Well Intervention Market to witness an impressive growth during the forecast period

Well Intervention Market New Revenue Pockets:

The global well intervention market is projected to reach USD 9.3 billion by 2026 from an estimated USD 7.6 billion in 2021, at a CAGR of 4.2 % during the forecast period. The global well intervention market is driven by the upsurge in the new oil and gas discoveries and increase in production of oil & gas by countries owing to rising demand from the Asia Pacific.

The well intervention market has promising growth potential due to the continuous shale developments. It is difficult to extract oil & gas from shale reservoirs due to which shale reservoirs require more intervention processes to optimize oil production. According to the IEA, the shale production from the US alone is expected to cross 100 million barrels per day. Shale development in other countries such as China and Argentina are also likely to boost the well production activities in these countries, which is likely to drive the well intervention market in North America, Latin America, and Asia Pacific.

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The well intervention market, by service type, is segmented into logging and bottomhole survey, tubing/packer failure and repair, stimulation, remedial cementing, zonal isolation, sand control, artificial lift, fishing, reperforation and others. Sand control services are observed to be new revenue pockets for the oilfield service providers owing to the increase in drilling activities in unconventional reservoirs such as shale reservoirs and oil sand formations. The services help in reducing the operational expenditure that is involved with the removal of sand. The need to enhance production from mature reservoirs are expected to drive the market for this segment during the forecast period.

The report segments the well intervention market, by well type, into horizontal wells and vertical wells. The horizontal segment of the well intervention market is expected to grow at the highest CAGR during the forecast period, as horizontal drilling is observed as a more efficient method of drilling. The horizontal wells account for about 70.0% of the total drilled wells. Furthermore, the offshore and shale developments have boosted the horizontal well type to be the largest and fastest-growing segment of the global well intervention market.

The well intervention market, by application, is categorized into onshore and offshore. Furthermore, the North Sea region is playing a crucial role in fueling the growth of the offshore well intervention services market as the reserves in the region are reaching maturity. In Norway and the UK, 60% of the fields have attained maturity. Countries such as South America, Brazil, and Mexico are considered to be the major offshore markets. The offshore segment is further segmented based on the well depth as shallow, deepwater, and ultra-deepwater. The ultra-deepwater segment is expected to be the promising segment for well intervention providers. Growth is driven majorly by the increasing ultra-deepwater drilling and production activities and an increase in the number of maturing subsea wells. Furthermore, the investments to revive the mature onshore fields are expected to offer lucrative opportunities for the well intervention manufacturers during the forecast period.

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North America is estimated to be the largest and fastest-growing market for well intervention during the forecast period. The region has been segmented, by country, into US and Canada. The increasing number of mature oil and gas fields and the growth in unconventional reserves such as tight oil and shale gas are primarily driving the demand for well intervention services in the US and Canada. According to the BP Statistical Review, 2020, the US was the largest producer of oil in the world, accounting for 17.9% of the total production in 2019. Moreover, the country has been experiencing huge investments from upstream operators to increase the production from the depleting fields in Texas, Permian Basin, and the Gulf of Mexico, along with new drilling activities in ultra-deepwater locations in the Gulf of Mexico, which is likely to drive the North American well intervention market.

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Hydrogen Energy Storage Market Trends, Revenue, Key Players, Growth, Size, Share and Forecast Till 2024

According to the new market research report "Hydrogen Energy Storage Market by State (Liquid, Gas, Solid), Storage Technology (Compression, Liquefaction, Material based), End-User (Industrial, Commercial, Utilities), and Region - Global Forecast to 2024" The global hydrogen energy storage market is projected to reach USD 18.2 billion by 2024 from an estimated USD 13.7 billion in 2019, at a CAGR of 5.8% during the forecast period. Increase in demand for hydrogen in the chemical industry and market for hydrogen in stationary and portable power are driving the growth of the global industry.

Key Market Players:

The global hydrogen energy storage market is dominated by a few major players that have an extensive regional presence. The leading players in the hydrogen energy storage market are Hydrogenics (Canada), ITM Power (UK), Hexagon Composites (Norway), Worthington Industries (US), Linde (UK), Nel Hydrogen (Norway), Plug Power (US), Chart Industries (US), Air Liquide (France), Air Products and Chemicals (US) and Hydrogenious (Germany).

