December 02, 2021 13:08 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, Dec. 02, 2021 (GLOBE NEWSWIRE) -- The "Fluid Handling System Market, by Pump (Centrifugal Pumps and Positive Displacement Pumps), by Flow Meter (Magnetic, Coriolis, Differential Pressure, Ultrasonic, Vortex, Turbine, and Others), by Control Valve (Linear Valve and Rotary Valve), by Industry (Oil & Gas, Energy & Power, Chemical, Food & Beverage, Pulp & Paper, Water and Wastewater Management, and Others), and by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028).” report has been added to VantageMarketResearch.com offering.
The global Fluid Handling System market was valued at USD 46.62 Billion in 2020 and is projected to reach USD 64.78 Billion by 2028, growing at a CAGR of 4.61% from 2021 to 2028.
The outbreak of COVID-19 virus has adversely affected various industries across the globe. The Fluid Handling System market is no exception. To curb the spread of the virus, governments of numerous countries implemented stringent lockdown restrictions and social distancing regulations. Manufacturing facilities across the world were shut down during the initial stages of the pandemic. Market players faced numerous challenges owing to the disruptions in supply chain. This led to severe impact on the global economy impairing various industries. As a result, the demand for fluid handling systems declined during this phase. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data-points:
Fluid handling systems direct, measure, and maintain the flow of fluids throughout a production facility. Everything from liquid chemicals to fluid gas can pass through these systems. They are widely used in various industries such as oil & gas, chemicals, and food & beverages, among others.
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Adoption of Pumps in the Food & Beverage Industry
Growing adoption of pumps in the food and beverage sector is driving the market growth over the forecast period. The FDA and USDA necessitate sanitary conditions for systems that transfer food and related fluids. Sanitary pumps in the fluid handling system can be airlift, jet, centrifugal types, depending upon the force required. The most commonly used sanitary pumps are positive displacement and centrifugal pumps. Centrifugal pumps are used for moving liquids such as syrups, milk, and beverages. Positive displacement pumps are used for particle-containing products such as frying oil, batters, and deboned meat.
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Growing Demand for Advanced Systems in Water and Wastewater Management Sector
The water and wastewater industry held the largest share of the fluid handling system market in 2020. Growing adoption of automation coupled with the rising need for centralized control systems to maintain the water quality is expected to augment the market growth over the forecast period. Moreover, companies within this sector are focusing on managing energy efficiently as well as reduce costs to improve operating margins. Fluid handling systems help companies to manage the flow of water and reduce any wastage. Factors such as population growth, specifically in urban areas, industrialization, rising prominence on wastewater treatment, and stringent government norms are expected to further drive the demand of fluid handling systems in the water and wastewater management sector.
The report on Fluid Handling System Market highlights:
Asia Pacific will hold a largest share over the forecast period
Asia Pacific held the largest share in 2020 and is also projected to grow at the fastest CAGR over the forecast period. This is due to the increasing demand for fluid systems in developing economies such as China and India. This surge is attributable to the rapid industrialization and urbanization in these countries. Additionally, growing awareness for waste water treatment is propelling the demand for fluid handling systems in the region. North America is also projected to grow at a considerable rate over the forecast period. Increasing demand for these systems in chemicals sector is fuelling the market growth in this region.
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List Of Prominent Players in the Fluid Handling System Market:
Recent Developments in the Industry:
1. November 2021: IDEX Corporation announced it has entered into an agreement to acquire Nexsight, LLC for USD 120 Million. The transaction is expected to be complete in the first quarter of 2021. Nexsight will join the water group within IDEX’s Fluid & Metering Technology segment.
2. July 2020: Bürkert announced the launch of valve control head with IO-Link for intelligent communication. The new control heads now assume complete control of pneumatic valves, including feedback and diagnostic functions, for decentral automation concepts.
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