The global marine pumps market generated revenues of $427 million in 2016 and is expected to register a compound annual growth rate of 4 per cent through 2023, a new report said.
Growth in the global marine pumps market continues to pick up pace, driven by strict marine emission standards and a focus on energy-efficient, high-performance, advanced marine pumps that can operate in challenging conditions, a new analysis titled ‘Opportunity Analysis for Suppliers in the Marine Pumps Market, Forecast to 2023’ from Frost & Sullivan said.
Increased trade volumes and booming maritime tourism are boosting demand for new ships and aiding revenue growth. Manufacturers must focus on competitive pricing, innovation and technology developments to sustain growth in a consolidated ecosystem, it said.
“Most end users are reducing capital expenditure investment in new equipment and are more likely to spend on refurbishing or servicing their installed pumps,” said Frost & Sullivan Industrial Automation & Process Control research analyst Anand M Gnanamoorthy. “To gain a competitive edge, maritime pump manufacturers should offer aftersales service packages such as integrated pump system bundles,” he added.
Despite continued uncertainties in the global economy and volatile fuel prices affecting profitability of the marine pumps market, moderate growth is expected in the next six years due to an increase in global trade and investment in shipyard builds in China, South Korea, and Japan.
Regional trends driving growth include: Investment in shipbuilding in Asia-Pacific; unprecedented growth in China’s cruise industry; rapid development of ports and access to new customers; building of luxury cruise ships in Italy, Germany, and France; stable growth in North America due to wide variety of shipyards and ship build capabilities; fast-growing ship parts trading in Latin America; steady construction of complex vessels, mega-yachts, and dredgers in Europe; and demand for luxury yachts, water sport equipment and personal submarines in the Middle East.
“While the maritime industry is undergoing changes to comply with existing and new environmental regulations, shipbuilding companies are preparing themselves for compliance with future regulations and standards relating to safe and clean operations,” noted Gnanamoorthy. “These trends will drive demand for optimised vessel efficiency and the use of energy-efficient marine pumps.”
