Indian pumpset manufacturers have to look beyond the traditional markets to tap the emerging opportunities, said some of the speakers at the national conference on pumps that was inaugurated here on Friday.
The Confederation of Indian Industry (CII) has organised a two-day national conference on pumps.
C.J. Chuck Powers, director – product management of Flowserve Corporation, and Colin Chua, president – Asia Pacific of Flowserve Pte, said that while the demand might have softened for pumpsets in some segments, opportunities are increasing in some others.
ADVERTISEMENT
Opportunities are growing in areas such as water treatment and desalination. Companies that operate in different regions or have a diverse product range can use the experience in one segment or region for another. When the demand softens in one sector, the market picks up in another region or segment. The market is constantly evolving. For instance, though the demand for nuclear energy is soft now, the demand is growing in fossil power and solar power. Manufacturers need to innovate and move to different markets.
Mr. Powers said that just three per cent of the water resources in the world constitute fresh water and only about one tenth of it is accessible. While population and demand for water are growing there are challenges too. Hence, the scope for water and waste water segment is huge.
V. Krishnakumar, chairman of the event, said that the world market for pumpsets is estimated to be 50 billion dollars. In India, the market is about Rs. 6,500 crore.
ADVERTISEMENT
The scope is huge and manufacturers need to look beyond India.