A new market research report by Future Market Insights investigates the sea water pumps market and provides key insights for the forecast period. As per the study, the global sea water pumps market is anticipated to experience significant growth over the forecast period, due to multiple driving factors such as increase in ship building activities and rise in the number of desalination plants being set up across several geographies.
The global sea water pumps market is estimated to be valued at US$ 1.3 Bn in 2022, increasing at a CAGR of 4.3% from 2022 and 2028. Growth is also being driven by the need to replace old sea water pumps and innovation in pump technology.
Sea water pumps are large, powerful pumps that are used to transfer or circulate sea water in a variety of applications. They are increasingly being used in ship water cooling systems, desalination plants, and oil refineries.
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Key Takeaways of Sea Water Pumps Market Study
- The centrifugal sea water pumps segment is expected to hold major share of the global sea water pumps market value as compared to positive displacement sea water pumps.
- On the basis of end use, the ships segment is expected to hold prominent value share of the global sea water pumps market. These pumps are used in weight transfer function, firefighting, bilge pumping, and high pressure pumping an air conditioners.
- By sales channel, offline sales channel is estimated to remain a key segment on the back of consumer preference towards customized sea water pumps.
- Asia Pacific is projected to hold prominent market share in terms of value in the global sea water pumps market. This growth is being propelled by rapid increase in ship building in countries such as China, South Korea, and Japan. These countries hold 70% share of the ship building market.
- However, the Middle East & Africa sea water pumps market is expected to project lucrative growth during the forecast period. This growth is attributable to increasing investments for desalination plants in the region.
“Sea water pumps are utilized in a variety of applications, ranging from ship building to desalination plants. Each of the applications has a different requirement, and therefore, enterprises are developing products as per specific demand.”
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Sea Water Pumps Market by Category
- Centrifugal Pumps
- Positive Displacement Pumps
By End Use:
- Ballast Transferring
- Bilge Pumping
- High Pressure Deck Washing/Engine Cooling
- Air Conditioning
- Desalination Plants
- Oil Refineries
By Flow Rate:
- 1 – 50 M3/H
- 51 – 150 M3/H
- 151 – 350 M3/H
- 351 – 500 s M3/H
- Above 500 M3/H
- North America
- Latin America
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 6-years.
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