December 2, 2021 13:08 ET | Source: Vantage Market Research Vantage Market Research
Washington, December 2, 2021 (GLOBE NEWSWIRE) - "The market for fluid handling systems, by pumps (centrifugal pumps and positive displacement pumps), by flow meters (magnetic, Coriolis, differential pressure, ultrasonic, eddy current, turbine Etc.), by control valve (linear valve and rotary valve), by industry (oil and gas, energy and power, chemical industry, food and beverage, pulp and paper, water and wastewater management, etc.), and by region (North America, Europe, Asia Pacific, Latin America and the Middle East and Africa)-Global industry assessments (2016-2021) and forecasts (2022-2028).” The report has been added to the VantageMarketResearch.com product.
The global fluid handling system market is valued at US$46.62 billion in 2020 and is expected to reach US$64.78 billion by 2028, with a compound annual growth rate of 4.61% from 2021 to 2028.
The outbreak of the COVID-19 virus has adversely affected various industries around the world. The fluid handling system market is no exception. In order to curb the spread of the virus, many governments have implemented strict blockade restrictions and social distancing regulations. During the initial stages of the pandemic, manufacturing facilities around the world were closed. Due to supply chain disruptions, market participants face numerous challenges. This has had a serious impact on the global economy and harmed various industries. Therefore, the demand for fluid handling systems at this stage decreases. The impact of COVID-19 on market demand is considered when estimating the current and forecast market size and market growth trends of all regions and countries based on the following data points:
The fluid handling system directs, measures, and maintains fluid flow throughout the production facility. From liquid chemicals to fluid gases, everything can pass through these systems. They are widely used in various industries such as oil and gas, chemicals, food and beverages.
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Application of pumps in the food and beverage industry
Increasing adoption of pumps in the food and beverage industry is driving market growth during the forecast period. The FDA and USDA require systems that transport food and related fluids to have sanitary conditions. Sanitary pumps in fluid handling systems can be airlift, jet, or centrifugal, depending on the force required. The most commonly used sanitary pumps are positive displacement pumps and centrifugal pumps. Centrifugal pumps are used to transport liquids such as syrup, milk and beverages. Positive displacement pumps are used for products that contain particles, such as frying oil, batter and boneless meat.
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Increasing demand for advanced systems in water and wastewater management
The water and sewage treatment industry will occupy the largest share of the fluid treatment system market in 2020. The increasing popularity of automation and the increasing demand for centralized control systems to maintain water quality are expected to promote market growth during the forecast period. In addition, companies in this industry are focusing on effectively managing energy and reducing costs to increase operating margins. Fluid handling systems can help companies manage water flow and reduce any waste. Population growth, especially in urban areas, industrialization, increasingly prominent sewage treatment, and strict government regulations are expected to further drive the demand for fluid treatment systems in the field of water and sewage management.
The fluid handling system market report emphasizes:
The Asia-Pacific region will occupy the largest share during the forecast period
The Asia-Pacific region has the largest share in 2020 and is expected to grow at the fastest compound annual growth rate during the forecast period. This is due to the increasing demand for fluid systems in developing economies such as China and India. This surge is attributed to the rapid industrialization and urbanization of these countries. In addition, people’s awareness of wastewater treatment continues to increase, driving the demand for fluid treatment systems in the region. It is expected that North America will also grow at a considerable rate during the forecast period. The chemical industry’s increasing demand for these systems is driving market growth in the region.
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List of major players in the fluid handling system market:
Industry News:
1. November 2021: IDEX Corporation announced that it has reached an agreement to acquire Nexsight, LLC for USD 120 million. The transaction is expected to be completed in the first quarter of 2021. Nexsight will join the water group of IDEX's fluid and metering technology division.
2. July 2020: Bürkert announced the launch of valve control heads with IO-Link for intelligent communication. The new control head can now fully control pneumatic valves, including feedback and diagnostic functions, for decentralized automation concepts.
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