The UK pump manufacturing market is forecast to see increased revenues to total £3.7 billion in 2019 despite a period of increased price pressures as a greater percentage of imported pumps flood the UK market. Over the last five years, the market reported an annual increase of 6.3% as UK pump manufacturers benefitted from the low exchange rates for the pound and healthy export revenues.
The import penetration of pumps has increased with firms losing market share in the UK domestic pump market. In addition, the increased penetration of imports has placed increased price pressure on pumps in the UK.
UK pump manufacturers have benefitted from a lower exchange rate for the pound and combined with the perception of higher quality manufacturing output, have been able to increase export revenues for pumps over the last five years. The diverse application of pumps across a wide range of industries has been beneficial to this niche market sector and has enabled industry revenue growth over the period.
Stronger competition from overseas players coupled with a shift towards overseas manufacturing locations will adversely impact export growth over the next few years. Domestic players are also seeing increased pressure from imports into the UK market which is placing increasing pressure on price.
Over the next five years, the UK pump manufacturing market is forecast to see a greater share of imports taking revenue from domestic players and the combined impact of lowering prices, the slowdown of export growth as the pound appreciates is forecast to dampen growth. During the period 2013 to 2018, the UK pump manufacturing market is forecast to report growth of 3.7% with revenues reaching £3.7 billion by 2019.
In the UK pumps market, 62.5% of the domestic manufacturing revenues are sourced from exports in 2013. In addition, 64.6% of domestic demand is satisfied by imports in 2013, highlighting the declining share of domestic manufacturing being sourced back into the UK market.
For more information on the UK pump manufacturing market, see the latest research: UK Pump Manufacturing Market
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