A new report says that opportunities for growth are on offer in the UK pumps market - despite the Covid-19 pandemic.
The UK pump market fell by 8.3% in 2020, somewhat less than the overall fall in UK GDP (9.9%), as the impact of Covid-19 was mitigated to some extent by the fulfilment of orders placed prior to the pandemic. According to the report - Pump Market Report – UK 2021-2025 - the level of new orders fell rather more sharply in 2020 than revenue levels and will subsequently affect revenues into 2021.
Pumps are utilised in a wide range of markets. 2020 saw considerable variation between sectors - whilst demand in some sectors fell by 20% or more, others were more resilient and even, in a few cases, saw increased sales.
Demand in water and wastewater remained broadly steady the report says, as capital expenditure in the sector is largely tied to the cycle of the industry’s Asset Management Plans and is to a large extent independent of economic fluctuations.
Pharmaceutical and chemical industry demand for pumps has grown and continues to offer outstanding opportunities, whilst the construction, renewable energy and nuclear sectors also offer good prospects. In general, most manufacturing industries saw sharply reduced output and a reduction in demand for pumps used for process applications.
Construction output fell sharply in 2020, particularly in the residential sector, affecting demand for pumps used in the construction process itself as well as for products such as circulator pumps used in boilers. However, the fire protection sector remained relatively buoyant.
Abdul Tantouch, Market Researcher at AMA Research, commented:
“Despite the Covid-19 pandemic, the UK pump market, though mature, continues to offer good opportunities for growth through its close association with expanding and emerging sectors of the UK economy.”
The net outcome of such sectoral variations is that Covid-19 will have had a very different impact on individual manufacturing companies, depending on the nature of their business and the composition of their customer base. In general, companies with a diverse customer base are likely to have weathered the storm rather better than many others, through their ability to refocus their business on more resilient sectors.
Although Brexit may have some impact on export markets, especially for European customers, initial indications are that it will not have a significant effect on the UK market, apart from creating minor administrative burdens and transactional costs in dealing with imported components and materials.
Click here for more information about the Report
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