The industrial pump market in India is expected to grow at a CAGR of more than 4.5% during the forecast period. The outbreak of the COVID-19 has had a significant impact on the country's economy which is expected to significantly hamper the growth of the industrial pump market in the country during the initial years of the forecast period. During 2020 and 2021, smaller players and organizations with a relatively weak financial position are expected to shut down, thus, reducing the total industrial manufacturing capacity and consolidating the consumer sectors. The Indian industrial pump market is already making sustained gains and is expected to flourish over the forecast period with rapid population growth, urbanization, and industrialization, which is increasing the demand for industrial pumps. However, the country's already slowing economy combined with an economic slowdown caused by the outbreak of COVID-19 leading to decreased demand and decreased investments in the industrial and power sectors is likely to act as a restrain to the market.
Key Highlights
- Centrifugal pumps are widely used for hydrocarbon processing, refineries, water injection, and pipeline services. With the increase in the refining capacity, the demand for centrifugal pumps is likely to increase.
- Moreover, the technological development, which has rendered deepwater and ultra-deepwater exploration feasible and cost-effective, is expected to increase oil production over the forecast period. It can provide an opportunity for market growth during the forecast period.
- Oil and gas sector is expected to witness significant growth in terms of industrial pump deployment mainy due to declining production from existing oil and gas fields combined with increasing investments in the midstream and downstream oil and gas sectors.
Key Market Trends
Centrifugal Pump Expected to Dominate the Market Growth
- The refining capacity of the country increased by over 35% between 2010 and 2020, which is likely to continue over the forecast period. The increase in the refining capacity has increased the demand for centrifugal pumps in refineries.
- As of August 2018, India Oil Corp., India’s largest refining company, had plans to increase its refining capacity from 80.7 million metric tons per annum to 150 million metric tons per annum by 2030. Additionally, projects worth INR 320 billion are in various stages of execution.
- Additionally, centrifugal pumps are also widely used in the country to pump water for domestic and agricultural purposes. The country's increasing population has led to the increasing demand for water, which has created a significant demand for centrifugal industrial pumps in the country.
- Centrifugal pumps are used in thermal power plants as boiler feedwater pumps. In thermal power plants, the water may be freshly supplied or obtained as condensate produced from the condensation of the steam produced by the boiler. Due to rapid population growth, urbanization, and industrialization, the demand for electricity has witnessed significant growth in recent years and is expected to continue to do so during the forecast period too, thereby driving the industrial pump market in the country.
- Therefore, the aforementioned factors are expected to drive the market during the forecast period.
Oil and Gas Sector Expected to Witness Significant Growth
- Factors, such as increasing natural gas pipeline capacity, increasing refining capacity, and increasing demand for petroleum products, are expected to increase the growth of the Indian industrial pump market during the forecast period.
- The refining capacity has been growing considerably over the recent past is expected to grow over the forecast period, owing to the expansion projects of several refineries and a possibility of one of the largest greenfield refineries getting constructed in India. Therefore, the downstream sector is expected to witness growth.
- An increase in investment especially in the midstream sector is expected to witness growth. The pipeline market in the country has grown significantly with pipeline increasing in all the sectors. As of 2020, the country has about 19,998 km of Natural Gas pipelines are operational and 15,369 km are under progress.
- The world's longest liquified petroleum gas (LPG) pipeline is expected to be laid, in the forecast period, for approximately INR 90 billion. It is expected to take the LPG from three LPG import terminals (at Kandla, Pipavav, and Dahej ) and two oil refineries along the route. The LPG will be transported to the LPG bottling plants in the States of Gujarat, Madhya Pradesh, and Uttar Pradesh.
- Therefore with the increasing consumption of natural gas combined with increasing investments in the oil and gas sector, specially in the midstream sector is expected to drive the industrial pump market in the country.
Competitive Landscape
The India Industrial Pump market is moderately fragmented. Some of the key players are Kirloskar Brother Limited, Grundfos AS, CRI Pumps Pvt. Ltd., Crompton Greaves Consumer Electricals Limited, Usha International Limited, among others.
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Table of Contents
Companies Mentioned
A selection of companies mentioned in this report includes:
- Kirloskar Brother Limited
- KSB SE & Co. KGA
- Grundfos AS
- CRI Pumps Pvt. Ltd
- Crompton Greaves Consumer Electricals Limited
- Usha International Limited
- V-Guard Industries Limited
- Xylem Inc.
- Chemlin Pumps and Valves Pvt. Ltd
- La Gajjar Machineries Pvt. Ltd
- Unnati Pumps Pvt. Ltd
- Shakti Pumps (India) Ltd
- CNP Pumps India Pvt. Ltd
- Falcon Pumps Pvt. Ltd
- Kishor Pumps Pvt. Ltd
Methodology
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