Study: Turkish Demand for Advanced Industrial Pumps Increases
Increasing greenfield projects and rising infrastructure investments are expected to drive demand for industrial pumps in the Turkish market, Frost & Sullivan reports. Energy-efficiency regulations present further growth potential for technologically advanced industrial pumps. This will have a huge impact on the market as local manufacturers scout for mergers and acquisition opportunities to offset the high costs of research and development.
New analysis from Frost & Sullivan shows market earned revenues of $478 million in 2012 and estimates this to reach $814 million in 2017. Of the centrifugal pumps (single-stage, multi-stage, axial and mixed-flow, submersible, and seal-less and circulator) as well as positive displacement pumps (rotary, reciprocating and peristaltic) covered in the study, single-stage centrifugal pumps are expected to find more takers due to their competitive prices.
However, the improved product quality and lifecycle of newer pumps negatively impacts the market for spare parts. Customers are unlikely to replace their operating pumps unless significant technological developments occur. This challenge is compounded by the geo-political uncertainty in the Middle East, which has compelled end users to be extremely cautious with their investments.
While multinational companies have the advantage of superior quality products, the price sensitivity of the Turkish market demands that the latest technologies be offered at competitive prices. Increasing awareness about technology in the demanding end-user industries poses a significant challenge for local manufacturers, whose products are less technologically advanced.
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