CLEVELAND, June 9, 2022 /PRNewswire/ — Like many other industries, the global pump market has been impacted by supply chain disruptions associated with the pandemic. New analysis from the Freedonia Group reveals that supply shortages and rising raw material prices have led pump suppliers to raise prices, contributing to very strong sales growth in value as markets have started to recover in 2021.
While the pump market saw double-digit growth in 2021, even faster gains were impeded by difficulties in fulfilling orders. Many companies reported order intake well above revenue as they struggled to keep up with demand. Supply chain issues are expected to persist through 2022, with China attempts to implement zero COVID policies resulting in continued disruptions in manufacturing and logistics. Companies that are able to solve these problems and provide on-time deliveries will have significant sales opportunities.
Market segmentation is an important consideration for business strategies
While the global pump market includes a variety of general purpose products, a large portion of the market consists of relatively specialized products that are primarily used in a particular target market. As a result, companies in the industry vary widely in their level of exposure to different markets. Most of the world leaders in the pump market pursue a strategy of market diversification and manufacture pumps for a wide variety of applications. However, the industry includes a number of companies that have chosen to put a heavy emphasis on the oil and gas market, and these companies have underperformed in 2020 as the global oil and gas industry was contracting. Market losses contributed to further consolidation as companies that participated in oil and gas as a non-primary market (eg Weir Group) reduced their stake.
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For more information on solar pumps and the global pump industry in general, see Global Pumps, now available from The Freedonia Group. This study presents historical data (2011, 2016, and 2021) and forecast to 2022, 2026, and 2031 for the global Fluid Handling Pumps industry demand by product and market in US Dollars.
- positive displacement (rotary, reciprocating, diaphragm)
- specialty and other pumps, which include pumps whose designs are uniquely specialized for specific applications, such as domestic water system pumps, turbines, drilling mud pumps, sump pumps, sump pumps, beverage service, microfluidic and other laboratory pumps
- associated drivers, parts and accessories
The demand for pumps is also segmented by market:
- manufacturing process
- hydraulic infrastructure
- oil and gas
- electricity production
- other, which includes healthcare, marine, mining and other manufacturing industries
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SOURCE The Freedonia Group