Market Trends of Pump Industry
Increasing Demand for Water and Wastewater Treatment Plants
- Around two-thirds of the world’s population lives in areas that experience water scarcity for at least a month annually. Around 50% of people facing this level of water scarcity live in India and China. Therefore, the demand for the treatment of wastewater produced is expected to improve the efficiency of water usage and meet the water demand for both municipal and industrial sectors.
- The United Nations' Sustainable Development Goal (SDG) number six emphasizes universal and equitable access to clean water and aims to improve water quality by curbing pollution and eliminating the dumping of hazardous chemicals and materials by 2030. Hence, maintaining water resources' availability and sustainable management is likely to propel the growth of wastewater treatment activities in chemical industries.
- In 2022, around 45.5 thousand hot water pumps were sold in Germany. This was an increase compared to 2021, at 23.5 thousand pumps. Also in 2022, a German-based chemical manufacturing company, LANXESS, commissioned a novel wastewater treatment plant worth 12.65 million at the Kallo/Antwerp site in Belgium, with a water treatment potential of 260,000 liters of wastewater per hour, which is viewed as a step toward the adoption of wastewater treatment practices.
- Similarly, in June 2022, a nanobubble technology provider, Moleaer, declared fundraising of USD 61 million to help companies expand wastewater treatment production capacity by nearly 25%. It is expected to help chemical industries deploy technology in their water treatment plants.
- The United States Environmental Protection Agency (EPA) has promulgated effluent guidelines for industries such as organic chemicals, plastics, synthetic fibers, gum and wood chemicals, and pesticide chemicals, among others. It permits control mechanisms for chemical industries' wastewater treatment.
- Therefore, growing concerns regarding the environmental impact of wastewater and water scarcity, stringent government regulations, and the declining cost of water treatment plants are expected to drive the water treatment industry and, in turn, increase demand in the pump market during the forecast period.
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Asia-Pacific is Expected to Dominate the Market
- In the Asia-Pacific, countries like India and China are witnessing an increase in industrial activities, inducing growth in demand for crude oil and chemicals, among others. China is expected to account for significant growth in crude oil refining capacity by 2025 in Asia-Pacific (APAC). The country is expected to account for 26.8% of the total refining expansion capacity in the region by 2025. This is likely to contribute to the market demand for pumps in the region.
- Most of the countries in Asia-Pacific are in a growing phase, and the high rate of population growth has led to an increased requirement for water supply.
- Moreover, excess water extraction in countries such as India resulted in a 58% decline in the water level between 2011 and 2021. This has translated into an increase in demand for high-head pumps.
- During 2000 to 2021, India attracted an FDI investment of about USD 763.83 billion, and in 2021, the FDI investment in the petroleum, natural gas, and mining industries was approximately USD 81.97 billion. Thus, high investments, policies, and various industries are likely to propel the pump market in the region during the forecast period.
- However, in October 2022, Ingersoll Rand Inc. agreed to acquire India’s Everest Group and France’s Airmax Group for USD 86 million. Everest Group provides customized blower and vacuum pump solutions and sustainable end markets, including water treatment, pharma, and food and beverage.
- Based on the above-mentioned factors, Asia-Pacific is expected to dominate the pump market during the forecast period.
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