The industrial sector has faced a significant decline in demand during the COVID-19 outbreak and the consequent lockdown. During 2020 and 2021, the smaller players and organizations with a relatively weak financial position are expected to shut down, in turn, reducing the total industrial manufacturing capacity and consolidating the consumer sectors. On the other hand, the increasing demand for oil & gas has led to numerous refinery project being planned across the globe. The refineries are expected to drive the demand for Industrial pumps over the latter part of the forecast period. However, the stringent government regulation and policies to reduce carbon emission are likely to restrain the growth in oil & gas demand and thereby restrain the growth of the market during the forecast period.

The centrifugal pumps are widely used for hydrocarbon processing, refineries, water injection, and pipeline services, and with the increase in the refining capacity, the demand for centrifugal pumps is likely to increase.

Moreover, the technological development which has rendered the deepwater and ultra-deepwater exploration feasible and cost-effective is expected to increase oil production over the forecast period. It can provide an opportunity for market growth during the forecasted period.

Asia-Pacific was the dominant region for the market in 2019, owing to factors like increasing industrialization increasing population and increasing refining capacity.

Key Market Trends

Increasing Demand for Centrifugal Pumps to Drive the Market

The global refining capacity increased by 1.5% in 2019, which is likely to continue over the forecast period. The increase in the refining capacity globally has increased the demand for centrifugal pumps in refineries and is expected to continue over the forecast period.

As of 2018, there were above 470 planned and announced petrochemical plants, out of which China is expected to have 240 plants with a total capacity of around 100 MTPA by 2026. The capital expenditure for the projects in China accounted for about USD 52 billion.

Furthermore, with the IMO 2020 regulation being enforced from the 1st January 2020, the increasing demand for low sulfur fuel is likely to force major refiners to upgrade the existing infrastructure to produce low sulfur fuels. With the refineries expected to go through revamp, the demand for pumps is likely to increase over the next few years, further driving the growth of the market.

However, the growing concerns regarding the increasing carbon emission have the potential to negatively impact the growth of the oil & gas industry over the forecast period, which in turn can restrain the increase in demand of Industrial pumps .

Asia-Pacific to Dominate the Market

China is expected to account for the significant growth in crude oil refining capacity between 2019 and 2025 in Asia-Pacific (APAC). The country is expected to account for 26.8% of the total refining expansion capacity in APAC by 2025.

Also, India’s refining capacity has witnessed a CAGR of 3.36% between 2009-10 and 2018-19. As of August 2018, India Oil Corp., India’s largest refining company, had plans to increase its refining capacity from 80.7 million metric tons per annum to 150 million metric tons per annum by 2030. Additionally, Projects worth INR 320 billion are in various stages of execution.

South-east Asia is witnessing the commissioning of several refinery projects, including the expansion of existing ones and developing new ones to reduce the dependency on imports.

The oil & gas industries, apart from being a source for the majority of primary energy consumption, also aids in providing raw materials for various industries such as petrochemical, solvents, fertilizers, and many others. With the growing population and rapid urbanization, the demand for these is likely to increase, promulgating the refiners to set up new plants or undergo expansion. The increase in demand is expected to drive the market during the forecast period.

Competitive Landscape

The industrial pump market is fragmented due to many companies operating in the industry. The key players in this market include Flowserve Corporation, Grundfos Holding A/S, KSB AG, ITT Inc, Sulzer Ltd., Ebara Corp., Weir Group plc, Schlumberger Ltd., Baker Hughes, Inc, Clyde Union, Inc., Dover Corporation.

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