The global fuel transfer pump market size is expected to reach USD 2.4 billion by 2027, expanding at a CAGR of 4.3%, according to a new report by Grand View Research, Inc. The growth of the market can be attributed to the increasing product demand in several applications, including transportation, chemical, food and beverages, and construction.
Developing economies in Asia Pacific, including China and India, are experiencing rapid urbanization and industrialization over the past few years, and the trend is expected to continue over the forecast period. The growth and evolution witnessed by leading industrial verticals, such as chemical, construction, and automotive has led to the growth of Fuel Transfer Pumps (FTPs) in the region.
Increasing industrialization, technological developments, rapid urbanization, and growth in infrastructure are the major factors contributing to the increased demand for fuel, in turn, resulting in high adoption of FTP in the oil and gas industry. Thus, the demand for FTPs is expected to grow stronger owing to the growing consumption of oil and gas globally.
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Increasing customer expectations have led to increased spending in R&D activities to improve the quality of pumps along with advanced process control. The fuel transfer pumps market is highly competitive and dependent on technological advancements and product developments. Key market players strive to achieve new application developments to gain a competitive advantage over their competitors.
Fuel Transfer Pumps Market Report Highlights
• DC FTPs dominated the market and accounted for 49.3% of global revenue share in 2019 owing to the increased demand for FTPs in mobile and portable refueling applications
• The chemical segment is expected to witness a CAGR of 5.0% from 2020 to 2027 on account of the increasing penetration of the FTPs for fluid transfer across various stages of chemical processing and manufacturing
• North America constituted the second-largest revenue share in 2019 on account of the increased adoption of the product in key application sectors including transportation, construction, chemical, and food and beverage
• Asia Pacific is expected to be witness a CAGR of 5.3% over the forecast period on account of the robust economic growth, an increase in business investment spending, and strong gains in manufacturing output
• The key manufacturers in the market, design, develop, and offer a wide range of FTPs equipped with varied specifications that are suitable for a wide range of applications such as construction, agriculture, chemical, food and beverage, and military
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Fuel Transfer Pumps Market Segmentation
Grand View Research has segmented the global fuel transfer pumps market on the basis of type, mounting, motor type, application, and region:
Fuel Transfer Pumps Type Outlook (Revenue, USD Million, 2016 - 2027)
• AC FTP
• DC FTP
• Hand FTP
Fuel Transfer Pumps Mounting Outlook (Revenue, USD Million, 2016 - 2027)
• Fixed
• Portable
Fuel Transfer Pumps Motor Type Outlook (Revenue, USD Million, 2016 - 2027)
• 12V DC
• 24V DC
• 115V AC
• 230V AC
• Others
Fuel Transfer Pumps Application Outlook (Revenue, USD Million, 2016 - 2027)
• Transportation
• Construction
• Mining
• Agriculture
• Chemical
• Food & Beverage
• Military
• Others
Fuel Transfer Pumps Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o U.K.
o France
• Asia Pacific
o China
o India
o Japan
• Central & South America
o Brazil
• Middle East & Africa
o Saudi Arabia
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.