Australia Industrial Pumps Market, Forecast to 2024: Despite Challenging Conditions in the Near Term, Strong Growth Opportunities from Specific End Markets Support Long-term Growth - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jan 7, 2020--
The “Australian Industrial Pumps Market, Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.
This study analyses the size, drivers, restraints, trends, opportunities, and competitive environment of the Australian industrial pumps market from 2017 to 2024. The Australian industrial pumps market is undergoing significant changes in its competitive and technological environment. Driven by the demand from key end markets and for technological capabilities in operational efficiency, the pumps market in Australia is expected to record steady long-term growth. Recovery of the mining industry in the country is expected to make mining applications a major contributing end market, as the demand for pumps increases with the opening of new mines and expansion of existing ones.
Demand from the water and wastewater industry is also expected to increase due to population growth and its deleterious effect on the already scarce water sources in the country. Moreover, the pumps industry in Australia has seen, and will continue to see, a steady increase in the use of high-efficiency pipes due to high energy costs. With respect to business models, there has been a significant increase in customer interest in pump rental and maintenance services due to a growing focus on capital expenditure reduction.
The biggest threats to the industrial pumps market in Australia during both long and short terms are posed by rising input costs and margin pressure. Costs of materials that are crucial for the pumps industry such as steel and aluminium alongside rising labour and transportation costs are placing a major strain on pump manufacturers and suppliers, making it challenging for them to maintain profitability. The market is further restrained by the overall economic slowdown that has dampened the demand for pumps as the number of projects amongst end users decreases. This is exacerbated by the increase in external competition from foreign pump suppliers, particularly Chinese suppliers, and the resultant price competition. Finally, the industry has been facing a shortage of skilled labour, which adversely impacts the uptake of new, upside-generating technologies.
Opportunities in the pumps market in Australia lie in several key areas. Smart technology, analytics, and other emerging and advanced technologies are poised to offer significant long-term pump life cycle solutions, cost reduction, and revenue generation opportunities. Solar-powered pumps are also expected to play a key role in future energy efficiency initiatives. This is relevant especially for Australia and the natural advantage its climatic conditions provide to this segment. Pumps-as-a-Service is becoming an increasingly viable business model and offers customers increased flexibility and agility in pump ownership and deployment. Moreover, growth of the pumped hydro market in Australia, which is being supported by the federal government, creates an advantageous environment driving the overall industrial pumps market.
Key Topics Covered:
1. Executive Summary
2. Scope and Definition
3. Industrial Pumps Market Overview
4. Drivers and Restraints - Total Industrial Pumps Market
5. Forecast and Trends - Total Industrial Pumps Market
6. Technology Trends
7. End Markets Analysis
8. Market Share and Competitive Analysis - Total Industrial Pumps Market
9. Growth Opportunities and Companies to Action
10. The Last Word
For more information about this report visit https://www.researchandmarkets.com/r/3ilx9i
View source version on businesswire.com:https://www.businesswire.com/news/home/20200107005863/en/
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KEYWORD: AUSTRALIA/OCEANIA AUSTRALIA
INDUSTRY KEYWORD: OTHER MANUFACTURING MANUFACTURING
SOURCE: Research and Markets
Copyright Business Wire 2020.
PUB: 01/07/2020 11:39 AM/DISC: 01/07/2020 11:39 AM