Leading players in the high pressure pumps market are adopting various strategies to increase their market share
The global high pressure pumps market is expected to grow from an estimated $2.34 billion in 2016 to $2.76 billion by 2021, registering a CAGR of 3.2 per cent from 2016 to 2021.
The global market is set to witness significant growth, due to the focus on the water and wastewater treatment sector, the growth of the manufacturing sector in South Asian countries, and the growing green chemical industry in the US, said a report.
Leading players are trying to penetrate the markets in developing economies, and are adopting various strategies to increase their market share, the report said. Some of the top players in the high pressure pumps market are: Andritz (Austria); GEA Group (Germany); Grundfos (Denmark); Sulzer Ltd (Switzerland), and The Weir Group (UK).
The manufacturing industries segment is expected to hold the largest share of the high pressure pumps market. The segment led the market in 2015, and is projected to dominate and grow at the fastest rate. It is primarily driven by the growth of the automobile, food processing, and textile industries, and is expected to create new revenue pockets for the pumps.
With regard to the type segment, dynamic high pressure pumps are expected to constitute the fastest growing market from 2016 to 2021. These pumps are used in the oil and gas sector for cleaning heat exchanger, rust and paint removal from metal structures, and tube dechoking. In the water and wastewater treatment sector, it is used for processing drinking water, reverse osmosis process, and machine tool lubrication.
Asia-Pacific is expected to dominate, given an increase in the number of manufacturing and development activities in countries such as India and China.