Mechanical Pump Market

COVID-19 Impact Analysis

• The COVID-19 pandemic has ceased the production of various products in the mechanical pump industry, which is attributed to the global lockdown. This has hampered the growth of mechanical pump market in the years  and a similar trend is expected to be seen in the first half of 2022.
• The major demand for mechanical pump was previously noticed from giant developed and developing countries, including the U.S., Germany, Italy, UK, and China, which are negatively affected by the spread of the coronavirus, thereby declining the demand for mechanical pump.
• Further, the long-term impact of the lockdown is currently vague and financial recovery of companies is totally based on their cash reserves. Mechanical pump manufacturers can afford a lockdown only for a few months, after which the players have to modify their investment plans. For instance, various players in the market halted their production activities for several weeks to reduce their expenses. On the contrary few players adopted employee lay-offs to sustain themselves during the COVID-19 health crisis.
• Mechanical pump manufacturers are expected to focus on protecting their workforce, operations, and supply chains to respond to immediate crises and find new ways of working after COVID-19. For instance, provision of sanitizers, maintaining social distancing, as well as ensuring the vaccination of every employee in the company can assist in promoting the health & safety of the workforce. 

Top Impacting Factors

Rapid urbanization across the world is driving a huge demand in the construction sector. The construction industry uses mechanical pumps to pump concrete and other slurries and fluids. Thus, the rise in construction is expected to boost the demand for the mechanical pump market. Furthermore, the oil & gas sector is witnessing a boom due to the rapid rise in the global population. This pattern is expected to drive demand in the mechanical pumps market. Moreover, the wide range of usage of mechanical pumps makes them versatile machines, so the demand in the mechanical pump market is anticipated to increase. However, cavitation, which is one of the inherent problems of mechanical pumps, is a restraining factor hindering the growth of the mechanical pump market. Contrarily, technological developments in mechanical pump products such as adoption of automation, use of the internet of things (IoT), and other industry 4.0 advancements can boost the efficiency and life of the mechanical pumps. This is expected to create lucrative opportunities for the mechanical pump market's growth during the forecast period.

Market Trends

• New products that contain improved capabilities are launched by leading market players. They take necessary steps to improve overall functionality of the products. For instance, in February 2020, Weir Group PLC, a UK-based mechanical pump manufacturer, launched three new pumps under its Lewis brand. These pumps are meant for sulphur, sulphuric, and phosphoric acid industries. The new pumps incorporate Lewmet nickel-chrome alloy for better life.
• Similarly, businesses in the mechanical pump market adopted agreement as their key developmental strategy to leverage the strengths of each company. For instance, in August 2019, Zenit International SpA, a manufacturer of submersible electric pumps, signed a strategic alliance agreement with Japan based Tsurumi Manufacturing Co., LTD, a global leader in the production and distribution of electric pumps. Under this agreement, both companies agreed to support each other commercially as well as financially.
• Moreover, business expansion strategies assist in enhancing the geographic footprint of the company and help in gaining significant market share for mechanical pump products. For instance, in June 2021, Germany-based Wilo Group invested in Malaysia to open an assembly plant in Kuala Lumpur, Malaysia. This facility will serve as a platform to supply the entire South East Asia region with Wilo pumps. 

Key Benefits of the Report

• This study presents the analytical depiction of the mechanical pump industry along with the current trends and future estimations to determine the future investment pockets.
• The report presents information related to key drivers, restraints, and opportunities, along with detailed analysis of the mechanical pump market share.
• The current market is quantitatively analyzed to highlight the mechanical pump market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed mechanical pump market analysis based on competitive intensity and how the competition will take shape in coming years.