Global demand for pumps will rise 6.4 percent per year through 2016 to $75.4 billion, a new report from research firm Freedonia forecasts.
Spurred by recovery from the recent economic downturn, growth will be healthy across the globe. However, the report notes, drivers of growth will vary by region.
Advances in developing areas such as China and India will result from industrialization, as investment in water infrastructure and electricity generation grows. In developed areas, continued gains in manufacturing output will provide gains in the process manufacturing market, Freedonia predicts.
Oil producing nations such as those in the Middle East will see advances due to strong drilling activity. In the U.S., demand will benefit from the boom in hydraulic fracturing in the oil and gas market.
The report, titled “World Pumps Market,” predicts that positive displacement pumps will benefit from growth in process manufacturing activity, while the centrifugal pump segment will see gains from growing demand for more versatile, low-maintenance pump models. Each of these segments will also benefit from the development of improved pump designs and the use of new materials, according to Freedonia.