Market Trends of Industrial Pump Industry
Centrifugal Pumps to Have a Significant Demand
- Centrifugal pumps transfer fluids by converting rotational kinetic energy to fluid flow hydrodynamic energy. An engine or an electric motor often provides rotational energy. They belong to the dynamic axisymmetric work-absorbing turbomachinery class.
- Centrifugal pumps are capable of pumping both hazardous and sensitive fluids. There are no leakage problems with centrifugal pumps and no power loss caused by friction, and they are straightforward in design and operation. Heat transfer is also not an issue because the space between the motor and the chamber is sufficiently wide.
- The increase in the refining capacity globally has increased the demand for centrifugal pumps in refineries, and it is expected to continue over the years. According to the Statistical Review of World Energy, in 2022, the global refining capacity accounted for 101902 thousand barrels daily, with an annual growth rate of 0.5% compared to the previous year.
- As of 2021, more than 416 refineries are to start operation between 2021 and 2025; of these, about 93 refineries projects are new, and the rest are expansion projects, one of the primary drivers for the centrifugal pump market.
- Similarly, centrifugal pumps are widely used in food and beverage industries, chemical manufacturing, water supply, and sewage disposal. For instance, Sulzer Ltd increased its portfolio by providing SEK and SES end-suction centrifugal pumps for delivering clean water to municipalities, water treatment facilities, irrigation, and commercial applications.
- Overall, the demand for refined fossil fuels and upcoming industries in developing and developed nations will drive the market for centrifugal pumps worldwide.
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Asia-Pacific to Dominate the Market
- China is expected to account for the significant growth in crude oil refining capacity in the forecast period in Asia-Pacific (APAC). Additionally, China is among one of the largest manufacturers of chemicals globally. According to statistics from The European Chemical Industry Council, investments in the country have also been the highest in the last decade. Thus, the increasing demand for refining and chemical industries is expected to drive the industrial pump market in the country.
- Additionally, India's refining capacity witnessed a growth of 0.8% in 2022, with the entire country's refining capacity of 5045 thousand barrels daily. India Oil Corp., India's largest refining company, had plans to increase its refining capacity from 80.7 million metric tons per annum to 150 million metric tons per annum by 2030. Additionally, projects worth USD 4 billion are in various stages of execution.
- Southeast Asia is witnessing the commissioning of several refinery projects, including expanding existing ones and developing new ones to reduce import dependency.
- The oil and gas industries, apart from being a source for the majority of primary energy consumption, also aids in providing raw materials for various industries, such as petrochemical, solvents, and fertilizers. With the growing population and rapid urbanization, the demand for these will likely increase, promulgating the refiners to set up new plants or undergo expansion. The increase in demand is expected to drive the market during the forecast period.
- Thus, owing to the above points, Asia-Pacific is expected to dominate the market in the forecast period.
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