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Air Liquide (France) is in the production and supply of gases for industrial, healthcare, and environment. It offers innovative solutions based on enhanced technologies and produces gases, such as hydrogen, oxygen, and nitrogen. It operates through 3 business segments, namely, gas & services, engineering & construction, and global markets & technologies. The engineering & construction segment designs and constructs air separation units, hydrogen, and synthetic gas production plants. The company holds the capabilities of providing hydrogen high-pressure storage in the gaseous form, very low-temperature storage in the liquid form, and hydride-based storage in the solid form. The company manufactures hydrogen storage tanks and cylinders in its subsidiary Cryolor (France). It specializes in providing the state-of-the-art technique for storing maximum hydrogen in a restricted volume by cooling it to a very low temperature. For instance, in 2016, the company designed and manufactured the tanks on the Ariane Launcher, which contains 28-ton liquid hydrogen that further fuels the central engine. Air Liquide specializes in offering hydrogen-related products and services. It has a presence globally in countries such as the US, Canada, South America, Europe, and Eurasia, the Middle East, Australia, China, India, Japan, South Korea, and Singapore.

ITM Power (UK) is one of the leading manufacturers of integrated hydrogen energy solutions for grid balancing, energy storage, and production of green hydrogen for transport, renewable heat, and chemicals. The company operates through 4 major business segments, namely, power-to-gas, renewable chemistry, refueling, and others. The power-to-gas business segment accounted for a 50% share of the total revenue generated by the company in 2018. Power-to-gas energy storage captures excess renewable power using rapid response electrolysis and produces renewable hydrogen stored in the gas grid. It allows storage of a significant amount of energy and provision of CO2 neutral fuels in the form of resulting renewable energy gas mix of hydrogen and methane. In 2018, the company also received a grant to undertake a multi-megawatt power-to-gas feasibility study that focused on assessing the potential of power-to-gas systems for energy storage and hydrogen fuel in Massachusetts, US. ITM Power collaborated with Holyoke Gas and Electric (HG&E), a local gas and electricity utility for carrying out this feasibility study.

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North America is expected to dominate the global hydrogen energy storage market

Increasing use of hydrogen gas in oil refineries and chemical industry as well as growing demand for hydrogen-powered fuel cells is likely to drive the hydrogen energy storage market in North America. Furthermore, the growth in this region is also attributed to the rise in fuel cell applications, tight regulations with regard to emission control, and the use of cleaner fuels. Policies are also being framed to research and encourage the usage of clean fuels such as hydrogen for various energy needs.

Gas segment is expected to lead the hydrogen energy storage market by state

The Gas segment is expected to lead the hydrogen energy storage market as there are multiple cost-effective methods available to store hydrogen as a gas via compression. The growth of gas segment is because of the easy available plans to produce and store hydrogen in the gaseous form.

Compression segment is expected to capture the significant share of the hydrogen energy storage market by storage technology

Compressed hydrogen gas can be stored using various storage tanks such as low-pressure tanks, pressurized tanks, and underground storage. In the case of the underground room, hydrogen gas is injected and compressed in an underground salt cavern. Compressed hydrogen gas storage is the simplest solution because only compressor and a pressure vessel equipment is required to store it which is the reason for its increasing demand in the hydrogen energy storage market globally.

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Utilities are the leading end-users of hydrogen energy storagesand are expected to lead the market throughout the forecast period

Hydrogen energy storage market has been categorized, based on end-user into industrial, commercial, and utilities. Utilities are expected to be the fastest-growing as the demand for power generation increases,  using renewable energy sources is likely to generate the need for hydrogen energy storage in the utility segment.

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Worldwide Recloser Industry to 2024 - Increasing Demand from the Renewable Energy is Driving Growth

Latest report "Recloser Market by Control ((Recloser (Electronic, Hydraulic) and Sectionalizer (Resettable Electronic, Programmable Resettable)), Phase (Recloser (Three, Single, Triple Single) and Sectionalizer (Three, Single), Voltage Region - Global Forecast to 2025", is projected to reach USD 2.4 billion by 2025 from an estimated market size of USD 1.9 billion in 2020, at a CAGR of 4.8% during the forecast period. The global recloser market is set to witness significant growth owing to increasing power demand and expansion of transmission and distribution network globally. Additionally, increasing the share of renewable energy would also drive the grid integration projects and finally recloser and sectionalizer market.

