Increasing demand from oil gas and chemical applications and growing number of water treatment projects coupled with favorable government policies to drive global ANSI pumps market through 2024
According to TechSci Research report,GlobalANSI Pumps MarketBy Group Size, By End User, By Region, Competition, Forecast Opportunities, 2024, global ANSI pumps market is projected to grow at a CAGRof over 5% during 2019-2024, on the back of factors such as increasingdemand from oil gas and chemical applications and rising need for energy efficient pumps. Launch of advanced ANSI pumps with advanced technologies such as sensors that can withstand many industrial applications coupled with government regulations to standardize pumps market and growing trend of mergers acquisitions would fuel the market during forecast period. ITT Goulds Pumps Inc, KSB SE Co. KGaA, Sulzer Ltd and Flowserve Corporation are some of the major players operating in global ANSI pumps market.
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In terms of end users, global ANSI pumps market is segmented into oil gas and chemical applications, food processing, pulp paper, general manufacturing, and other industries. Of these, oil gas and chemical applications segment accounts for the largest market share, on account of huge demand for high standard pumps in order to avoid system failures and reduce downtime during operations. North America dominated global ANSI pumps market in 2018 and is expected to maintain its leading market position during the forecast period as well, owing to growing demand from various established industries including chemicals, food processing, petrochemicals,and water treatment. The huge process industry and increasing investments in water and oil gas infrastructure is also contributing to the growth of ANSI pumps market in the region.
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Increasing demand for ANSI pumps from oil gas and chemical industries, in addition to growing spending on water infrastructure, are likely to have a positive impact on ANSI pumps market, globally. Moreover, strict regulatory compliances are pushing the adoption of standard pumping equipment in the industry, which in turn is expected to boost the demand for ANSI pumps over the course of next five years., said, Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
Global ANSI Pumps Market By Group Size, By End User, By Region, Competition, Forecast Opportunities, 2024 has evaluated the future growth potential of global ANSI pumps market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global ANSI pumps market.
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