The rise in energy demand, especially in developing regions, has contributed to growth in the power generation pumps market. This market is expected to witness steady growth, with glob-al demand expected to reach a 3.7 percent compound annual growth rate in terms of volume from 2018 to 2028, according to a new report from Fact.MR, a research and consulting firm.
According to the report, power generation pumps with a small capacity of up to 500 gallons per minute (gpm) are likely to have the highest growth in the coming years. The demand for smaller power generation pumps is increasing due to low cost and smaller motors, which can result in less power consumption.
Demand for centrifugal pumps is expected to increase in the Asia-Pacific (APAC) region, especially in China, India and Japan. Providing high flow rate with a capacity of handling large quantities of fluids, centrifugal pumps are widely used in the power generation plants.
The rising demand for power supply and favorable government policies are driving the demand for power generation pumps. Integration of new technologies such as sensors to monitor pow-er generation pumps is also on a rise.
Power Generation Pumps in Coal/Oil Power Plants
The development of new coal and oil power plants across various countries is also driving pow-er generation pumps market growth, the Fact.MR report states. Coal generation increased by 3 percent in 2017 after witnessing a fall in the two previous years, according to the International Energy Agency (IEA). Substantial growth in coal generation has been seen in India and China. At 30 percent, coal-fired power generation remains the largest source of energy worldwide.
Efforts are being made to improve the coal power plants design and power generation pumps to boost efficiency and flexibility of the plants, the report said. The coal-fired power plants are deploying efficient supercritical and ultra-supercritical coal power generation technologies. Although southeast Asia is an important producer of coal, oil and gas, it is likely to face several challenges in the coming years due to increasing focus on power generation through green energy sources.
APAC to Dominate Power Generation Pumps Market
While APAC’s demand for power and electricity is growing, new government regulations and emission standards are driving the switch to a cleaner source of energy. Adoption of renewable sources of energy has increased in recent years.
The demand for power generation pumps in the APAC region was expected to surpass 2 million units by the end of 2018. According to the report, various countries in the region have upgraded policy framework, increased regional cooperation, and are moving toward renewable energy resources along with the increasing investments.
With growing investments in infrastructure and development of new industries, energy demand in Southeast Asian countries is set to grow. According to the IEA’s Southeast Asia Energy Outlook 2017, increasing energy needs is resulting in the rise in consumption of fuels. Coal accounts for nearly 40 percent of the growth, whereas demand for natural gas is also likely to grow by around 60 percent by 2040. Therefore, new power plant construction is also expected in the region, which should also drive growth in the power generation pumps market.
Installed power generation capacity is expected to rise to more than 565 gigawatts (GW) by 2040 to meet electricity demand, the report said. Also, renewables are expected to account for the largest share in installed capacity by 2040, which will also increase demand in the power generation pumps market.