The industrial pump market has always experienced consistent growth across the globe, but the next decade could yield an even higher demand. As improved infrastructure development continues to be a priority for numerous countries, the need for quality industrial pumps will increase drastically as well.
Other factors expected to heighten the demand of the industrial pumps market include growth in several end-use application segments, increased opportunities in different regions throughout the globe, and the growing demand for centrifugal industrial pumps. Below, we explored these different trends in the pump industry, so you can better position your distributorship as a leader in the marketplace.
Application Growth Segments for Pump Distributors
The combination of population growth and industrial development have thrust the water and wastewater treatment sector to the forefront of the industrial pumps market. As government policies and international commitments move toward cleaner water, there is added pressure on pump distributors to deliver quality pumps in a timely manner.
Another segment expected to grow exponentially is the use of pumps within the oil and gas industries. As economies turn their focus to offshore and onshore crude oil exploration activities, there will be an increased demand for application-specific pumps.
Growing Pump Demand Across the Globe
The future growth of the industrial pumps market will come from three geographical locations―Asia Pacific, Europe, and North American―that are predicted to see significant increases in pump demand over the next decade.
The Asia Pacific market has dominated the share of revenue in the pump industry accounting for more than 47 percent of sales. This overwhelming growth can largely be attributed to water and wastewater treatment, construction, and oil and gas. Looking more specifically at this region, the demand for high quality industrial pumps have increased steadily throughout China and India over the past decade. Large investments in liquefaction plants have driven the need for industrial pumps. This growing need for reusable water provides opportunities for pump distributors to expand their reach into new territories.
Additionally, both the European and North American regions expect to grow much faster than other markets over the next decade. This high demand can be linked to new infrastructure projects to help control water flow rates and the growing penetration of petrochemical production facilities.
Demand for Centrifugal Industrial Pumps
With demand for industrial pumps sprouting up across the globe, distributors have an opportunity to focus on in-demand products. The most popular item as of late has been the centrifugal industrial pump, which accounted for more than 62 percent of global revenue. Even with its dominance in the marketplace, the demand for centrifugal pumps is expected to grow even more in the coming decade.
Countries, such as the United States and Canada, have made it a focus to invest in hydraulic fracturing for the oil and gas industry. In order to meet their lofty goals, they will need quality pumps that they can count on. There is also a growing need to upgrade the aging infrastructure in both nations that will help drive the demand of industrial pumps like the centrifugal pump.
Other pumps that are expected to experience significant growth over the next decade include:
- Positive displacement industrial pumps
- Reciprocating industrial pumps
- Rotary industrial pumps
Find the Resources You Need to Succeed in the Pump Marketplace
As the landscape of the industrial pumps market continues to shift and mold to fit the demands of consumers, it is important to have a reliable partner you can trust. Having a partner like Tribute that can help you capitalize on these trends can be the difference between coming out on top of your competition or watching them pass you by.
That’s why our TrulinX software was specifically designed with industrial pump distributors in mind, allowing you to better position your business as a leader in the marketplace. Our software features are robust and include:
- The ability to easily track and manage outsourced fabrication for projects.
- Obtaining accurate costs to maximize gross margins.
- Managing components and subassemblies for complex kits.
- And so much more!
To learn more about Tribute's industry expertise and how TrulinX software can benefit your organization, request a demo today.