Global Value of Mining Pumps Market Is Estimated To Be Worth Over USD 2,375 Million In 2022

The market for mining pumps is expected to reach USD 2,375 million in 2022 and reach USD 3,780 million by the end of the forecast period in 2032, growing at a CAGR of 4.8 percent between 2022 and 2032.

 

Due to their long-term prospects and rising prominence in relation to future technology, these commodities are attracting the attention of prominent miners from all over the world who are looking to profit significantly from markets.

 

Centrifugal mining pumps are more appealing as a result of their affordability and simplicity of installation. Centrifugal mining pumps are becoming more and more popular as a result of their simple installation and superior performance characteristics. High maintenance costs and control problems with low flow rates are two notable factors, though, that could make adoption difficult.

 

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Report Attributes	Details
Base Year Value (2021A)	USD 2,250 Million
Estimated Year Value (2022E)	USD 2,375 Million
Projected Year Value (2032F)	USD 3,780 Million
Global Growth Rate (2022-2032)	CAGR 4.8%
East Asia Market Share in 2021	~39%
East Asia Market Growth Rate (2022-2032)	CAGR 5.5%
Collective Value Share (Saudi Arabia, UAE, Iraq) 2021: Top 3 Countries	~21%
Top 5 Companies Market Share in 2021	~33%

 

Leading mining industries and businesses in China consistently exert significant effort to make use of the technical benefits of these technologies in order to increase their mining outputs and capture the highest profit margins.

 

In addition to traditional commodities, "new-age minerals" like cobalt, copper, nickel, lithium, and many others are being extracted with increasing prominence through new investments.

 

For instance, increasing Li-ion battery demand is increasing lithium demand. Cobalt is also becoming more well-known due to its significance in the case of electric vehicles.

 

Prominent miners worldwide are pursuing these commodities in the hope of reaping significant benefits due to their long-term potential and growing relevance as components of future technologies. Leading mining firms are working hard to capitalise on this newly emerging trend, which has a promising future.

 

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Key takeaways:

·         The market for mining pumps in the Asia-Pacific region, which is made up of East and South Asian nations, generated a market share of about 60%. Additionally, it is anticipated to expand at a market expansion rate of 5.5% over the course of the forecast.

·         China is the largest mining producer in the world, with a yearly production value of USD 185 billion.

·         Centrifugal pumps made up the majority of the mining pumps market by product type in 2021, accounting for about 44% of the total market valuation.

 

Growth Drivers:

·         Centrifugal mining pumps are becoming more and more common because of how simple they are to install and how well they perform.

·         The growth of the mining pumps market is anticipated to be fueled by an increase in investments for the extraction of "new-age minerals."

 

Competitive Landscape:

The mining pumps market is highly competitive, and major players have adopted a variety of marketing tactics, including mergers and acquisitions, expansions, collaborations, and partnerships.

 

·         A large number of domestic and regional players have created a highly fragmented and competitive market for mining pumps worldwide.

·         The top businesses use new product development as a strategic approach to boost their consumer market presence.

 

Key Companies Profiled by Fact.MR

• Xylem
• Flowserve Corporation
• KSB SE & Co. KGaA
• Weir Group
• Sulzer Ltd.
• GRUNDFOS
• Pentair Ltd.

 

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Global Mining Pumps Market Segments

• By Product Type :
• Centrifugal Pumps
• Single Stage
• Multi-Stage
• Axial and Mixed
• Submersible
• Seal less and Circular
• 
  
• Reciprocating Pumps
• Piston
• Plunger
• Diaphragm
• 
  
• Rotary Pumps
• Gear
• Vane
• Screw
• Lobe
• Progressive Cavity Pumps
• Piston
• Peristaltic

 

• By Capacity :
• Small (Up to 500 gpm)
• Medium (500-1,000 gpm)
• High (More than 1,000 gpm)

 

• By Application :
• Drainage
• Gravel/Dredge
• Slurry
• Jetting
• Water/Wastewater

 

• By Region :
• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• MEA

* This article was originally published here