| |DECEMBER 202119According to a recent report by Grand View Research, Inc., the global industrial pump market size is anticipated to reach $99.3 billion by 2027, growing at a Compound Annual Growth Rate of 5.9 percent. Technological advancements have led to increased efficiency and this is predicted to bolster the adoption of industrial pumps.The advancement in technology is anticipated to significantly improve basic process tasks, offer a long-term reduction in daily operating processes, and improve the reliability of the industrial pumps. Moreover, it is predicted to enhance not only product performance but also reduce energy consumption. Therefore, this will augment the product demand in end-use industries which includes water and wastewater, oil and gas, and construction.Rapid urbanization and industrial-ization, increasing infrastructure de-velopment, are a few of the key factors expected to propel the demand for en-ergy fuels. This in turn has resulted in the growth of the power and oil & gas industries. Growing penetration of centrifugal and positive displacement of industrial pumps in the oil & gas in-dustry is anticipated to augment the industrial pump market growth during the forecast period. Demand for indus-trial pumps is anticipated to increase in developing economies owing to the growing need for reusable water, which includes countries such as India and China.ADOPTING STRATEGIES TO IMPROVE MARKET PENETRATIONIntending to improve the market penetration and also gain an edge over their competitors, the major industrial pump market players are adopting various strategies such as new product development and acquisition of small and medium scale enterprises.Increasing usage of industrial pump products can be accredited to the surge in demand for petrochemicals in various countries of the Asia Pacific which includes India, Indonesia, Thailand, and Vietnam. Moreover, the growing industrial sector, coupled with rapid population expansion in these economies is expected to bolster the market growth over the forecast period.Based on the product, centrifugal industrial pumps accounted for 62.1 percent share of the global revenue in 2019 owing to their predominant usage in utilities and shop floors of production units in a wide array of industries. Based on the region, Europe is estimated to register a Compound Annual Growth Rate (CAGR) of 5.6 percent from 2020 to 2027 owing to the amplified usage of high-pressure industrial pumps in countries for controlling water flow rates.Pump manufacturers in Coimbatore, Tamil Nadu, India stated that the prices of raw materials have highly increased, and this could result in an increase in the price of pump sets. Since this would adversely affect farmers, the pump manufacturers have requested the government to solve this issue.In a communication, V Krishnaku-mar, President of the Southern India Engineering Manufacturers' Associa-tion (Siema), said the price of copper, a main raw material used to manufacture motors and some parts of pumps, had increased by around 25 percent, since June 1st. The price of cable has been revised two or three times because of this.Also, aluminum which is used in the manufacturing of motors has become costlier by more than 15 percent. Not just aluminum, but also prices of lamination steel and castings, pig iron used for manufacturing castings for the pump industry have increased by 10 percent, the communication said. INDUSTRIAL PUMPS BECOMING ADEPT AT REUSE OF WATERTHE PANORAMA
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