Globalization, or the integration of countries including their cultures and trade practices, has brought together an array of industries including telecommunications, transportation, energy, and more. Now the process has stretched into the pump industry due to the worldwide demand for the applications in which pumps are used, such as clean water and energy.
More and more, experts in the pump industry are reaching across national boundaries for new and innovative solutions to issues such as supply chain management, shipping, manufacturing, and how to navigate around the rising cost of raw materials. Those who can grasp and work with international partners stand to not only reduce their production costs, but expand their customer base as well.
To give you a better idea, submersible pump sales alone are estimated to reach approximately $19 billion by 2019 at the projected CAGR of 5.9%. This is due to an expected continued growth in the Asia-Pacific region, which holds the largest market share in countries such as China, India, Indonesia, Australia, and Japan. Other countries with emerging pump markets include Malaysia, Thailand, Philippines, and New Zealand. The major suppliers of these submersible pumps include General Electric (U.S.), Schlumberger (U.S.), Halliburton (U.S.), and Weatherford International Inc. (Switzerland).
If you’re still not convinced the pump industry is going global, check out these amazing recent developments:
- Pump Solutions Group (PSG) is a leading manufacturer of positive displacement pumps and has launched a new Product Recovery Initiative which shows hygienic manufacturers the enormous potential for operational waste reduction and the associated cost savings by using their Mouvex line. The launch includes a new website in multiple languages including Chinese, French, German, Russian, Portuguese, and Spanish.
- Lead Method software has been created in response to the communications issues between manufacturers and distributors of pumps. In addition to the option to automate the lead capture and distribution process, the software comes with powerful analytics with global data.
- “Pumps & Systems,” a leading magazine for the pump industry worldwide for over 20 years, has expanded its international coverage of powerful technical pumping information to the Middle East and North Africa region.
- BBA Pumps from the Netherlands introduces a new line of electrically driven solids handling pumps with GPS monitoring functionality, which allows the pumps to be controlled and operated remotely from the comfort of a computer screen.
“It is essential for the manufacturers to innovate and come out with new products,” said the newly elected President of the Southern India Engineering Manufacturers’ Association. “Though many pump manufacturers here have already established a global footprint, the international markets offer great potential.”
And if you are interested in learning more in the latest pump industry news, check out the rest of our blog.