According to our new research study on "Mechanical Pump Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Stage, Type, Application, and Geography," the market is projected to reach US$ 72,732.2 million by 2028 from US$ 49,639.6 million in 2021; it is expected to grow at a CAGR of 5.6% from 2021 to 2028.
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 pumps are used for circulating water in these power plants. Owing to the increase in population, industrialization, and urbanization across the world, especially in Asia Pacific, the demand for energy is increasing at a high pace. As a result, several fossil fuel-powered power plants are being deployed across the world. For instance, in August 2021, China’s provincial governments approved the construction of 24 new coal power projects capable of generating 5.2 gigawatts (GW) of energy. In December 2020, the government OF South Korea stated its willingness to increase the LNG-based power capacity of the country by 43%, to raise it to 59.1 GW by 2034. In September 2021, the South African government announced its plan of a new 2,500-megawatt nuclear power plant to end the procurement process by 2024. In May 2021, the government of Australia announced to invest US$ 468 million in the development of a controversial gas-fired power plant. Moreover, power generation from the renewable sources of energy is in a nascent stage and is majorly being emphasized in North America and Europe. Thus, the growing demand for energy, consequently escalating power generation activities, is boosting the mechanical pumps market growth.
The mechanical pump market is segmented on the basis of stage, type, and application. Based on stage, the market is bifurcated into single stage and multi stage. Based on type, the market is bifurcated into displacement and centrifugal pumps. Based on application, the mechanical pump market is segmented into industrial, commercial, and residential. Based on geography, the global market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM).
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Impact of COVID-19 Pandemic on Mechanical Pump Market
In 2020, the world economy suffered significant consequences due to the COVID-19 outbreak, and the effects are expected to endure to some extent. The outbreak led to disruptions in primary industries, such as electronics, semiconductor, and manufacturing. A sharp decline in the growth of mentioned industries is limiting the mechanical pump market growth.
EBARA CORPORATION; Grundfos Holding A/S; KIRLOSKAR BROTHERS LIMITED; KSB SE and Co. KGaA; PLEUGER INDUSTRIES; Sulzer Ltd; The Weir Group PLC; Tsurumi Manufacturing Co., Ltd.; WILO SE; and Xylem Inc. are among the major companies operating in the mechanical pumps market.
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Mechanical Pump Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Stage (Single Stage and Multi Stage), Type (Positive Displacement and Centrifugal Pumps), and Application (Industrial, Commercial, and Residential)
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