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The electronic recloser control segment is expected to be the fastest market during the forecast period

The electronic recloser control segment is projected to be the fastest recloser market, by control type, during the forecast period. The electronic recloser control segment accounts for greater share of the total recloser market due to greater flexibility, ease of customization & programing, and have advanced protection, metering, and automation functionality. The growth in electronic recloser control market can be attributed to its low cost and wide area of its applications. Demand for electronic recloser control is on the rise in China, which is the major country in electric utility industry in terms of grid modernization projects. According to the Renewable Energy Policy Network (REN21), China accounted for 45% of the total global investment for renewable power generation in 2018. Increasing investments in renewable power would drive the market for distribution automation in Asia Pacific which would further drive the market for electronic recloser.

The Up to 15 KV segment is expected to be the fastest recloser market (including sectionalizer), by voltage, during the forecast period

The Up to 15 KV segment is expected to grow at the fastest rate during the forecast period. The up to 15 KV segment is expected to grow at the fastest CAGR due to the increase in residential power distribution capacity to cater the increasing demand for electricity in residential areas. Also, increasing investments in grid transmission and distribution projects in rural areas would also fuel the growth of the segment in the forecast period.

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North America is expected to be the second-largest recloser market (including sectionalizer) during the forecast period

In this report, the recloser market (including sectionalizer) has been analyzed with respect to five regions, namely, Asia Pacific, North America, Europe, South America, and the Middle East & Africa.

North America is expected to be the second-largest recloser market (including sectionalizer) during the forecast period. The aging electric infrastructure of North America is creating the demand for grid reliability and smarter power networks. According to article published by energy.gov, US and Canadian electric distribution capital expenditures will exceed USD 40 billion by 2020. These investments include rebuilding existing systems, installing of new infrastructure to meet expanding residential demand, and deploying automation technologies. These investments by North American distribution utilities in distribution automation systems and smart grid projects would drive the recloser and sectionalizer market which are used to protect the overhead distribution feeder from various faults and overcurrent.

The growth of the recloser and sectionalizer market in the Asia Pacific can be attributed to the increasing demand for electrical energy due to urbanization and industrialization, distribution network upgrade, and increasing need of power reliability. Also, rising investments in smart grid infrastructure projects that includes distribution automation would result in an increased demand for recloser and sectionalizer in the Asia-Pacific region. Additionally, the rise in investments in smart grid technologies that include distribution grid automation, smart meters, and demand response systems in countries such as China, India, South Korea, and Australia would create growth opportunities for the recloser and sectionalizer market in the region.

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Key Market Players:

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the recloser market. These include Noja Power (Australia), ABB (Switzerland), Eaton (Ireland), Schneider Electric (France), and Siemens (Germany). The leading players are trying to establish themselves in the markets of developed countries and are adopting various strategies to increase their respective market shares.

Key Questions Addressed by the Report

• Which revolutionary technology trends are expected over the next 5 years?
• Which elements of the recloser market (including sectionalizer) are expected to lead by 2024?
• Which type of recloser and sectionalizer is likely to get the maximum opportunity to grow during the forecast period?
• Which region is expected to lead with the highest market share by 2024?
• How are companies implementing organic and inorganic strategies to gain an increase in the market share?

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Small Modular Reactor Market size to Grow $11.3 billion by 2026 - Is Booming Worldwide

According to the new market research report "Small Modular Reactor Market by Reactor (HWR, LWR, HTR, FNR, MSR), Deployment (Single, Multi), Connectivity (Grid, Off-grid), Location (Land, Marine), Application (Power Generation, Desalination, Process Heat), and Region - Global Forecast to 2026" The small modular reactor market is projected to reach USD 11.3 billion by 2026. The small modular reactor market size will grow to USD 11.3 billion by 2026 (forecasted year) from USD 9.7 billion in 2021 (estimated year), at a CAGR of 3.2% during the forecast period. The small modular reactor market has promising growth potential due to the low cost of SMRs due to modularization and factory construction. The global small modular reactor market is driven by the growing need for clean, reliable and flexible power generation and helps in integration with variable renewable energy.

Browse 135 market data Tables and 43 Figures spread through 213 Pages and in-depth TOC on "Small Modular Reactor Market - Global Forecast to 2026"

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The light-water reactor segment is expected to dominate the small modular market, by reactor type, during the forecast period.

Thelight-water reactorsuse ordinary water as a coolant and are the most widely adopted type, as these have the lowest technological risks. Light-water reactor is the most commonly adopted SMR technology owing to the high degree of technological readiness and ease of licensing, as regulators and developers are familiar with this technology. These factors are expected to drive the market for this segment during the forecast period.

