Global sea water pumps market is set for moderate growth during the forecast period (2019-2029), with revenue projected to exceed US$ 1 Bn in 2029. Leading players in the market are focused on product innovations to satiate the growing demand for fresh water from underdeveloped regions, suggests a new market study by Future Market Insights (FMI).
"Manufacturers in sea water pumps market are introducing technology in maritime operations to gain duel benefits - meeting government regulations and saving on expenditure and maintenance," says the FMI report.
Key Takeaways of Sea Water Pumps Market Study
- Desalination will constitute a prominent end use area, with projected revenue share of more than 90%.
- Compact size and straightforward usage will impart centrifugal pumps a leading share in market by end of 2029.
- Flow rate of 51 to 150 M3/H will remain preferred in sea water pumps market.
- Non-submersible operation will generate new opportunities in market.
- Asia Pacific excluding Japan (APEJ) would remain a profitable market for sea water pumps manufactures.
Sea Water Pumps Market - Top Growth Drivers
- Technological advancements and enhanced epidemiological knowledge are key growth levers for sea water pumps market.
- Favorable government policies supporting greener operations are encouraging manufacturers to develop energy-efficient solutions, bolstering market growth.
- Growth in number of desalination plants is creating positive growth prospects for sea water pumps market.
- Upsurge in shipbuilding activities is significantly pushing demand for sea water pumps.
Sea Water Pumps Market - Key Restraints
- Varying salt content, along with temperature of seawater, is a major challenge facing sea water pump manufacturers.
- High energy consumption in the entire operation continues to hinder the market growth.
Competition Landscape of Sea Water Pumps Market
Some of the prominent players in the global sea water pumps landscape that are covered in this study include, but are not limited to, KSB SE & Co., Xylem Inc., Torishima Pump Mfg. Co., Ebara Corporation, Grundfos Holding, Alfa Laval, AxFlow Holding AB, Franklin Electric Co. Inc., Tsurumi Manufacturing Co. Ltd., Eureka Pumps AS, and Schlumberger Limited. Leading manufacturers are prioritizing innovations and customizations to cater to a large number of customers in shipbuilding industry. Internationally established players are collaborating with regional manufacturers to gain a stronger foothold in regional markets. Prominent companies are also leveraging technology to develop energy-efficient smart pumps to attain a competitive edge in sea water pumps market.
Source of Press Release: https://www.accesswire.com/577978/Sea-Water-Pumps-Market-Revenue-to-Cross-Billion-Dollar-Mark-in-2029-Energy-Efficiency-Remains-Core-of-Innovations-Says-a-New-Study-of-Future-Market-Insights
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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