According to the Graphical Research new growth forecast report titled “North America Pumps Market size will surpass USD 13 billion by 2026”. Significant development in the North America construction industry along with industrial developments in the region will play major roles in the industry growth over the coming years.
The demand for pumps in North America is expected to increase throughout the projected time period owing to the rising agricultural, pharma as well as food & beverages sectors. On the other side, North America is contributing to the growth of pumps through its well-established oil & gas industry due of the presence of huge oil & gas reserves in the region and advanced technologies for oil & gas exploration. Rapid industrialization in developing countries has resulted in positive growth indicators across mining, oil & gas industry, and water infrastructure. These are the key driving factors for the North America pumps market.
Pump is a device, which is generally used to move every kind of fuel or sometimes slurries through mechanical phenomenon. Pumps can be classified based on various parameters such as by product, by position, by the source of power from which they will be operated, by technology, and by application areas. North America is the leading region when it comes to the oil & gas industry. The region had a share of 21% in global oil production in 2017 being ruled by the U.S. as a result of increasing oil & gas exploration activities in the country due to the presence of huge oil shale gas reserves. North America is experiencing a growth rate of 4.3% as witnessed till 2017.
However, the factor, which is hindering market growth is volatility in raw materials used in the manufacturing of pumps. The prices of steel, iron, and other materials are very volatile and are not pre decided; hence, the manufacturer has to risk his own profit margin in the whole process. Manufacturers can try outsourcing raw materials from different nations where prices are low, but it results in even higher freight costs, increasing the raw material prices. This eventually increases the cost of the product, obstructing the North America pumps market growth by 2026.
Portable pumps are treated as essential in firefighting due to advancements in air-cooled engines and pump technology. The portable nature of this pump makes it very easily usable and hence proved as reliable in fire extinguishing operations. On the other hand, stationary pumps are generally used in construction sites where the demand has been steady for a longer time. There are various types of pumps, centrifugal pumps, diaphragm pumps, mining pumps, etc., with each type having a different operating mechanism as well as application area. Pumps are used in numerous business areas, such as building & construction, oil & gas, mining, industrial, municipal, and in many other areas, but the share is dominated by the oil & gas segment because of the need to transport crude oil and natural gas in the midstream sector.
The major contributors operating in the North America pumps market are Gardner Denver, Grundfos, Thompson Pump, Xylem Inc., Baker Hughes, Roper Pump Company, Flowserve Corporation, Atlas Copco, Sulzer, Ebara Corporation, MultiQuip, Magnum Pumps, Generac Holdings, Wacker Neuson, Doosan, etc.
The North America pumps Market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in thousand units and revenue in USD million from 2016 to 2026 for the following segments:
Pumps Market, By Type
North America Pumps Market, By Position
- Submersible pumps
Pumps Market, By Driving Force
- Engine driven pumps
- Electrical driven pumps
North America Pumps Market, By Technology
- Centrifugal pumps
- Diaphragm pumps
Pumps Market, By Application
- Building & Construction
- Oil & Gas
The above information is provided on a country basis for the following: