The power generation pumps market made steady growth, with global demand exceeded 4,000,000 units by the end of 2018. The growth of the market is influenced by rising energy demand, especially in the developing regions.
Demand for centrifugal pumps is expected to increase in the Asia Pacific region, especially in China, India, and Japan. Rising demand for power supply and favorable government policies are driving the demand for power generation pumps.
Providing high flow rate with a capacity of handling large quantities of fluids, centrifugal pumps are widely used in the power generation plants.
APAC to Dominate Power Generation Pumps Market
APAC is witnessing an increase in demand for power and electricity. With new government regulations and emission standards, countries in APAC region are switching to cleaner source of energy. Adoption of renewable sources of energy for power generation has increased in recent years.
With the increasing demand for power from various industries, the demand for power generation pumps in APAC region surpassed 2,000,000 units by the end of 2018. According to the report, various countries in the region have upgraded policy framework, increased regional co-operation, and are moving towards renewable energy resources along with the increasing investments.
As per the study, in order to meet the electricity demand, installed power generation capacity is expected to rise to more than 565 GW in 2040. Also, renewables are expected to account for largest share in installed capacity by 2040. Thereby, driving the demand in the power generation pumps market.
According to the Fact.MR report, power generation pumps with small capacity of up to 500 gpm are likely to witness highest growth in the coming years. The demand for smaller power generation pumps is increasing due to low cost and have smaller motors, resulting in less power consumption.
The power generation pumps market is likely to witness steady growth, the demand for power generation pumps is expected to reach 3.7% CAGR in terms of volume during 2018-2028.
