North & latin america water pumps market analysis

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2. NORTH & LATIN AMERICA WATER PUMPS MARKET ANALYSIS • North & Latin America Water Pumps Market, by Product Type (Centrifugal Pump and Positive Displacement Pump), by Application (Centrifugal Pump Application (Domestic, Water Treatment (Industrial, commercial), Agriculture & Irrigation, Mining, Wastewater Treatment (E.T.P., S.T.P.), Oil & Gas, and Other Industrial) and Positive Displacement Pump Application (Chemical, Water & Wastewater, Power, Pulp & Paper, Oil & Gas, and Others)), by Capacity (Small, Medium, and High) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027

3. Market Definition • A pump is a mechanical device that moves fluids by mechanical action. Centrifugal pumps are special type of mechanical pumps that are used in transportation of liquid of various types. Centrifugal pumps find applications in agricultural and domestic purposes. The operation of this pump, as the name suggests, is based on centrifugal force, where it converts rotational kinetic energy provided by electric motor, gasoline motor or steam turbine into hydrodynamic energy of the moving liquid that is being pumped. Centrifugal pump is extensively used in different industries due to design simplicity, smooth rate flow, ease of maintenance, wide range of capacity, and operational efficiency. The minimum range of pump can be 0.125 horsepower to 5000 horsepower. It is used in agricultural, domestic, and industrial applications. • North & Latin America Water Pumps market is estimated to account for US$ 10,698.4 Mnin terms of value by the end of 2019.

4. Market Dynamics- Drivers • Constant demand from oil & gas and mining industries is expected to drive growth of the North & Latin America water pumps market during the forecast period • Oil & gas industries based in countries such as the U.S. Venezuela, Canada, and Mexico are the prominent end users of the water pumps. These pumps are used for exploration as well as refining activities. According to Coherent Market Insights’ analysis, in 2015-16, gross revenue contribution from oil & gas segment accounted for around 25% of overall revenues, of which around 40% share was in North and Latin America. Moreover, mining activities in the U.S. and Latin American countries such as Peru and Chile have supported the demand for water pumps, especially repair and maintenance of existing pumps. According to Coherent Market Insights’ analysis, Chile and Peru are expected to provide a combined capital expenditure opportunity involving pumps of around US$ 70 billion by end of the forecast period. Therefore, these factors are expected to boost the market growth over the forecast period. • Stringent energy and environment regulatory policies and legislation are expected to propel the North & Latin America water pumps market growth over the forecast period • The Minimum Energy Performance Standards (MEPS) policy has directed the use of motor driven units (MDUs) in the U.S., in order to optimize the use of intake energy during their operation to conserve energy. This has compelled users to update their existing system into energy efficient units. For instance, according to the International Energy Agency (IEA) 2014 policy, a motor-driven unit should be ideally designed to deliver energy savings in a range of 20-30%. Moreover, according to the United States Environment Protection Agency (USEPA), municipal wastewater and stormwater management agencies should deploy water pumps in targeted areas. This, in turn, is expected to support the market growth in the near future. • North America region dominated the market in 2018, accounting for 80.1% share in terms of volume, followed by Latin America, respectively.

5. Market Dynamics- Restraints • Significant drop in capital expenditure across industrial sectors is expected to restrain growth of the North & Latin America water pumps market during the forecast period • The financial year 2015-16 witnessed significant dip in capital expenditure across various industrial vertical, especially in heavy and medium industrial sector with 30% drop as compared to previous years. This is majorly due to recessive economic reforms across industrial sectors. These industries have higher supply-to-demand ration, suggesting that industries need to reduce output production and stop their upcoming expansion plans. For instance, in the U.S. oil & gas exploration sector the focus on expansion in operations has shifted from long-term cycle to projects having short term execution periods resulting in cancellation of projects worth US$620 for the period 2015-2020 thus deferring the prospects of greenfield projects. • Availability of cheap pumps offered by China-based manufacturers is expected to hinder the North & Latin America water pumps market growth over the forecast period • China-based manufacturers present in the regions are offering low price products, which in turn, is expected to market growth up to certain extent. Increasing pressure from these players by offering high-quality, reliable, efficient, and technologically advanced products at competitive prices are expected to hinder the sales of regional players. Moreover, advent of China as a major producer of low cost water pumps has disrupted the market up to certain extent, thereby hindering the market growth.

6. Market Opportunities • Growing focus on optimization of centrifugal pumping system and production speed • Major manufacturers in the market are focused on enhancing centrifugal pumping system and accelerating production speed. Pump manufacturers can offer wide range of varieties in their portfolio with customization and prompt service. Moreover, customer applications have become more product or service specific instead of general, manufacturers can custom-made products, in order to capitalize market. Adjustable frequency drives are proving to be more economically feasible for end users, since they save energy. This, in turn, is expected to pose lucrative growth opportunities for market players in the near future. • Increasing emphasis on pump life cycle cost • The interchange between initial cost and life cycle cost has provide to be playing a crucial role for centrifugal pump manufacturers and end users. Manufacturers need to evaluate life cycle costs facilitate smart buying decision for consumers. Moreover, centrifugal pump manufacturers need to analyze cost energy and return of investment for centrifugal pumps, instead of focusing on buying and installation cost. According to Coherent Market Insights’ analysis, buying and installation cost accounts for around 18% of total unit cost while operation and lifecycle cost represent the remaining 80% of the overall centrifugal pump cost.

7. Market Trends • High demand for energy-efficient centrifugal pumps is expected to continue in the near future • Rising energy cost and growing awareness regarding environment among consumers are expected to boost the demand for energy-efficient and cost-effective centrifugal pumps during the forecast period. Energy-efficient pumps reduce annual energy costs and creates positive impact on the environment. According to Coherent Market Insights’ analysis, enhancing efficiency of a 2,500 Hp multi-stage pump by 3% can result in cost savings of around US$ 36,000 every year. According to the same source, pump motors account for 15% of the North & Latin America energy consumption. However, with over 40% centrifugal pumps to be covered by stricter energy efficiency regulations by 2020, this number is expected to decline significantly. Moreover, centrifugal pumps manufactured in China are only 75% energy efficient as compared to pumps manufactured by other market players. • Growing focus on trades conferences, industrial fairs and platforms is expected to boost the demand • Key companies in the market are focused on participating in industrial fair platforms, trade conferences, and similar events, in order to endorse their products among end users. Major companies such as KSB AG, Xylem Inc. and Grundfos etc. have annual schedule of attending industrial, municipal, technology and environment protection awareness based events and exhibitions in U.S. such as World Ag Expo, American Water Summit, Conexpo-Con/AGG etc. According to Coherent Market Insights analysis, manufacturing companies allocate around 15-20% of their annual marketing budget for marketing and endorsement activities.

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