According to the March 2012 McIlvaine Report , the world market for pumps used in industrial, municipal, and farming applications will grow to $45 Billion. More than $7 billion will be added to current annual sales totals—a 16 percent increase.
East Asia is expected to account for 33 percent of the market by 2017. McIlvaine reports that “The growth in this region will be driven mostly by new infrastructure and heavy industrial spending. More power plants will be built in this region in the next five years than in the rest of the world combined.”
North American pump sales are expected to grow to $8.8 Billion in 2017. Leading the growth will be oil and gas from shale. Fracking pumps will be in high demand in Texas, Pennsylvania, North Dakota, and other Western states. “The pumps to deliver the fracturing water at high pressure to locations 12,000 feet below the surface are already in short supply as manufacturers struggle to meet a $1 billion per year demand.”
The full report can viewed at www.mcilvainecompany.com. Cornell Pump Company is excited by this expected growth, as well as our position to supply outstanding pumps for municipal, food processing, irrigation, mining, and oil/gas needs.