Report : Asia Pacific Mechanical Pump Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Stage (Single Stage and Multi Stage), Type (Positive Displacement and Centrifugal Pumps), and Application (Industrial, Commercial, and Residential)
Industrial Segment to Dominate Asia Pacific Mechanical Pump Market during 2019–2028
According to a new market research study on “Asia Pacific Mechanical Pump Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Stage, Type, and Application,” is expected to reach US$ 29,820.20 million by 2028 from US$ 19,309.80 million in 2021. The market is estimated to grow at a CAGR of 6.4% from 2021 to 2028. Rise in construction sector is the major factor driving the growth of the Asia Pacific mechanical pump market. However, cavitation in pumps may hinder the growth of Asia Pacific mechanical pump market. The report provides trends prevailing in the Asia Pacific mechanical pump market along with the drivers and restraints pertaining to the market growth.
Asia Pacific has several developing countries, a high industrial presence, and a positive economic outlook. The increasing urbanization and industrialization in these countries are presenting ample growth opportunities to the mechanical pump market players. The rising use of enhanced technologies, growing adoption of the Industrial Internet of Things (IIoT) across various industrial facilities, surge in safety mandates in developing countries, such as India, Japan, and China, are propelling the adoption of mechanical pumps in the region. The COVID-19 outbreak has halted the entire manufacturing sector, causing major supply chain disruptions. As a result, the shortage of raw materials required to manufacture mechanical pumps is expected to worsen, as the key raw material suppliers are in China and Taiwan. The trade war between the US and China has hampered the trade of raw materials and the demand for mechanical pumps. Further, the scarcity of raw materials has increased their prices, resulting in high mechanical pump manufacturing costs. However, the Asia Pacific market need for mechanical pumps has been driven by the rising demand for power generation in growing economies like India, Japan, and Indonesia. The increased usage of the Internet of Things, which allows mechanical pumps to monitor, analyze, and boost productivity, will positively impact market growthS.
The Asia Pacific mechanical pump market is segmented into stage, type, application, and country. Based on stage, the mechanical pump market is segmented into single stage and multistage. In 2020, the single stage segment held the largest share Asia Pacific mechanical pump market. Based on type, the mechanical pump market is categorized into positive displacement and centrifugal pumps. In 2020, the centrifugal pumps segment held the largest share Asia Pacific mechanical pump market. Based on application, the mechanical pump market is segmented into residential, commercial, and industrial. In 2020, the industrial segment held the largest share Asia Pacific mechanical pump market. On the basis of country, the mechanical pump market is segmented into Australia, China, India, Japan, South Korea, and rest of Asia Pacific. China accounts for largest market share in the 2020.
EBARA CORPORATION; Grundfos Holding A/S; KIRLOSKAR BROTHERS LIMITED; KSB SE & Co. KGaA; PLEUGER INDUSTRIES; Sulzer Ltd; The Weir Group PLC; Tsurumi Manufacturing Co., Ltd.; WILO SE; and Xylem Inc.; are among the leading companies in the Asia Pacific mechanical pump market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, EBARA CORPORATION announced that the 20,000 sq. m. factory in Hefei, China is now opened. The factory will support overhaul, service and support of dry vacuum pumps.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@businessmarketinsights.com