO, two-thirds of the global population live under water scarcity for at least one month per year, out of which, about 50% of these people live in China and India. The market in the Middle East and Africa region is anticipated to gain a modest market share throughout the forecast period owing to the shortage of water in majority parts in the region.
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The global horizontal multistage pumps market is further classified on the basis of region as follows:
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Our in-depth analysis of the global horizontal multistage pumps market includes the following segments:
October, 2021: Xylem, the global water technology company to join hands with Pep Guardiola to address water scarcity, by enabling their customers to optimize water and resource management.
September, 2021: Grundfos, a global leader in advanced pump solutions and water technologies, announced the complete acquisition of Mechanical Equipment Company, Inc. (MECO), to strengthen its position in the global water treatment market.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Payel Roy, Dhruv Bhatia
Ans: Growing application of horizontal multistage pumps in waste water management to boost the market growth.
Ans: The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 – 2030.
Ans: Circulation of generic pumps along with the availability of low cost pumps in the market is estimated to hamper the market growth.
Ans: The market in the Asia Pacific region is estimated to provide more business opportunities for growth over the forecast period owing to the developing water supply system in the region.
Ans: The major players in the market are Xylem, Sulzer Ltd., Flowserve Corporation, Grundfos Holding A/S, The Weir Group PLC, Baker Hughes Company, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by application, material, end-user, and by region.
Ans: The industrial segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.