Marine Pump Market Segment Forecasts up to 2027

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Posted 2021-10-17 08:34:39

Marine Pump Market: Introduction

Pump is a machine that circulates fluids from one place to the other through a mechanical action. Marine pump refers to a pump that is used on board an offshore platform or ship.
Depending on the characteristics of fluid to be circulated, the marine pump can be classified into positive displacement and dynamic. Positive displacement pumps are used where fluid viscosity is high. These include reciprocating pumps, piston pumps, gear pumps, and screw pumps. Dynamic pumps are used for fluids possessing low viscosity. These pumps include centrifugal, axial flow, and submersible pumps.

Key Drivers and Restraints of Global Marine Pump Market

Increase in international sea borne trade activities is expected to drive the global marine pump market during the forecast period. According to the Review of Maritime Transport 2018, seaborne trade rose by 4% in 2017 from that in 2013. In ships, marine pumps are used to circulate fluids inside the machinery of vessel for several purposes such as fueling, heating, cooling, and lubrication.
Rise in recreational water activities, logistics, and fishing, primarily in developing nations such as India, China, Brazil, and Mexico, is anticipated to fuel the demand for marine pumps during the forecast period. Furthermore, growth in number of cruise fleet due to the rise in passenger traffic is also expected to boost the market. According to the Florida Caribbean Cruise Association, global cruise passenger traffic increased by 4.5% in 2017 vis-à-vis that in 2016.
Increase in investments in modernization and expansion of existing ports is estimated to propel the global marine pump market. According to the India Brand Equity Foundation, the Government of India aims to enhance its port capacity by 3,200 MMT by 2020.
Technological innovations and advancements in design of pumps are expected to propel the global marine pump market during the forecast period. However, availability of alternate substitutes is a major factor expected to hinder the market between 2019 and 2027.

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Oil Sealed Segment Expected to Hold Major Share of Global Marine Pump Market

The global marine pump market can be segmented based on type, flow rate, application, and region
In terms of type, the global marine pumps market can be bifurcated into positive displacement and dynamics. The dynamics segment can be further categorized into centrifugal, axial flow, and submersible pump. Centrifugal pumps are extensively used in marine pumps owing to their low manufacturing costs and easy-to-operate features.
Based on application, the global marine pumps market can be divided into cooling, fuel oil transfer, lube oil transfer, cargo stripping, and others. Pumps are extensively used in the marine industry to supply fluids for operation of stabilizers, steering gears, and hydraulic machinery.

Asia Pacific to Account for Significant Share of Global Marine Pump Market

The global marine pump market can be segregated into Asia Pacific, Europe, North America, Middle East & Africa, and Latin America
The marine pump market in Asia Pacific is expected to expand at a significant pace during the forecast period, due to the increase in investments in the development of shipbuilding infrastructure, primarily in developing countries such as China and India
North America is also projected to hold large share of the global marine pump market during the forecast period, owing to the rise in technological innovation of pump design to enhance efficiency
The marine pump market in Europe is likely to expand at a stable pace, owing to the increase in the demand for low cost and energy efficient pumps; and implementation of stringent regulations pertaining to carbon emissions
The marine pump market in Latin America and Middle East & Africa is anticipated to expand at a sluggish pace during the forecast period

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Key Players Operating in Global Market

Leading companies operating in the global marine pump market are: