European pumps market for food & beverage to focus on energy efficiency
|Although the ongoing economic turmoil in Europe means that market participants are in for a bumpy ride, the processed food industry is set to bail out the European pumps market for the food and beverage industry over the short-term.|
As end-users increasingly focus on energy-efficient production, pump manufacturers for the food and beverage industry in Europe will need to direct their efforts towards designing novel, cost-effective offerings that support energy optimization, according to new analysis from Frost & Sullivan.
The study, titled "Analysis of the European Pumps Market for Food and Beverage Industry," found that the market earned revenues of $648.6 million in 2012 and estimates this to reach $697.5 million in 2017.
With the current economy, end users are focusing on maintenance of existing pump installations, rather than purchasing new ones. The challenge for pump manufacturers is to develop innovative and economical products that address the needs of budget conscious end users.
"At the same time, pump manufacturers are expected to focus on designing environment-friendly, energy-efficient pumps that reduce overall energy consumption and offer cost savings to end users," noted Frost & Sullivan Industrial Automation & Process Control Research Associate Niranjan Paul. "Products that are customized to suit end-user requirements are expected to become the benchmark within the industry."
Although the ongoing economic turmoil in Europe means that market participants are in for a bumpy ride, the processed food industry is set to bail out the European pumps market for the food and beverage industry over the short-term.
RELATED: Global food industry faces challenges as population grows
"A burgeoning processed food industry is expected to result in increased demand for positive displacement pumps, such as gear and lobe pumps, used in the production of processed food," noted Paul. "While such demand will support market growth over the short- to medium-term, the anticipated recovery of the European economy is set to sustain long-term market expansion."
Investments in the pumps market for the food and beverage industry across Central and Western Europe are projected to be limited. In contrast, growth opportunities are set to increase in Eastern Europe as end users relocate their manufacturing facilities to this low-cost region.
To strengthen their foothold in the high-growth East European market, pump manufacturers should forge relationships with local companies. Top market participants are favoring the mergers and acquisitions route to expand their geographic reach, product portfolios and increase their market share.