Frost & Sullivan: Revival in Infrastructure Spending to Intensify Demand for Centrifugal Pumps in India
June 25, 2014 - Mumbai, Maharashtra, India
New analysis from Frost & Sullivan, Analysis of the Centrifugal Pumps Market in India, finds that the market earned revenues of INR74, 643.0 million during 2013 and is expected to reach INR112, 504.4 in 2018 at a compound annual growth rate of 8.6 percent.
The new government is expected to jump start investments in key infrastructure segments such as roads, highways, ports, railways and power. With increasing urbanization, there will be heightened focus on water conservation and waste water management. Supply side issues have also given rise to waste water management, which has led to municipalities and industrial units across Indian cities to install wastewater treatment facilities.
“Growth is also expected in other key sectors such as oil and gas as well as metals and mining,” said Frost & Sullivan Analyst. “These trends could potentially translate into opportunities for centrifugal pump manufacturers across sectors.”
Multiple application areas notwithstanding, the replacement sales of centrifugal pumps are low due to their long operating life. This deters end users from replacing pumps that are used in non-critical applications. The market is also pegged back by the lack of consistent R&D geared towards innovation and new product development. Most manufacturers spend only 2 percent of their total turnover on R&D of new technologies and pump types.
“Lower growth in the Indian domestic Indian market has led to increased competition amongst local manufacturers,” noted the analyst. “Manufacturers offering complete engineering and application support and providing specific services such as energy audits are expected to have an edge over other manufacturers.”
Market participants will also do well to develop more energy efficient pumps, as industrial end users are willing to invest in them to reduce their energy costs and carbon footprint. Similarly, these pumps are likely to attract the attention of commercial and residential end users that wish to reduce their operational costs. This cross-sector interest will considerably brighten the prospects of manufacturers in the centrifugal pumps market.
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Analysis of the Centrifugal Pumps Market in India is part of the Industrial Automation & Process Control (http://www.industrialautomation.frost.com) Growth Partnership Service program. Frost & Sullivan’s related studies include: Middle East Electrical Drives Market, Southeast Asia Automation Services Market, European Smart Pumps Market for the Water and Wastewater Industry, and FDA Regulation and Its Impact on the Pump Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Source: Business Wire India