Market Introduction
The US, Canada, and Mexico are major contributors to the North America mechanical pump market. Mechanical pump use more motor torque on the forward (power) stroke and significantly less on the back stroke, which makes them among the most energy-efficient pumps on the market. Mechanical pump are among the most popular, reliable, and versatile pumps due to their low starting prices, low repair and maintenance expenses, and simple installation process, as well as their wide application range for pumping fluids with varying viscosities. As it is a highly fragmented market, price becomes a major competing factor for pump providers. Low-cost imports from companies in Asia Pacific further exacerbate competition in the mechanical pump market in North America. The increasing focus on advancements in the water and wastewater industry in the US and Canada is one of the main factors driving the mechanical pump market over a short term. The Canadian government is considering US$ 20 billion in expenditures to upgrade municipal water and wastewater infrastructure, as well as green infrastructure. The US have been prioritizing improvements in storm water and water reuse, and desalination systems. Mechanical pump are in high demand due to growing investments in the water and wastewater industry as they can handle and control any type of trash. This makes them useful in a variety of applications, including conveying and metering. In addition, a growing emphasis on quality, dependability, precision, etc., in important operations to achieve operational excellence contributing to the progress of the mechanical and hydraulic pump industries. In resource-rich countries, the energy and commodity cost stabilization is likely to boost the mechanical pump industry performance. Moreover, technological advancements, greater skilled workforce availability, and enhanced productivity serve as other positive indicators for the mechanical pump market growth. However, the political, policy-related, and economic uncertainties compel most North American manufacturers to taking a more cautious approach to investments and product expansions. This allows them to prepare for disruptions caused by geopolitical tensions, government policy uncertainty, financial market instabilities, and fierce competition in markets. Such business conditions limit the mechanical pump market growth in the region. However, based on North American economic growth trends, the market opportunity for mechanical pump appears to be favorable throughout the projected period, and producers will need to take advantage of the improving conditions.
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.
Market Overview and Dynamics
The mechanical pump market in North America is expected to grow from US$ 13,844.48 million in 2021 to US$ 19,164.93 million by 2028; it is estimated to grow at a CAGR of 4.8% from 2021 to 2028. Increasing energy demands; currently, a majority of energy is being generated through conventional power plants, including coal-powered, gas-powered, nuclear, biogas-powered, and geothermal power plants. Water plays a key role in the electricity generation in these plants, as it is converted into steam to propel the turbines. Mechanical pump are used for circulating water in these power plants. Owing to the increase in population, industrialization, and urbanization across the region, the demand for energy is increasing at a high pace. As a result, several fossil fuel-powered power plants are being deployed across the region. Moreover, power generation from the renewable sources of energy is in a nascent stage and is majorly being emphasized in North America. Thus, the growing demand for energy, consequently escalating power generation activities, is boosting the North America mechanical pump market growth.
Key Market Segments
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.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the mechanical pump market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are 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.; among others.
Reasons to buy report
NORTH AMERICA MECHANICAL PUMP MARKET SEGMENTATION
By Stage
By Type
By Application
By Country
Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 13,844.48 Million |
| Market Size by 2028 | US$ 19,164.93 Million |
| CAGR (2021 - 2028) | 4.8% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Stage
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America Mechanical Pump Market is valued at US$ 13,844.48 Million in 2021, it is projected to reach US$ 19,164.93 Million by 2028.
As per our report North America Mechanical Pump Market, the market size is valued at US$ 13,844.48 Million in 2021, projecting it to reach US$ 19,164.93 Million by 2028. This translates to a CAGR of approximately 4.8% during the forecast period.
The North America Mechanical Pump Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Mechanical Pump Market report:
The North America Mechanical Pump Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Mechanical Pump Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Mechanical Pump Market value chain can benefit from the information contained in a comprehensive market report.
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