Report : North America 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)
Single Stage Segment to Dominate North America Mechanical Pump Market during 2019–2028
According to a new market research study on “North America Mechanical Pump Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Stage, Type, and Application,” is expected to reach US$ 19,164.93 million by 2028 from US$ 13,844.48 million in 2021. The market is estimated to grow at a CAGR of 4.8% from 2021 to 2028. Growing mining activities is the major factor driving the growth of the North America mechanical pump market. However, cavitation in pumps may hinder the growth of North America mechanical pump market. The report provides trends prevailing in the North America mechanical pump market along with the drivers and restraints pertaining to the market growth.
Considering technological developments and the uptake of new technologies, North America has established itself as one of the leading regions. This factor is mainly attributed to favorable government policies that boost innovation and strengthen infrastructure capabilities. Hence, any impact on the growth of the industrial sector hampers the region's economic growth. Currently, the US is the world's worst-affected country due to the COVID-19 outbreak. The unexpected emergence of COVID-19 and its subsequent impact on manufacturing slowdown, often known as the COVID-19 economic slump, has significantly impacted pump OEMs' North American operations in 2020. The drop in sales of mechanical pumps in North America has been attributed to the world's lowest oil prices, deterioration of US-China trade relations, closure of rigs by small oil companies, and colossal employment layoffs in both the US and Canada. The role of pump OEMs is projected to alter as end-users focus on enhancing the existing plant productivity and reducing operational expenditure. Pump manufacturers must expand their portfolio to include service-related solutions to find new growth opportunities.
The North America 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 North America 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 North America 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 North America mechanical pump market. On the basis of country, the mechanical pump market is segmented into US, Canada, and Mexico. The US 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 North America 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 2020, Xylem launches a monitoring service that delivers data-driven insights for pump stations and water assets. The service will make it easy to connect with assets and monitor them in real-time, and enables smart decision-making based on real-time data and analysis.
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