Fuel Transfer Pumps Market To Hit Value .41 Billion By 2027
Posted by Mrudula Anil Karmarkar on December 31st, 2020
The global fuel transfer pump market size is expected to reach USD 2.4 billion by 2027, expanding at a CAGR of 4.3%, according to a new report by Grand View Research, Inc. The growth of the market can be attributed to the increasing product demand in several applications, including transportation, chemical, food and beverages, and construction.
Developing economies in Asia Pacific, including China and India, are experiencing rapid urbanization and industrialization over the past few years, and the trend is expected to continue over the forecast period. The growth and evolution witnessed by leading industrial verticals, such as chemical, construction, and automotive has led to the growth of Fuel Transfer Pumps (FTPs) in the region.
Increasing industrialization, technological developments, rapid urbanization, and growth in infrastructure are the major factors contributing to the increased demand for fuel, in turn, resulting in high adoption of FTP in the oil and gas industry. Thus, the demand for FTPs is expected to grow stronger owing to the growing consumption of oil and gas globally.
Increasing customer expectations have led to increased spending in R&D activities to improve the quality of pumps along with advanced process control. The fuel transfer pumps market is highly competitive and dependent on technological advancements and product developments. Key market players strive to achieve new application developments to gain a competitive advantage over their competitors.
Fuel Transfer Pumps Market Report Highlights
Increasing industrialization, technological developments, rapid urbanization, and growth in infrastructure are the major factors contributing to the increased demand for fuel, in turn resulting in high adoption of fuel transfer pumps in the oil and gas industry. Fuel transfer pumps (FTP) are extensively used to transfer fuel such as gasoline, petrol, diesel, kerosene, mineral spirits, and biodiesel.
The U.S. accounted for the major share of the overall market in North America in 2020. This can be attributed to the robust demand for DC FTP on account of their suitability for a wide array of applications, including OEM installation and general industries in the country. This, in turn, is likely to augment the growth of the market over the forecast period.
Component manufacturers form collaborations with Original Equipment Manufacturers (OEMs) and raw material suppliers to facilitate the continuous supply of raw materials for the manufacturing of pumps. Some of the inputs are directly supplied as raw materials, which are then treated by the manufacturers. In contrast, in other cases, vendors offer components to the manufacturers according to their requirements.
A few leading companies have introduced new technologies that are expected to transform the fuel transfer pumps industry during the forecast period. For instance, Great Plains Industries (GPI) Inc. introduced a G20 fuel transfer pump that comes with Quick-Fit Modular connection points, which make attaching accessories fast and easy. GPI also introduced a zero loss suction pipe that features triple-seal technology.
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Increasing sales of electric vehicles are expected to hinder market growth over the forecast period. These vehicles are not dependent on fossil fuels and use electricity as the energy source without the need for FTPs. Therefore, increasing adoption of electric vehicles is expected to restrain market growth over the forecast period.
Grand View Research has segmented the global fuel transfer pumps market on the basis of type, mounting, motor type, application, and region:
Fuel Transfer Pumps Type Outlook (Revenue, USD Million, 2016 - 2027)
Fuel Transfer Pumps Mounting Outlook (Revenue, USD Million, 2016 - 2027)
Fuel Transfer Pumps Motor Type Outlook (Revenue, USD Million, 2016 - 2027)
Fuel Transfer Pumps Application Outlook (Revenue, USD Million, 2016 - 2027)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information:www.grandviewresearch.com
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About the AuthorMrudula Anil Karmarkar
Joined: July 2nd, 2020
Articles Posted: 986
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