The multi-module power plant segment is expected to be the fastest growing small modular reactor market, by deployment, during the forecast period. 

The multi-module power plant segment, by deployment, of small modular reactor market is estimated to grow at the fastest rate during the forecast period. The growth of this segment is driven by the ease of financing additional units of SMRs, leading to the economies of series production. Additional modules can be added to the SMR plant, which helps in reducing upfront investments and capital risks, resulting in lower financial costs. In addition, multi-module power plants help avoid long outage periods through unit-by-unit maintenance and allow for staggered refueling.

Asia Pacific likely to emerge as the largest small modular reactor market

In this report, the small modular reactor market has been analyzed for four regions, namely, Americas, Europe, Asia Pacific, and Middle East & Africa. The growth of the Asia Pacific market is driven by the increasing investments for the deployment of SMRs in countries such as China and Japan. For instance, in China, various SMRs designs, such as the CAP200, the ACP100, the ACPR50S, and the HTR-PM, are being developed for land and marine deployment. Furthermore, the rise in opportunities for deployment of SMRs in areas with isolated and small scale grid systems such as coastal, island, and offshore areas are expected to fuel growth of small modular reactor market in this region.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the small modular reactor market.

Some of the key players are General Electric-Hitachi Nuclear Energy (US), Moltex Energy (Canada), NuScale Power (US), Terrestrial Energy (Canada) and Westinghouse Electric (US). The leading players are adopting various strategies to increase their share in the small modular reactor market.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Solid Oxide Fuel Cell Market to Be Driven by Increasing Demand From End Use Industry in the Forecast Period of 2020-2025

The global solid oxide fuel cell market size is projected to reach USD 2,881 million by 2025, at a CAGR of 30.1%, from an estimated USD 772 million in 2020. Government subsidies and increased R&D on fuel cell programs; fuel flexibility and increasing demand for energy-efficient power generation and stringent emission norms in Europe & North America leading to demand for clean energy source are key factors likely to drive the solid oxide fuel cell market during the forecast period. 

North America is estimated to be the largest solid oxide fuel cell market in 2019. The region has been segmented, by country, into US and Canada. US is the largest and fastest growing market in the region. The growth in this country can be attributed to the high demand for fuel cell power generation, as well as increasing research and development for hydrogen generation. In addition, government policies and subsidies, including the Department of Energy’s (DoE’s) Solid State Energy Conversion Alliance (SECA) Program, are the prime driving factors for growth in the US market.

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The market is segmented, by type, into planar, and tubular. The planar segment held the largest solid oxide fuel cell market share in 2019. The market for planar segment is driven by the simple geometry and relatively easier construction process. Planar type of solid oxide fuel cells is typically designed in such a way that the ceramic fuel cell modules are arranged one above the other in a sandwich-type design with the electrolyte inserted between the electrodes. As its construction is relatively simple, it is the most commonly used solid oxide fuel cell type.

The market is segmented, by application, into portable, stationary and transport. In terms of value, the stationary held the largest share in 2019 as it is driven by the increasing focus on hydrogen-powered fuel cells for back-up power.

The solid oxide fuel cell market is segmented, by end user, into power generation, automotive, hydrogen generation and others. The power generation segment is expected to be the largest market during the forecast period. Increased demand for clean energy generation is expected to drive the market.

The solid oxide fuel cell market is served by a mix of large international players with their presence and capabilities across different regions as well as local players that have a strong foothold in the domestic markets. The key players operating in the market include Bloom Energy (US), Ceres Power (UK), Mitsubishi Power (Japan), Aisin Seiki Co (Japan), and Hitachi Zosen (Japan), Sunfire (Germany), Convion (Finland) and others.

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The major strategies adopted by the players in the solid oxide fuel cell market include contracts & agreements, investments & expansion, mergers & acquisitions, new product launches, and partnerships (including joint ventures, strategic alliances, and collaborations). Contracts & agreements was the most commonly adopted strategy from 2017 to 2020. Partnerships & collaborations have also emerged as a key strategy, as companies look to strengthen their service offerings and geographic market reach by offering their product.

Bloom Energy (US) is one of the major manufacturers of solid oxide fuel cell systems. The company develops, manufactures, and sells solid oxide fuel cells under the name Energy Servers. It caters to the commercial and industrial sectors for distributed power generation. Bloom Energy operates under 4 business segments, namely Product, Installation, Service, and Electricity. In August 2019, Bloom Energy launched Always ON. The product acts as a microgrid providing consumers with energy resiliency for facing power outages at a predictable cost.

