Leading players in the power generation pumps market are primarily focusing on new product development. Gaining competitive advantage and adding more value to the existing product line, companies are developing new products to meet the evolving need of end-users. Key power generation pump manufacturers include Xylem, Weir Group, Flowserve Corporation, and Sulzer Ltd. Offering new technologies and systems to boost performance, enhancing the reliability of power generation pumps continues to be a key strategy for leading players in the Power Generation Pumps Market.
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Power Generation Pumps Market Growth Driven by Growing Energy Requirements
According to the International Energy Agency, the energy demand globally rose by 2.1% in 2017, which was twice the previous year’s rate.
Oil, natural gas, and coal met 70% of global energy demand, while renewable energy accounted for the rest. With the development of new power plants to meet the ever-increasing demand for energy, the focus on energy efficiency has increased. On account of process optimization to reduce energy consumption, the demand for power generation pumps offering efficiency is expected to grow.
Manufacturers across the globe are focusing on deploying cost-effective solutions, and this is resulting into new pump design, along with growing focus on research and development. Controlling the excess flow of energy translating into increased operating cost is the key focus area of manufacturers. Power generation pumps with frequency control that adjusts pump’s performance to the current needs are also gaining traction.
Rise in Replacements/Retrofits in Power Plants to Create Opportunities for Power Generation Pumps Manufacturers
Power plants are moving towards replacements or retrofit in order to minimize the downtime and maximize the performance. Old power plants operating in various regions are focusing on replacement/retrofit of valves, power generation pumps, and other equipment used in power plants.
The demand for high-performance power generation pumps leading to efficiency of operations and improving power system flexibility is also increasing across the globe. Stringent regulations on emission levels by governments across various countries is also is resulting in the retrofitting work in old power plants.
The high cost of building new power plants has also influenced manufacturers to focus on upgrading the existing ones. Governments across the world are focusing on investing in retrofitting old power plants to meet the emission standards. The retrofitting of existing coal power plants is also gaining momentum with introduction of regulations on limiting CO2 emission.
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Smart Monitoring Technologies Gaining Traction in Power Generation Pumps Market
Older motors and power generation pumps are resulting in increased risk of unplanned outage along with the higher cost to keep them running. Hence, to ensure safe power plant operations, adoption of advanced monitoring technologies is gaining ground. It is highly likely that demand for pumps that are equipped with sensors is likely to grow in the near future.
Sensor technologies are also becoming popular, supporting the process of automatically monitoring the power generation pumps. The pumps outfitted with multiple sensors to measure voltage, current, vibration, pressure, and temperature are being developed and designed.
Capable of detecting early problems, preventing forced outrages and minimizing pump failures, wireless sensors are being integrated into pumps to monitor vibration, cavitation, and seals. In the last few years, equipment monitoring devices operating on wireless networks have gained popularity in the power generation pumps market.
High Installation and Maintenance Cost of Power Generation Pumps to Remain Biggest Challenge
The cost of installing power generation pumps has increased in recent years. Considering current design practices, the life-cycle cost of the pump including cost of installation, operation, and maintenance has also increased.
Moreover, power generation pumps used for primary application in the power plants need more maintenance. To ensure reliability and optimum efficiency, the components of both positive displacement pumps and centrifugal pumps used in the power generation require timely inspection, service, and replacement if necessary. This is leading to the high maintenance cost of power generation pumps.
Many manufacturers in the power generation pumps market have started providing kits to repair the pumps and schedule maintenance. However, the use of counterfeit parts has also increased, leading to the system downtime and damage, resulting in more cost and even replacing the entire pump.
The report on the power generation pumps market provides insights on all the leading players in the market. The report offers a dashboard view of the key companies in the power generation pumps market along with the SWOT analysis. Information on the latest developments, new product launches, market share, and business strategies of the companies operating in the power generation pumps market is provided in the report.
Majority of the companies in the power generation pumps market are focusing on new product launches with advanced features providing efficiency and high performance. The companies are also introducing products to meet the emission standards and integrating new technologies to increase efficiency and offer reliability.
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Global Power Generation Pumps Market: Emerging Economies Expected to Influence Growth until 2028
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