2019 Industrial Pump Market to Exceed $58 Billion
Sales of industrial pumps will reach $58.5 billion in 2019 according to the
latest forecasts in Pumps World Market published by the McIlvaine Company.
(www.mcilvainecompany.com)
Industrial Pump Revenues $ Millions
Subject 2019
Total 58,500
Centrifugal 41,000
Diaphragm 4,300
Reciprocating 7,400
Rotary 5,800
The new forecast includes pumps to transport liquids in the oil and gas
industry. This is a $10.5 billion market and has previously been treated
separately and not included in the total industrial forecasts. The centrifugal
segment in oil and gas transfer is over $6 billion. When included, the 2019
centrifugal pump forecast rises from $35 billion to $41 billion.
Electric submersible pumps comprise more than 50 percent of the centrifugal
segment in oil and gas. This segment is dominated by a few large companies.
Reciprocating pumps are also widely used in oil and gas. The acquisition of
Lufkin by GE has created a market leader.
The fall in oil prices has been taken into account in the 2019 forecast.
McIlvaine concludes that oil demand will rise even faster with lower oil prices.
Pump demand is proportional to oil quantities and not oil revenues. The need for
older wells to install artificial lift pumps just to maintain existing
production levels is another positive factor.
Lower oil prices could negatively impact pump sales in 2015 as there is a
cutback on drilling projects. However, the OPEC countries need the higher prices
in order to pay for government programs. So increased demand plus the longer
term needs of OPEC countries will lead to higher oil prices over the coming
years.
For more information on Pumps World Market, click on:
http://home.mcilvainecompany.com/index.php/markets/2-uncategorised/116-n019
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President
847-784-0012 ext 112
rmcilvaine@mcilvainecompany.com
www.mcilvainecompany.com