The report on the power generation pumps market offers forecast and key insights on the market. The report also provides data and information on all the major factors playing an important role in the growth of the power generation pumps market. The study also includes market dynamics like the key trends, challenges, opportunities, and drivers.
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The main objective of the report on the power generation pumps market is to provide exclusive information on the power generation pumps market, enabling the key players as well as new entrants to plan business strategies. Information on the growth opportunities in the power generation pumps market is also included in the report.
Power generation pumps are used in power plants for various applications. Centrifugal pumps, rotary pumps, and reciprocating pumps are mainly the type of pumps used in power generation process. The power generation pumps are used to generate power from different sources of energy including oil, gas, coal, nuclear power, etc.
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.
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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.
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.
The report on the power generation pumps market provides an in-depth analysis of the market based on key segments. The power generation pumps market is segmented on the basis of capacity, product type, and power type. The market is further bifurcated into sub-segments.
Based on the capacity, the power generation pumps market is segmented into Small (up to 500 gpm), Medium (500-1000 gpm), and High (Above 1000 gpm). On the basis of product type, the market segment includes centrifugal pumps, reciprocating pumps, and rotary pumps.
Based on the power type, the power generation pumps market is segmented into Coal/Oil, Combined Cycle Gas, Hydroelectric, and Nuclear.
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