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 2026
According to TechSci Research report, “ANSI Pumps Market By Group Size, By End User, By Region, Competition, Forecast & Opportunities, 2026”, global ANSI pumps market is projected to grow at a CAGR of over 5% during 2019-2024, on the back of factors such as increasing demand 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 was valued USD 3397.62 million in 2019 and is projected to grow exhibiting a CAGR of over 5% during 2021-2026, owing to huge demand from oil & gas and chemical applications. Moreover, growing demand for energy efficient pumps, evolution of Industry 4.0, and rising demand from industries such as food processing and general manufacturing are expected to aid the market during forecast period. Government bodies and pump regulatory bodies are announcing rules to regulate the global ANSI pumps industry, according to which ANSI pump manufacturers are required to manufacture their products as per the industry standards, which in turn would have a positive impact on global ANSI pumps market in coming years.
Global ANSI Pumps Market Segment Insights
In terms of group size, global ANSI pumps market is categorized into Group 1, Group 2 and Group 3. Of these, the Group 1 category dominated the market in 2020 and is expected to maintain its leading market position in coming years as well.
Global ANSI Pumps Market Regional Insights
Regionally, North America plays a vital role in generating revenues for global ANSI pumps market. United States is the largest country in North America ANSI pumps market, owing to its huge process industry and increasing investments in water and oil & gas infrastructure. Moreover, Middle East & Africa ANSI pumps market is likely to witness fastest growth during the forecast period. Oil & gas is the major industry in Saudi Arabia and contributing around 50% to the country’s GDP.
“Global ANSI Pumps Market By Group Size, By End User, By Region, Competition, Forecast & Opportunities, 2026” 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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