Resurgence of mining activities worldwide on account of proactive investments is foreseen to fuel the unabated rise in demand for mining pumps. Worldwide sales of mining pumps exceeded 3.5 million units in 2018 and is set to witness higher-than-expected growth in 2019 and beyond. These insights are as per the latest report by Fact.MR that provides an exhaustive coverage of opportunities brimming in the global market space along with key trends shaping sales of mining pumps over the forecast period.
Apart from soaring Investments in new mining projects, drastic reformations in the existing projects are also fuelling adoption of mining pumps. Increasing prices of multiple commodities have triggered mining activities and adoption of mining equipment, with mining pumps being no exception. As per the report, manufacturers of mining pumps are incorporating effective strategies to develop submersible pumps of large capacities for use in case of arduous applications, considering the evolving end-user preferences.
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The report finds that key manufacturers, with extensive focus on enhancement of brand equity, are working on amelioration of efficiency and quality of their products. For instance, Xylem, a key industrial giant, launched ‘Flygt 2400’ stainless steel pumps in 2016, which was one-of-its-kind for extensive use in mining applications.
“In short, manufactures are working toward developing efficient products that promise optimal functionality along with extended durability. Furthermore, manufacturers are also focusing on making notable contribution toward efficiency enhancements of mines, notably in terms of energy consumption”, says Fact.MR report
As per the Fact.MR research study, end-users continue to show marked preferences for small capacity pumps, followed by medium and high capacity variants. The study opines that ‘up to 500 gpm’ will continue as the top-selling variant in 2019, on account of extended use across a wide range of applications.
According to the Fact.MR report, APAC is foreseen to retain its buoyancy in the mining pumps market, in 2019 and beyond. Prominent manufacturers in the mining mumps market are working toward expansion of their businesses across regional markets, notably in China, owing to large-scale presence of resources. North America and Eastern Europe are likely to join the aforementioned trail with sustained opportunities for the market players to capitalize on.
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Mining Pumps Market Remains Moderately-consolidated, Key Players Retain their Stronghold with Robust Product Portfolios
According to the Fact.MR study, the global mining pumps market remains a moderately-consolidated space, with multinational and regional players collectively holding nearly 60-70% revenue share. The six leading companies in the market space i.e. Flowserve Corporation, Xylem, Weir Group, Sulzer Ltd., GRUNDFOS, and KSB SE & Co. KGaA account for approximately 40-48% share, backed by strong product portfolios. High focus on offering operational excellence in their products by focusing on latest industry trends is enabling these manufacturers to retain their buoyancy in the global market space.
Sensing the rapid transition toward smart pumping systems, manufacturers are focusing on integration of advanced technologies for offering high efficiency and productivity. As per the report, manufacturers are making headway with integration of advanced technologies, such as Industry 4.0 and IOT, to stay at the technology forefront. Being a fundamental necessity across mining plants, mining pumps are being actively sought-after across rising number of greenfield as well as brownfield projects. This, in turn, is foreseen to bolster sales of mining pumps over the forecast period.
Incumbency remains one of the significant competitive tools of the manufacturing companies operating in the global market space. According to the concept of incumbency, an entrenched supplier having cordial relationships with customers generates revenues from both replacement as well as new project-related requirements. In addition to that, competitive pricing and product reliability remain two of the key aspects taken into consideration by the manufacturers to facilitate long-term customer retention.
The Fact.MR report analyzes latent opportunities in the global mining pumps system market over the forecast period of 2018 to 2028. According to the report, the mining pumps market is likely to expand at a CAGR of above 2.5% through 2028.
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