In 2022, the global sea water pumps market reached a significant milestone, achieving a substantial valuation of approximately US$ 1.3 billion. This accomplishment underscores the market’s continuous growth trajectory and serves as a testament to the expanding utilization of sea water pumps across a wide spectrum of applications. Projections indicate that the market is poised to maintain its upward trajectory, with a moderate Compound Annual Growth Rate (CAGR) of 4.3% expected to unfold between 2022 and 2028. By the conclusion of this period, the market is forecasted to reach a commanding valuation of over US$ 1.6 billion by 2028.
At the forefront of this thriving market are centrifugal pumps, which are anticipated to uphold their status as the top-selling products. These pumps offer a myriad of advantages, including superior efficiency and cost-effectiveness, positioning them as the preferred choice for a diverse array of end-users spanning multiple industries. Their remarkable versatility and unwavering reliability have played a pivotal role in the surge of their adoption for various applications.
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Future Market Insights has released a comprehensive half-yearly analysis comparing growth forecasts and key developments in the sea water pumps market. This analysis comes in light of increased investments in oil drilling activities by various countries, driven by industrialization and population expansion trends.
This heightened focus on oil drilling activities has resulted in a notable surge in demand for centrifugal sea water pumps. Additionally, to address the rising need for fresh water, numerous desalination plants are being constructed. Consequently, the sea water pumps market is poised for rapid expansion in the upcoming years.
According to Future Market Insights’ analysis, there has been a decrease of 24 units in the BPS (Basis Point Scale) values identified in the sea water pumps market in H1 2022 compared to the projected figures for H1 2022. Notably, this marks a 16 BPS dip in the market compared to H1 2021.
Key Takeaways of Sea Water Pumps Market Study:
- The centrifugal sea water pumps segment is expected to hold major share of the global sea water pumps market value as compared to positive displacement sea water pumps.
- On the basis of end use, the ships segment is expected to hold prominent value share of the global sea water pumps market. These pumps are used in weight transfer function, firefighting, bilge pumping, and high pressure pumping an air conditioners.
- By sales channel, offline sales channel is estimated to remain a key segment on the back of consumer preference towards customized sea water pumps.
- Asia Pacific is projected to hold prominent market share in terms of value in the global sea water pumps market. This growth is being propelled by rapid increase in ship building in countries such as China, South Korea, and Japan. These countries hold 70% share of the ship building market.
- However, the Middle East & Africa sea water pumps market is expected to project lucrative growth during the forecast period. This growth is attributable to increasing investments for desalination plants in the region.
“Sea water pumps are utilized in a variety of applications, ranging from ship building to desalination plants. Each of the applications has a different requirement, and therefore, enterprises are developing products as per specific demand.”
Key Companies Profiled:
- KSB SE & Co. KGaA
- Xylem Inc.
- Sulzer Ltd
- Torishima Pump Mfg. Co.
- Danfoss A/S, ITT INC.
- Flowserve Corporation
- Ebara Corporation
- WILO SE
- Grundfos Holding
- The Weir Group PLC
- Alfa laval
- Kubota Corporation
- AxFlow Holding AB
- Kirloskar Brothers Ltd.
- Franklin Electric Co. Inc.
- Tsurumi Manufacturing Co. Ltd.
- Schlumberger Limited
- Eureka Pumps AS
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Sea Water Pumps Market by Category:
By Product:
- Centrifugal Pumps
- Positive Displacement Pumps
By Operation:
- Submersible
- Non-submersible
By End Use:
- Ships
- Ballast Transferring
- Firefighting
- Bilge Pumping
- High Pressure Deck Washing/Engine Cooling
- Air Conditioning
- Desalination Plants
- Oil Refineries
By Flow Rate:
- 1 – 50 M3/H
- 51 – 150 M3/H
- 151 – 350 M3/H
- 351 – 500 s M3/H
- Above 500 M3/H
By Region:
- North America
- Latin America
- Europe
- Japan
- APEJ
- MEA
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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