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As per a detailed study by FMI, the global end suction pump market is set to top US$ 6.08 Bn in 2021. Increasing use of the end suction pumps in the power industry for various processes, including boiler feed, circulation, and sludge handling is propelling the demand in the market.
End suction pumps are finding a wide range of applications such as water dosing, fire suppression, and heating, ventilation, and air conditioning (HVAC) gas suction across hotels, gas stations, and others. On account of this, the market is expected to grow at a CAGR of 4.6% CAGR during the forecast period 2021-2031.
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Hence, increasing construction activities owing to the rapid urbanization across emerging economies such as China , India , and Japan among others is expected to create lucrative growth opportunities in the market.
Governments of several countries are emphasizing on expanding their manufacturing capacity. For instance, the Indian Government has initiated a ‘Make in India ‘ program to expand the manufacturing sector in the country.
Such initiatives to increase production of petrochemicals, processed food & beverage, chemicals, and others will boost the market. In response to this, end suction pump market is estimated to register 3.5% year-on-year growth in 2021.
Based on application, the industrial segment is projected to hold the lion’s share in the market, accounting for more than 75% of the sales in 2021. Growing demand for end suction pumps for application in oil & gas, power generation, water treatment, and mining sector is facilitating the growth in the segment.
“Rising offshore and onshore oil gas exploration activities and rising emphasis on the development of wastewater infrastructure across the U.S., China , and India is expected to drive the growth in the market,” says a FMI analyst.
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Increasing customer inclination towards the use of renewable eco-friendly fuels is slumping the oil & gas sector, which in turn might hamper the growth in the market.
Leading companies operating in the global market are Grundfos, Sulzer Ltd, Xylem Inc., KSB AG, Flowserve Corporation, Ebara Corporation, Kubota Corporation and others. As per Future Market Insights, the top 10 players are estimated to account for more than 15% of the market share in 2021.
Key players are focusing on launching new products to expand their product portfolio. Some of the companies are aiming for strategic collaborations and partnerships with other manufacturers, local dealers, and service providers to strengthen their global footprint. For instance,
Some of the key players operating in the market profiled by FMI are:
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More Valuable Insights on End Suction Pump Market
A detailed study by FMI provides an unbiased analysis of vital factors favoring the growth in the global end suction pump market through 2021 and beyond. The survey offers refined sales projections in end suction pump market with detailed segmentation:
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Key Questions Covered in the Report
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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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The post Market for End Suction Pumps to Reach US$ 6.08 by 2031, with Industrial Sector Contributing 75% of Total Sales: FMI appeared first on Future Market Insights.
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