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Fluid Handling System Market to Reach CAGR of 4.8% & projected to be valued at USD 73.28 Billion by 2023
The water and wastewater industry is projected to hold the largest share of the overall fluid handling system market during the forecast period.
The increasing demand for different types of pumps in the oil and gas industry, high demand for advanced systems in the chemical and wastewater management industries, and increased focus on plant automation are the key factors driving the growth of the Fluid Handling System Market. The fluid handling system market was valued at USD 55.19 Billion in 2016 and is expected to grow at a CAGR of 4.8% during the forecast period. The base year considered for the study is 2016, and the forecast period is between 2017 and 2023. The objective of the report is to provide a detailed analysis of the market on the basis of pump, flow meter, control valve, industry, and geography. The report provides detailed information regarding the major factors influencing the growth of the market. The report also provides a detailed overview of the value chain of the market.
Pumps are expected to hold the largest share of the overall fluid handling system market in 2017. They are used for a wide range of applications. Additionally, the global pump market is increasingly witnessing the adoption of advanced intelligent pump technology, which is further expected to encourage the growth of the market.
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The water and wastewater industry is projected to hold the largest share of the overall fluid handling system market during the forecast period. The water and wastewater industry is widely adopting automation and has been integrating centralized control systems to monitor the quality of water. Moreover, it has a strong focus on energy management, and the need to reduce lifecycle costs to improve operating margins would boost the adoption of fluid handling control systems in this industry. Factors such as population growth, especially in urban areas, industrial development, increasing emphasis on wastewater treatment, international commitments and targets, and government policies would drive the growth of the market for the water and wastewater industry.
Key market players, including Alfa Laval AB (Sweden), Colfax Corporation (US), Crane Co. (US), Flowserve Corporation (US), and Graco Inc. (US), Bürkert GmbH & Co. KG (Germany), Dover Corporation (US), INDEX Corporation (US), Ingersoll-Rand plc (Ireland), and SPX Flow, Inc. (US), focus on strategies such as product launches, expansions, acquisitions, and contracts to enhance their geographic presence and expand their business.
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