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Petrochemical Pumps Market Trends

Report ID: GMI10130
Published Date: Jul 2024
Report Format: PDF

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Petrochemical Pumps Market Trends

The market for petrochemical pumps is being transformed by the incorporation of digital technology and the Internet of Things (IoT) into pump systems. Real-time data is now available for smart pumps that have sensors and monitoring systems installed. This allows for predictive maintenance and considerably minimizes downtime. This technological advancement ensures more efficient and reliable operations.

Furthermore, there is a growing emphasis on energy-efficient pumps, which helps to reduce operating costs and minimize carbon footprints. Pumps equipped with Variable Frequency Drives (VFDs) and sophisticated materials are gaining popularity due to their ability to optimize energy usage. In addition to improving pump performance, these technologies support industry-wide sustainable practices.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of petrochemical pumps was worth over USD 3.17 billion in 2023 and will register a 4.5% CAGR between 2024 and 2032 due to increasing demand for petrochemical products.

The centrifugal pumps segment was reached USD 1.73 billion in 2023, driven by their versatility and efficiency in handling various petrochemical fluids.

Asia Pacific petrochemical pumps industry size surpassed USD 1.11 billion in 2023, attributed to the region's expanding chemical manufacturing and refining sectors.

Companies including Flowserve, Grundfos, Hayward Gordon, HERMETIC Pumpen, IDEX, ITT Goulds Pumps, KSB, PSG Dover, Ruhrpumpen, SPP Pumps, Sulzer, Sundyne, Truflo Pumps, and Xylem, are operating in the petrochemical pumps industry.