ID: MRFR/E&P/1348-HCR | December 2022 | Region: Global | 111 pages
Impact of COVID-19 on the Global High-Pressure Pumps MarketThe spread of the COVID-19 pandemic has negatively impacted the global high-pressure pumps market owing to the lockdowns imposed in the majority of the countries across the globe since March 2020. High-pressure pumps find wide applications in the textile, automobile, oil & gas, and chemical industries. They are designed to endure higher pressure as compared to conventional pumps. The rising preference for high-pressure pumps from the green chemicals industry is expected to stimulate market growth over the projected timeframe. Future investments in the construction and residential sectors in emerging countries are expected to provide growth opportunities for the suppliers of high-pressure pumps. The demand for these products has been hampered temporarily in recent months owing to the shutting down of businesses globally. However, the demand for high-pressure pumps is anticipated to recover in the coming months and grow significantly in the long term.
SOLAR POWER NET GENERATION IN THE U.S. FROM 2015 TO 2019 (IN MILLION KILOWATT HOURS)
Government policies in several countries continue to focus on the promotion of renewable and energy-efficient heating and cooling technologies in the commercial, residential, and industrial sectors. For instance, according to the International Renewable Energy Agency (IRENA), carbon emissions must decline to 9.5 gigatons (Gt) by 2050 in order to limit global warming to less than 2 degrees Celsius above pre-industrial temperatures. To achieve this, there is a need for the expansion of renewable energy and improving energy efficiency, which is projected to drive the demand for high-pressure pumps worldwide. Moreover, increasing infrastructural developments are also expected to drive the use of high-pressure pumps, particularly in industrial areas. For instance, according to the India Brand Equity Foundation (IBEF), India would require an investment of over USD 777.73 billion in infrastructure by 2022, to ensure sustainable development in the country. This, in turn, is expected to boost the demand for high-pressure pumps in the country. Hence, the demand for high-pressure pumps is anticipated to increase in the coming years.
Source: Secondary Sources
Source: Primary Experts, Secondary Sources and MRFR Analysis