In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Slurry pump is a type of water pump, used to pump settling and non-settling slurry mixtures. Slurry is a mixture of any fluid and abrasives (fine pulverized particles). Slurry pump is used to handle a bulk of slurry and its transportation. Moreover, slurry pump is used in different sectors such as gold mining, coal mining, steel mining and tin mining. Slurry pumps are used mainly in those situations where solid particles abrasives are either accidentally or intensely admitted into water. Slurry pump works same as centrifugal pump; slurry pump uses centrifugal force to make the mixture flow through the pipes. Many more industries use slurry pumps such as, building construction, tobacco, food & beverages and agro industries.
Global slurry pump market is expected to grow at remarkable growth rate during forecast period 2017-2024. Over the past few years, it has been observed that the global market for slurry pump has built an impregnable column and is expected to behold positive growth in near future.
Geographically, global slurry pump market is segmented into five major regions i.e. North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America region accounted for the highest market share in global slurry pump in 2016. Rising adoption of advanced technologies is the major factor which is anticipated to drive the growth of slurry pump market in this region. Urbanization, industrialization and construction of new infrastructures in Asia Pacific region are some of the major factors which are expected to drive the growth of slurry pump market in Asia Pacific region during the forecast period. Developing economies such as India and China are anticipated to be the major contributor in the growth of slurry pump market in Asia Pacific Region.CLICK TO DOWNLOAD FREE SAMPLE
Slurry pump market in Middle East and Africa region is growing at a rapid pace due to presence of some of the biggest gold mines and other metal mines in this region. The market of slurry pump is anticipated to expand in this region over the forecast period on the account of the enhancement of agriculture sector in this region.
Our-in depth analysis of the global slurry pump market includes the following segments:
Global slurry pump market is further classified on the basis of region as follows:
Factors such as urbanization, industrialization and increased adoption by mining industries are the driving factors for the growth of global slurry pump market across the globe. Urbanization in developing economies such as China, India, Russia, Thailand and Brazil has escalated the infrastructure development in these countries which has further strengthened the global market of slurry pumps.
Over the past few years, the demand for electricity power is rising globally in developed as well as in developing countries such as India and China. There has been a rise of 62% in power generation in these emerging economies. Further, the significant application of slurry pumps in power generation sector has impelled the growth of global slurry pump market and is further expected to behold positive growth in near future. Moreover, factors such as population growth and increasing infrastructure investment are the fostering the growth of global slurry pump market. Many government initiatives for the modification of existing infrastructures and development of new infrastructures in the countries are anticipated to bolster the growth of global slurry pump market.
However, high cost of the slurry pump is expected to stall the growth of global slurry pump market during the forecast period. Moreover, lack of technical advancement and innovation with slurry pumps is likely to dampen the growth of global slurry pump market.