The global GDP is mainly propelled by major developing countries, such as India, China and some other Asian countries, owing to the high emphasis being put on infrastructural developments and propulsions in industrial production. Due to political and strategic transformations, several countries have managed to emerge lucrative for investors.
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All these factors are analyzed across key regions of Latin America, North America, Europe, Middle and Africa (MEA) and the Asia Pacific. In order to provide an accurate forecast, analysts have presented the current market, which forms the basis of how the metal caps and closures market is expected to develop in the future.
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Economically developed regions are witnessing decent growth in dewatering pumps market, attributed to opportunities in existing commercial and industrial processes. Whereas, emerging economic regional markets are expected to witness robust growth in demand from the upcoming infrastructure projects across municipal construction and mining.
Increasing urbanization in the emerging as well as developed economies coupled with growing middle class population has led to a surge in worldwide constructional activities. Another factor that strengthens the above sentence is the migration of people from sparsely populated villages to densely populated cities.
These factors have led to an increased demand for housing and infrastructural developments around the world that favors the growth of dewatering pump market, especially the centrifugal pump segment, which is widely used for construction as well as industrial sector.
Rapid industrialization and urbanization in emerging economies such as China, India and ASEAN region are expected to lead to increase in investment in energy and water infrastructure development. Most pump players have established a manufacturing base in Asia Pacific to take advantage of low-cost labor in the region.
Most global pump suppliers, have garnered a high percentage of their raw material for pump manufacturing from China, with emphasis on metal castings, followed by rubber and plastics goods. Low priced pumps offered by Chinese players is a major barrier to overcome for most global players operating in the centrifugal pump market but is certainly beneficial for the Chinese players.
China has been the longstanding exporter of centrifugal pumps and is expected to retain its dominance in the market over the forecast period.
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Oil and gas industry, particularly in the U.S. and Canada, is anticipated to be strong particularly driven by hydraulic fracturing in oil &and gas extraction and shale gas production.
This trend is anticipated to drive demand for pumps in North America. With increasing demand for energy and power, end users are impelled to enhance oil and gas recovery processes from existing fields, as well as explore new fields.
This trend, coupled with demand for automation, energy-efficient and environmental-friendly pumps, are expected to offer considerable growth opportunities for manufacturers in North America. In 2014, the U.S. was the largest producer of oil and natural gas, overtaking Saudi Arabia and Russia, driven by extraction of energy from shale rocks.
The dewatering pump market is slated to grow significantly over the forecast period owing to the dramatic growth of the oil & gas industry. This growth can be attributed to the significant production of hydraulic fracturing, also referred to as fracking, in the oil and gas industry.
Higher crude shipments, surging natural gas exports, and robust fuel flows will help the United States become a net energy exporter, in turn, increasing the market demand of dewatering pumps. Moreover, increasing demand for dewatering pumps in the chemical industry to move chemicals is also expected to contribute to the market growth.
Furthermore, rising concerns regarding waste water treatment and actions being taken for the same in North America will fuel market growth to a great extent.
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