A High Growth Potential Ahead
Pumps and valves are two commonplace components in today’s industrial as well as civic world. With the rising need for landfill management, fast growing trend of erecting high-rise buildings, mushrooming construction of water and waste water treatment plants and many other on-going industrial and civic activities, the demand for pumps and valves is increasing by leaps and bounds.
In this modern world, beside electric pump sets, the use of motorized valves is also steadily increasing. Growing side by side is the application of valve actuators. As far as automated fluid transfer operations are concerned, these three literally integral components are gaining more and more attention.
According to one of the Technavio’s recent research reports, the global pumps market is to grow steadily at a CAGR of 5% between 2016 and 2020. Through their analysis, Transparency Market Research (TMR) is informing that the global valve market will exhibit a CAGR of 5.6% from 2016 to 2020 in terms of revenue. If the prediction goes true, the market, which was valued at US$71.21 bn in 2015, is expected to rise to US$92.65 bn by 2020. In terms of volume, the market is expected to grow at a CAGR of 4.6% during the forecast period.
If we see industry wise, the global pump and valve markets will be mainly driven by Oil & Gas, Chemical, Water & Wastewater, Building, Residential Construction, Semiconductor & Electronics and Food & Beverage sectors.
Looking specifically at the APAC region, we find, as far as the pump market is concerned, APAC accounted for the largest market share during 2015, and it is expected to grow at a CAGR of about 6% till 2020. Specific product category wise, use of positive displacement pumps is increasing in the APAC region, which is also a major contributor to the huge growth potential. Rapid industrialization in the APAC region may boost the demand further in the near future.
So, the golden days are coming for the Indian pumps and valve manufacturers. However, they will have to raise their product quality and manufacturing capacity (mass scale production) to the global standard to stay competitive.
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