Demand for pumps “healthy” in Canada, to rise 6.5 percent per year worldwide
December 6, 2010 by Manufacturing AUTOMATION
The worldwide fluid handling pump demand is forecast to rise 6.5 percent annually through 2014 to $69 billion US, according to a new study from The Freedonia Group. Although growth in developed parts of the world, such as here in Canada, won’t be as strong, it will still be healthy, the study says.
In most developing countries, pump market growth in real (inflation-adjusted) items will decelerate relative to the 2004-2009 period. However, this rate of increase wil still exceed the average global pace. Industrialized nations will see pump sales growth rebound in real terms from depressed 2009 levels. Overall advances in the pump market will be restrained by decelerating price hikes, as raw material costs moderate. These and other trends are presented in The Freedonia Group’s World Pumps study.
Three-fifths of all new fluid handling pump demand generated during the 2009-2014 period will be attributable to the Asia/Pacific region. Several Asian countries are projected to record impressive gains, including China, India and Malaysia. China alone will account for 43 percent of all new global pump demand between 2009 and 2014. Central and South America is expected to be the next best performing market, followed closely by the Africa/Mideast region and Eastern Europe.
Although growth in developed parts of the world – the U.S., Canada, Japan, Western Europe and Australia – will not be as strong as in most indistrializing areas, it will still be quite healthy by historical standards. A recovery in fixed investment spending, primary energy consumption and construction activity will promote healthy pump sales in a number of developed nations, including Australia, the Netherlands, Canada, Austria, Japan and Spain, according to the report.
Process manufacturing will be the fastest growing pump market between 2009 and 2014. Gains will be driven by an improved outlook for most process manufacturing industries. In addition, more stringent environmental regulations will help generate demand for more efficient and better performing fluid handling pumps, such as sealless centrifugal models. The utilities market is also expected to record impressive growth, as spending on water and energy transportation network construction expands rapidly in many industrializing nations.
For more information, visit www.freedoniagroup.com/DocumentDetails.aspx?DocumentId=515484.