According to the latest forecasts in McIlvaine Co’s Pumps: World Markets report, East Asia will account for more than 33% of the market in 2017, driven by new infrastructure and heavy industrial spending.
The growth in NAFTA will be led by the non-conventional oil and gas sector. Expanding production of gas and oil from shale will generate substantial demand for pumps in the region.
McIlvaine expects Western Europe to be a slow growth market, with strong demand for replacement pumps rather than pumps for new plants.
Middle East expenditures will grow as the region increasingly becomes a supplier of refined rather than raw products. Pump sales in this region will also benefit from investment in desalination.
McIlvaine believes that the ocean will play an increasing role in the pump market. New regulations for ballast water treatment and scrubbing of vessel stack emissions will boost the sales of pumps for existing and new vessels, while expanded production of oil and gas from subsea sources will require many large and expensive pumps.