A pump is a device that transforms fluid energy by mechanical action. The global general pump market demand including industrial pumps, residential pumps and hydraulic pumps exceeds USD 60 billion yearly. In terms of range of services, water pump is the largest category.
According to CRI, the demand for industrial pumps in Southeast Asia and South Asia area increases fast with the growth of emerging economies. However, the demand in European countries, the U.S. and China still accounts for a large proportion in the global market. Even in developed countries, the demand for pumps keeps increasing as economy rises. With the change of the global industry development pattern, the demand in the U.S. and European countries will decline, while the market demand size in other areas will keep expanding.
According to CRI, there are over 2,000 pump manufacturers in China by the end of May, 2017. Chinese pump manufacturers can produce 450 series and 5,000 kinds of pumps. The production volume of pump in China exceeded 100 million in 2016. Although there are numerous manufacturers in China’s pump industry, most of them are small-sized, with backward techniques and equipment, and the products of which are of poor quality. Generally speaking, China’s pump industry is of low product technological content, and is at a low level internationally. In addition, many high-end products still depend on import.
According to CRI, industrial pump, as an important corollary equipment in equipment manufacturing industry, benefits from the encouraging and supporting policies of the Chinese government aiming at promoting equipment manufacturing industry. In recent years, the Chinese government has drafted and enacted several documents in order to facilitate the manufacturing industry, including the Rules for the Implementation on Planning of Adjustment and Revitalization of Equipment Manufacturing Industry, Action plan of energy saving, emission reduction, upgrading and retrofitting of coal-fired power plants (2014-2020), Made in China 2025, which offers policy support for the development of pump industry.