SAN ANTONIO, Sept. 20, 2022 (GLOBE NEWSWIRE) -- A new analysis by Verify Markets shows that the North American Pump Equipment: OEM and Rental Markets is projected to grow over 7.0% in 2022. The market is expected to be driven by increasing oil & gas prices, population and urbanization growth, the consequential increase in residential and non-residential construction activities, and water and wastewater infrastructure expansions and upgrades. Revenues derived from pump equipment rental were estimated to be over $1.5 billion in 2021 and reach over $2.5 billion in 2028. Sales of new pump equipment were estimated to be over $2.0 billion in 2021 and expected to grow at a CAGR of over 3.0% from 2021 to 2028.
“Most pump equipment OEMs have been affected by supply chain constraints. However, longer lead times for new pump equipment has benefited the rental market. Rental pumps are used during replacement of old equipment or in new installations,” notes Georgina Carraway, Research Manager at Verify Markets.
Shortage of skilled personnel has also been limited the growth potential of the market during 2021. North American pump rental companies and OEMs are having difficulty finding and retaining skilled talent. This shortage can often result in poor system design, installation, and difficulty in troubleshooting a problem during maintenance and repair. To overcome this challenge, companies are focusing on training and increasing the incentives for existing employees. Some companies are also focused on growing their digital-enabled service capabilities to move from a scheduled-based maintenance model to a usage-based, predictive maintenance.
Despite these challenges, companies are optimistic about the future. The municipal and construction market segments are projected to continue expanding during the next years due to urbanization, population growth, and aging water infrastructure. Moreover, market participants expects that the U.S Infrastructure Bill will boost the demand for pump equipment in these sectors during the forecast period.
The North American Pump Equipment: OEM and Rental Markets report has been segmented by end user, type of pump and pump size. Main customers include municipality, construction, oil & gas, industrial, and mining. The oil & gas sector is one of the main end users of pump equipment in North America. As rising oil & gas prices have increased profit margins in the sector, companies are expanding existing plants, driving the pump retrofit market. In the long-term of the forecast period, the oil & gas sector is expected to reduce its share of the market, as long-term capital investment in the hydrocarbon industries is projected to decrease.
Some of the key companies covered in this report include major rental market participants like Sunbelt Rentals, United Rentals, Xylem Inc. (Godwin), Rain for Rent, and HERC Rentals Inc., Global Pumps, Mersino Equipment Rental, MacAllister Machinery Company, Inc., and Moving Water Industries (MWI Pumps), among others. Major OEM market participants include Flowserve Corporation, Xylem Inc., Sulzer Ltd., ITT Gould Pumps, KSB, Wilo, Gundfos, EBARA International Corporation, Gorman-Rupp Pumps, and Pentair, among others. The report captures various market dynamics such as growth drivers, restraints, market revenues and forecast, technology trends and competitive landscape.
A copy of the North American Pump Equipment: OEM and Rental Markets research report can be obtained at www.verifymarkets.com. Follow us for more updates on Twitter @verify_markets and LinkedIn. This report is part of Verify Markets’ Rental Equipment & Power Solutions Subscription market research and consulting practice. Other market reports include:
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About Verify Markets:
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Our research methodology consists of extensive primary interviews with key participants in the market along with secondary sources to validate our information. For more information on this report and other research (including custom reports and consulting), contact info@verifymarkets.com or call +1.210.595.6987.
Contact: Haley Rico
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Email: haley@verifymarkets.com
