Demand from Wastewater, Manufacturing, and Oil and Gas to Boost the Global Engineering Tools Market Through 2020, Says Technavio
By Business Wire News
By Business Wire News
Technavio research analysts are forecasting positive growth for many segments of the global engineering tools market over the next four years as several related markets, including pumps, industrial vacuum pumps, and compressors, will likely witness an increase in revenues.
Technavio research analysts predict the global pumps market to grow steadily at a CAGR of 5% during the forecast period. Factors such as increased investments in water and wastewater recycling plants augment its growth. The water and wastewater industry is growing due to a rise in population, urbanization, and manufacturing. Industries such as power, pharmaceuticals, and food and beverage are heavily water-reliant and will have a significant impact on the global demand for water. The production increase in these manufacturing industries has made adherence to stringent environmental guidelines paramount. This has prompted governments in developing countries to invest heavily in wastewater treatment, which consequently benefits this market.
Over the next four years, the industrial vacuum pump market is also likely to grow at a CAGR of around 5%. Rapid industrialization in APAC countries like India and China along with other developing countries such as Brazil will boost the demand for industrial vacuum pumps until 2020. Increased demand for power will likely lead to widespread expansion of T&D activities worldwide. Besides its application in the power sector, vacuum pumps also serve the oil and gas, food processing, chemical processing, and semiconductor manufacturing sectors. Rising investments in semiconductors is another key trend augmenting the use of industrial vacuum pumps. For instance, the government of India, as a part of the “Make in India” campaign plans to invest USD 1.52 billion over the next two years in electronic system design and manufacturing industry. A typical semiconductor manufacturing unit uses close to 750 dry vacuum pumps on an average. The growth of semiconductor manufacturing will thus increase the sales of dry vacuum pumps and liquid vacuum pumps in the upcoming four years.
The global engineering tools market is also likely to witness a surge in the demand for air compressors, especially from Middle Eastern countries and China, a trend that is largely responsible for the growth of air compressors. Compressed air finds various applications in this industry, including sweetening of gasoline, oxidation of sour water, and catalyst regeneration. Wastewater treatment plants require compressors for agitation to keep solids in suspension, drive the pumps to move the material, and to supply oxygen as a measure that supports processing of bacteria. As a result, an increase in the number of such plants is expected to fuel the demand for air compressors. With this, the global compressor market is predicted to grow steadily at a CAGR of about 7% over the next four years.
“Rapid industrialization in APAC countries like India and China along with other developing countries such as Brazil will boost the demand for industrial vacuums through 2020. The oil and gas end-user segment dominated the global compressor market during 2015 and this trend will likely continue over the forecast period,” said Anju Ajaykumar, one of Technavio’s lead analysts for heavy industry research.
The global upstream oil and gas industry makes investments worth USD14 billion each year on valve applications. Compressors are vividly used in this industry for control and actuation of these valves, and this in turn augments its demand among oil-rich economies in the world.
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Some of the key vendors for the global engineering tools market include Flowserve, Grundfos,and ITT forpumps; Atlas Copco, Gardner Denver,and Pfeiffer Vacuum for industrial vacuum pumps; and Ingersoll Rand, Siemens,and Sulzer for compressors.
Browse related reports:
- Global Air Compressor Market in Oil and Gas Industry 2016-2020
- Global Air Compressor Market: Forecast and Statistical Analysis 2015-2019
- Screw Air Compressors Market in China 2015-2019
- Global Gas Compressors Market 2015-2019
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