Market Trends of Commercial Pumps Industry
This section covers the major market trends shaping the Commercial Pumps Market according to our research experts:
Increasing Activities in Oil and Gas Sector to Create New Opportunities
- Oil & gas sector is the most prominent source of demand for the commercial pumps industry. The intensive work of drilling and extracting requires reliable and powerful pumps to draw resource from great depths of the ocean and land.
- Commercial pumps are installed in almost every vertical of the oil & gas sector. Commercial pumps are used in regulating the transport operations via pipelines, they installed in several refineries to feed the machines treating crude oil with the raw product, they are used at the outlets or gas station to provide the end product to the customer, etc.
- With more than 1.8 million barrels of crude oil held back every day from the global supply due to OPEC regulations, the crude oil prices are stabilizing slowly. The newly found shale gas resources in North America and increasing investments in the Middle East region towards exploration and drilling activities are reviving all the secondary industries that are highly dependent on the oil & gas industry, including the commercial pumps market.
- Moreover, an increasing number of oil and gas rigs around the world will boost the commercial pumps market.
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North America to be the Largest Market
- Commercial pumps have significant applications in the construction sector. They are majorly used for water circulation systems and waste management. Generally, buildings are responsible for an enormous amount of global energy use, resource consumption, and greenhouse gas emissions. As the demand for more sustainable building options increases, green construction is becoming increasingly profitable and desirable within the international construction market.
- Green buildings are known for the usage of low energy consuming appliances, especially pumps, which are the prime contributors to the energy consumption of a building. More energy efficient variants of commercial pumps are installed in green buildings to reduce the carbon footprint of the North America region.
- For instance, in the United States alone, buildings account for almost 40% of national CO2 emissions out-consuming both the industrial and transportation sectors. To keep this situation under control, the construction companies in the region adopted Leadership in Energy and Environmental Design(LEED) standards to construct green buildings.
- According to US Green Building Council (USGBC), currently, in the US, LEED-certified buildings have 34% lower CO2 emissions, consume 25% less energy and 11% less water, and have diverted more than 80 million tons of waste from landfills. USGBC estimates that by 2018, green construction will directly contribute a million jobs and USD 75.6 billion in wages. The industry’s direct contribution to U.S. Gross Domestic Product (GDP) is also expected to reach USD 303.5 billion by the end of 2018.
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