Frost & Sullivan: Increased Conventional and Unconventional O&G Explorations Drive New Investments in Latin American Positive Displacement Pump Market
– Brand awareness campaigns and training programs on the applications of positive displacement pumps are vital for market success
BUENOS AIRES, Argentina, July 30, 2014 /PRNewswire/ — Strong investment in the oil and gas (O&G) and petrochemical industries in Latin America is fueling the demand for positive displacement pumps in the region. The development of the infrastructure and food and beverage manufacturing industries to meet the accommodation and consumption needs of the expanding population, is also adding momentum to the market.
New analysis from Frost & Sullivan, Analysis of the Latin American Positive Displacement Pump Market, finds that the market earned revenues of $464.5 million in 2013 and estimates this to reach $626.7 million in 2020. Although Latin America’s gross domestic product is expected to decelerate to an average of three to four percent, the demand for positive displacement pumps will grow at a compound annual growth rate of 4.4 percent mainly due to new applications in the O&G and petrochemical industries. The study covers rotary, reciprocating and peristaltic pumps.
"With the mining industry in Latin America garnering major interest from state governments and international companies, opportunities for positive displacement pump manufacturers are also emerging in this space," said Frost & Sullivan Industrial Automation & Process Control Research Analyst Aida Paola Conti.
However, the price sensitivity of end users and their limited awareness on the advantages of positive displacement pumps and alternative technologies have been major obstacles to market development. In addition, the unstable economic condition in some leading Latin American countries has dampened consumer confidence and led to project delays. Along with the expected decrease in foreign direct investment, these factors are challenging positive displacement pump manufacturers.
"In this scenario, successful brand awareness campaigns are critical to gain market acceptance and differentiate products from the competition," stated Conti. "Training programs on the current and new applications of positive displacement pumps are also important to attract end users across Latin America."
For more information on this study, please email Francesca Valente, Corporate Communications, at email@example.com.
Analysis of the Latin American Positive Displacement Pump Market is part of the Industrial Automation & Process Control (http://www.industrialautomation.frost.com) Growth Partnership Service program. Frost & Sullivan’s related studies include: Global Sanitary Pump Market in the Food and Beverage Industry, Global Pumps Market in the Chemicals Industry, Pumps and Valves in the North American Shale Industry, and Global Metering Pump Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Analysis of the Latin American Positive Displacement Pump Market
Corporate Communications — Latin America