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Need for Refurbishment of Old Process Plants, Diminishing Sanctions and Revival of the Oil & Gas Industry are likely to Drive Growth
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This Market Engineering Research report covers the industrial pumps market in Russia. This report provides market size and forecasts, highlights key trends, presents a breakdown by segments, and provides a competitive and end-user industry analysis, as well as makes predictions for the future. Key market drivers and restraining factors have been discussed in detail. Macro and micro-economic indicators for Russia, CIS and CEE countries have been provided to support the market trends. This report aims to analyze both the qualitative and quantitative aspects of the market. Market sizing and forecast for prominent end-user industries has been included for in-depth understanding. Manufacturers discussed in this report include those that produce centrifugal and positive displacement pumps.From 2014 to 2016, the Russian economy was under a monetary crisis mainly due to factors such as the decline in crude oil prices and the country’s role in its conflict with Ukraine. The present economic situation is fragile as recovery remains weak due to poor business and investment climate. Large-scale sanctions by countries on Russia as a counter to its annexation of Crimea and its support for separatists in the eastern Ukraine Donbas region, and the counter-sanctions imposed by Russia have further weakened growth prospects.Over 40% of the water supply network in Russia is in urgent need of refurbishment and modernization. This factor is expected to contribute to the growth of industrial pumps and services. Rosneft’s modernization of oil refining capacities is estimated to cost more than RUB1.40 trillion and includes more than 50 projects for the construction and reconstruction of major process plants and facilities. Russian companies are undertaking the modernization program for refineries in order to improve the quality of products and increase competitiveness. The water tariff policy in Russia is under the control of government departments; taking into account the economic features of a city, town or village, the refurbishment or new construction of treatment plants and networks can either be partially or fully subsidized from public funds.Russia’s mining industry represented 3% to 5% of the country’s GDP in 2018. The country has huge reserves of minerals as it has the biggest geographical area in the world. It figures among the global top 3 countries with the largest reserves of diamond, gold, platinum, palladium, coal and iron ore. Russia is steadily moving ahead with its plans for an extended role in nuclear energy, including the development of a new nuclear reactor technology. Rosenergoatom is the only Russian utility operating nuclear power plants. In May 2015, the Ministry of Economic Development in Russia announced a delay in commissioning of new nuclear power plants due to ‘a current energy surplus’.
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