Market Trends of Latin America Pumps Industry
Centrifugal Pump Segment to Own Significant Market Share
- A single-stage centrifugal pump has only one impeller installed inside it and is designed to provide a relatively low head or flow. Most of its uses are in slurry and sewage management in residential, commercial, and industrial areas. The total dynamic head (TDH) is the most suitable type for this centrifugal pump.
- There is only one impeller in this centrifugal pump. Maintenance is easy because of the uncomplicated design. This specific variety is widely used in low-pressure, high-flow systems. The ideal applications for this pump include high flow and low to moderate total dynamic head.
- The demand for single-stage pumps is anticipated to be driven by the dependability and low maintenance costs in applications with small dynamic heads, such as water pumping stations. Furthermore, rising infrastructure, solar power plant costs, and the developing residential sector in Latin America are driving the single-stage centrifugal pump market.
- According to BP, crude oil consumption in Latin America reached 6.49 million barrels per day in 2021. The rising need for crude oil is anticipated to fuel the demand for centrifugal pumps throughout Latin America.
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Oil and Gas Segment to have a Significant Growth Rate
- Pumps are essential in the oil and gas industry. They are used to displace oil in several instances, such as inside oil drilling rigs and refineries. They are utilized for essential activities, such as injection, chemical transfers, gasoline transfers, and steam stripping. The oil and gas industry cannot function without specifically designed pumps.
- According to a January 2020 International Maritime Organization regulation, the rising demand for low-sulfur fuel would likely push large refiners to improve their current infrastructure. With refineries scheduled for restoration, the need for pumps is anticipated to rise in the coming years.
- The Latin American region (Chile, Guyana, Suriname, Brazil, Uruguay, Argentina, Guyana, Mexico, Bolivia, Colombia, Paraguay, Ecuador, Venezuela, and Peru ) continues to progress toward the usage of reduced sulfur gasoline. In January 2020, Argentina became one of the first countries to make headway toward this objective by distributing and commercializing Ultra Grado 3 gasoline with a maximum sulfur content of 10 ppm. Furthermore, by the beginning of January 2024, the country intends to reduce sulfur in the Super Grado 2 gasoline grade from 150 ppm to a maximum of 50 ppm.
- According to Baker Hughes, in December 2021, there were 143 active oil rigs in Latin America. Mexico recorded the highest number of active oil rigs, with 47 units, followed by Argentina's 43. The active rigs from this region drive the market of pumps.
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