Screw pumps play an essential role in a wide range of applications such as the sewage, water and wastewater treatment, food and beverage, oil extraction, hydraulic fracturing, and chemical industries. According to a new report from TechNavio, ‘Global Screw Pumps: Market Analysis 2015-2019’, the global screw pumps market is projected to grow significantly, posting a CAGR of over 7%, which is triggered by rapid urbanisation and industrialisation. Moreover, increase in urbanisation has resulted in rising demand for improved infrastructure and water and wastewater treatment plants, thus expediting the demand for screw pumps.
Industrial growth in developing countries such as China and India are motivating global players to establish their manufacturing facilities in these countries, hence fuelling the demand for screw pumps. Additionally, some enterprises are leveraging from the benefits of rotary positive displacement screw pumps for transporting crude oil. One primary reason behind the rising popularity of screw pumps is that they incur low maintenance.
The oil and gas industry contributes the largest market share with more than 25% share, as this industry deploys screw pumps for spanning oil exploration, drilling, pumping oil to surface, wellbore recovery, and processing application in oil refineries and petrochemical plants. Thus, increasing oil production plays an important role in boosting the market growth during the forecast period.
Asia contributes the majority share to the market revenue and also registers the highest growth rate of more than 8% by 2019. The market research analysts has established that the current pace of infrastructure development in process industries, rising standards of living, and rapid industrial development are factors enhancing the scope for sanitation infrastructure and food delivery systems in the region, thus fuelling the screw pumps market.
The existence of local as well as international players increases the competitiveness of the global screw pumps market. However, the well-established players in the market are expanding their footprint in the market by enhancing the product portfolio. The key vendors in this market are Colfax, ITT Bornemanne, LeistritzPumpen, NETZSCH, PSG, Alfa Laval, Flowserve, Gardner Denver, IWAKI CO, KRAL, MPD, Pfeiffer Vacuum, Roto Pumps, SEEPEX, SEIM, Settima, and SPX.
Adapted from press release by Rosalie Starling
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/24112015/technavio-releases-global-screw-pumps-market-analysis-1796/