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Aisin Seiki (Japan) is a major player in manufacturing and selling fuel cells. The company focuses on meeting sustainable development goals in all its business segments by promoting the transition to clean energy, sustainable procurement, and sustainable industrialization by technological innovation. It operates under 5 segments, namely Powertrain, Chassis & Vehicle Safety System, Body Product, ICT & Electronics, and Energy & Lifestyle. Aisin Seiki caters to the energy & power, automotive, and communications industries. The company provides fuel cell cogeneration systems under its Energy & Lifestyle business segment. In April 2020, Aisin Seki and its subsidiary Konan Kogyo established a hydrogen station to promote the transformation from petroleum-based energy to clean energy. Under this partnership, Toyota Group and Aisin Seiki plan to use fuel cell-electrified buses for transportation.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
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newsletter@marketsandmarkets.com

 

Centrifugal Pump Market to Boost Business Scope with Key Players and market trend

Global Centrifugal Pump Market Overview:

The global centrifugal pump market size is projected to reach USD 48.8 billion by 2026 from an estimated value of USD 36.6 billion in 2021, at a CAGR of 5.9%. The key drivers for the centrifugal pump market include intensified demand for water and wastewater management in developed countries; surged investments in global construction industry; high demand for centrifugal pumps from agricultural sector.

Key Market Players:

The centrifugal pump market is dominated by major players that are established brand names with an extensive regional presence, along with many local and regional players in emerging economies. The key players in the centrifugal pump market include companies such as Xylem (US), Sulzer (Switzerland), KSB (Germany), Wilo (Germany), Grundfos (Denmark), and Flowserve (US).

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The industrial segment is estimated to be the fastest-growing segment of the centrifugal pump market, by end-user, from 2021 to 2026. This segment is driven by factors such as the increasing demand for freshwater in developing regions such as Asia Pacific and Africa. A focus on reducing carbon emissions is leading to the increased demand for cleaner sources of power generation which, in turn, would result in a rising demand for centrifugal pumps used as boiler feed pumps, condensate extraction, and cooling water pumps in the power generation industry.

Based on type, the overhung impeller centrifugal pump segment is expected to grow at the fastest rate from 2021 to 2026. This is due to various factors such as low installation cost as compared to between bearing centrifugal pumps. Overhung impeller pumps are installed with the lowest cost materials such as iron casings with brass or bronze impellers. They take up less floor space with slurry options such as rubber linings and offer reasonable efficiency. They are used in residential, commercial, and chemical applications. This segment is expected to have a higher market share due to the widespread implementation and easy operation of overhung impeller centrifugal pumps. The growing renewable energy sector also supports the growth of the overhung impeller pump segment with many solar power projects deploying these pumps for power generation.  

Based on stage, the single-stage segment is projected to grow at the highest CAGR from 2021 to 2026. The reliability and low maintenance costs of single-stage pumps in applications with moderate dynamic heads such as water pumping stations, which are some of the most common applications of submersible pumps, are expected to boost their demand for single-stage pumps across the globe.

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The centrifugal pump market has been segmented, based on region, into Asia Pacific, Europe, North America, Middle East, South America, and Africa. Asia Pacific is projected to grow at the fastest rate, from 2019 to 2026, followed by the North America and Middle. Countries such as China and Japan are the largest markets in Asia Pacific and have increased their investments in the infrastructure and power sectors in the recent past. China accounted for the maximum share in the market in Asia Pacific in 2020 and is projected to grow at the highest CAGR of 6.5%, from 2021 to 2026. Increasing industrialization, investments in water and wastewater treatment infrastructure, growing urbanization, and rising demand for proper sanitation are the major factors impacting the growth of the centrifugal pump market in this region.

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https://www.marketsandmarkets.com/Market-Reports/oil-gas-pump-market-72491540.html

Cryogenic Pump Market by Type (Centrifugal, Positive Displacement), by Gas (Nitrogen, Oxygen, Argon, LNG, and Others), by End-User (Energy & Power, Chemicals, Metallurgy, Electronics, and Others), & by Region - Global Trends & Forecasts to 2021

https://www.marketsandmarkets.com/Market-Reports/cryogenic-pump-market-53446001.html