In order to dissert the market scenario prevailing across the power generation pumps market sector, Fact.MR has evenly presented a new examination titled "Power Generation Pumps Market Poised to Garner Maximum Revenues During 2018 to 2028 | Key Players are Weir Group, Flowserve Corporation, Sulzer Ltd., etc.", to its extensive online repository. With all vital market facets enclosed into this single assessment, readers can learn about different market drivers, opportunities and trends which are likely to influence the overall market space for the power generation pumps market in the coming years. In addition, factors such as market size, Y-o-Y growth and revenue share are investigated so as to make this research highly authentic and reliable.
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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. For instance, Sulzer Ltd. has launched BLUE BOX, an advanced remote analytics platform providing operational improvement and increasing efficiency and performance of pumps and pipelines.
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.
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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.
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.
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.
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Power Generation Pumps Market Poised to Garner Maximum Revenues During 2018 to 2028
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