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The global market for industrial pumps has the largest regional market in the Asia Pacific, primarily due to the noteworthy growth in crude oil refining capacity in the region. China’s ambition to expand its industrial infrastructure projects worldwide is a major contributor to this growth. India is another crucial market in developing manufacturing units all over the nation to reduce the burden of imports, which has witnessed a significant rise in the growth of heavy-duty machinery industry.
In the year 2020, the centrifugal pump segment accounted for the largest market share, based on product. Over the forecast period, the demand for the same is expected to expand owing to the boom in hydraulic fracturing in the oil and gas industry. Furthermore, the growing refining capacity has boosted the demand for centrifugal pumps, and this trend is expected to continue over the forecast period.
In November 2020, Grundfos Pumps India announced its plan to expand its product portfolio of energy efficiency pumps while offering IoT-based solutions. The expansion is being planned with an objective to provide intelligent management pumping solutions for enhanced efficiency in energy usage. In the year 2018, the US water company Xylem Inc. (NYSE: XYL) announced its plan to set up a second factory in India after it ran out of capacity in its existing plant in Vadodara, Gujarat. The plan to open a new plant is aimed to tackle the overwhelming demand for pumps and other infrastructural machines. Such developments in the industry are expected to augment the market growth.
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The major players in the global industrial pumps market are Grundfos Pumps Corporation, Xylem Inc., Trane Technologies plc, KSB SE & Co. KGaA, and Iwaki America, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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