In a recent research report by Maximize Market Research, the Barrel Pump Market is expected to surpass US $4250 million by the year 2026, from US $3400 million in 2019.
Barrel Pump Market trends:
The manufacturer segment holds approximately 65% share in the barrel pump market owing to increasing demand for accurate and well-engineered equipment. Moreover, OEMs in the market are exponentially investing in reliable design parameters for centrifugal barrel pumps and optimum temperature conditions for barrels. In addition, many oil and gas manufacturers have tied up the knots with OEMs for uninterrupted supply chain demand and hence, manufacturers are expected to see an exponential curve of development.
According to IFFFA and IMO, Barrel Pump Market is expected to dominate the chemical and transportation sectors owing to the increasing trend of the automation and developments probed by manufacturers. Heavy integration among the manufacturers during the forecast period owing to a chain of products available in the market and flexible Barrel Pump designs along with improving standards of manufacturing are the key factors considered to drive the growth of the market. According to Sales experts, sales are expected to reach approximately 10 million units worldwide during the forecast period owing to rising demand for the safety of operators in the industries listed in the report.
North America is the dominating region in the market owing to well-established infrastructure for the chemical sector and adoption of quality-based equipment manufacturing in the region. Moreover, increasing the investment of key players in the market capitalization for electric barrel pumps is the key factor considered to drive the growth of the regional market. APAC market is expected to pose as the fastest-growing region in the market owing to the rising adoption of safety systems by OEMs in the region and technological adoptions by key players in the region of China, India, and Japan. Moreover, Semi-finished goods and raw material supplies from China and India is the factor expected to drive the growth of the market during the forecast period.
Despite a huge decline in the sales of Barrel Pump during the initial phase of pandemic spread and lockdown restrictions all over the region, the market is observed to pick up a quick pace for registering a CAGR of almost more than 3.8%, during the tenure of 2020 – 2026.
The study is consolidated on the basis of six major segments and further into sub-segments, Pump Type (rotary pump, centrifugal pump, lever barrel pump, piston barrel pump, hand barrel pump), Product Type (hydraulic, electric, and pneumatic), Gallon Containers (5, 15-30, 55, 275, 330, 1000 gallons and others), Application (residential, industrial and commercial), distribution channel (manufacturer, wholesaler, distributor and direct sales), and by industry (chemical, pharmaceutical, oil and gas, automotive, petroleum, food and beverages and manufacturing plants) to forecast the market value; Also includes the analysis of past market dynamics from 2016 – 2019, considering 2019 as the base year.
Lastly, the market research report provides a regional comparison and a complete country level analysis for the latest trends, along with the major key players- Grudfos, Schlumberger Ltd., Flowserve Corporation, Ebara Corporation, Wilhelmsen Holding SA, JESSBERGER GmbH, Graco, Inc., Burkle GmbH, Finish Thompson, Inc., Ruhrpumpen, Fluidyne Instruments Pvt. Ltd., Lutz Pumps, Inc., FLUX, Kecol Pumping Systems, NZ Pump Co. Inc., Harbor Freight, Standard Pump, Maxflow Pumps, Ambica Machine Tools, IWAKI Pumps Australia Pty Ltd.
You can browse the market data Tables and Figures spread through a comprehensive research report and in-depth TOC on “Global Barrel Pump Market.”
https://www.maximizemarketresearch.com/market-report/global-barrel-pump-market/113017/
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