According to preliminary figures, the growth of real gross domestic product (GDP) in China amounted to 5.0 percent in 2024. For 2025, the IMF expects a GDP growth rate of around 4.8 percent. Real GDP growth The current gross domestic product is an important indicator of the economic strength of a country. It refers to the total market value of all goods and services that are produced within a country per year. When analyzing year-on-year changes, the current GDP is adjusted for inflation, thus making it constant. Real GDP growth is regarded as a key indicator for economic growth as it incorporates constant GDP figures. As of 2024, China was among the leading countries with the largest gross domestic product worldwide, second only to the United States which had a GDP volume of almost 29.2 trillion U.S. dollars. The Chinese GDP has shown remarkable growth over the past years. Upon closer examination of the distribution of GDP across economic sectors, a gradual shift from an economy heavily based on industrial production towards an economy focused on services becomes visible, with the service industry outpacing the manufacturing sector in terms of GDP contribution. Key indicator balance of trade Another important indicator for economic assessment is the balance of trade, which measures the relationship between imports and exports of a nation. As an economy heavily reliant on manufacturing and industrial production, China has reached a trade surplus over the last decade, with a total trade balance of around 992 billion U.S. dollars in 2024.

In 2024, the gross domestic product (GDP) of China amounted to around 18.7 trillion U.S. dollars. In comparison to the GDP of the other BRIC countries India, Russia and Brazil, China came first that year and second in the world GDP ranking. The stagnation of China's GDP in U.S. dollar terms in 2022 and 2023 was mainly due to the appreciation of the U.S. dollar. China's real GDP growth was 5.4 percent in 2023 and 5.0 percent in 2024. In 2024, per capita GDP in China reached around 13,300 U.S. dollars. Economic performance in China Gross domestic product (GDP) is a primary economic indicator. It measures the total value of all goods and services produced in an economy over a certain time period. China's economy used to grow quickly in the past, but the growth rate of China’s real GDP gradually slowed down in recent years, and year-on-year GDP growth is forecasted to range at only around four percent in the years after 2024. Since 2010, China has been the world’s second-largest economy, surpassing Japan.China’s emergence in the world’s economy has a lot to do with its status as the ‘world’s factory’. Since 2013, China is the largest export country in the world. Some argue that it is partly due to the undervalued Chinese currency. The Big Mac Index, a simplified and informal way to measure the purchasing power parity between different currencies, indicates that the Chinese currency yuan was roughly undervalued by 38 percent in 2024. GDP development Although the impressive economic development in China has led millions of people out of poverty, China is still not in the league of industrialized countries on the per capita basis. To name one example, the U.S. per capita economic output was more than six times as large as in China in 2024. Meanwhile, the Chinese society faces increased income disparities. The Gini coefficient of China, a widely used indicator of economic inequality, has been larger than 0.45 over the last decade, whereas 0.40 is the warning level for social unrest.

The graph shows per capita gross domestic product (GDP) in China until 2024, with forecasts until 2030. In 2024, per capita GDP reached around 13,300 U.S. dollars in China. That year, the overall GDP of China had amounted to 18.7 trillion U.S. dollars. Per capita GDP in China Gross domestic product is a commonly-used economic indicator for measuring the state of a country's economy. GDP is the total market value of goods and services produced in a country within a given period of time, usually a year. Per capita GDP is defined as the GDP divided by the total number of people in the country. This indicator is generally used to compare the economic prosperity of countries with varying population sizes.In 2010, China overtook Japan and became the world’s second-largest economy. As of 2024, it was the largest exporter and the second largest importer in the world. However, one reason behind its economic strength lies within its population size. China has to distribute its wealth among 1.4 billion people. By 2023, China's per capita GDP was only about one fourth as large as that of main industrialized countries. When compared to other emerging markets, China ranked second among BRIC countries in terms of GDP per capita. Future development According to projections by the IMF, per capita GDP in China will escalate from around 13,300 U.S. dollars in 2024 to 18,600 U.S. dollars in 2030. Major reasons for this are comparatively high economic growth rates combined with negative population growth. China's economic structure is also undergoing changes. A major trend lies in the shift from an industry-based to a service-based economy.

Forecast: Contribution to GDP of Manufacturing in China 2024 - 2028 Discover more data with ReportLinker!

Forecast: Contribution to GDP of Construction in China 2024 - 2028 Discover more data with ReportLinker!

In 2024, China’s level of total investment reached around 40.4 percent of the gross domestic product (GDP). This value is expected to remain stable in 2025 and increase slightly in the following years. Final consumption accounted for 55.7 percent in 2023. International comparison of total investments The GDP of a country can be calculated by the expenditure approach, which sums up final consumption (private and public), total investment, and net exports. The ratio of consumption to investment may vary greatly between different countries.Matured economies normally consume a larger share of their economic output. In the U.S. and many European countries, total investment ranges roughly at only 20 to 25 percent of the GDP. In comparison, some emerging economies reached levels of 30 to 40 percent of investment during times of rapid economic development. Level of total investment in China China is among the countries that spend the highest share of their GDP on investments. Between 1980 and 2000, 30 to 40 percent of its economic output were invested, roughly on par with South Korea or Japan. While the latter’s investment spending ratio decreased in later years, China’s even grew, especially after the global financial crisis, peaking at staggering 47 percent of GDP in 2011.However, returns on those investments declined year by year, indicated by lower GDP growth rates. This resulted in a quickly growing debt burden, which reached nearly 285 percent of the GDP in 2023, up from only 135 percent in 2008. The Chinese government defined the goal to shift to consumption driven growth, but the transformation takes longer than expected.

Forecast: Contribution to GDP of Agriculture, Hunting, Forestry, Fishing in China 2024 - 2028 Discover more data with ReportLinker!

The statistic shows the gross domestic product (GDP) of the United States from 1987 to 2024, with projections up until 2030. The gross domestic product of the United States in 2024 amounted to around 29.18 trillion U.S. dollars. The United States and the economy The United States’ economy is by far the largest in the world; a status which can be determined by several key factors, one being gross domestic product: A look at the GDP of the main industrialized and emerging countries shows a significant difference between US GDP and the GDP of China, the runner-up in the ranking, as well as the followers Japan, Germany and France. Interestingly, it is assumed that China will have surpassed the States in terms of GDP by 2030, but for now, the United States is among the leading countries in almost all other relevant rankings and statistics, trade and employment for example. See the U.S. GDP growth rate here. Just like in other countries, the American economy suffered a severe setback when the economic crisis occurred in 2008. The American economy entered a recession caused by the collapsing real estate market and increasing unemployment. Despite this, the standard of living is considered quite high; life expectancy in the United States has been continually increasing slightly over the past decade, the unemployment rate in the United States has been steadily recovering and decreasing since the crisis, and the Big Mac Index, which represents the global prices for a Big Mac, a popular indicator for the purchasing power of an economy, shows that the United States’ purchasing power in particular is only slightly lower than that of the euro area.

For most of the past two decades, China had the highest GDP growth of any of the BRICS countries, although it was overtaken by India in the mid-2010s, and India is predicted to have the highest growth in the 2020s. All five countries saw their GDP growth fall during the global financial crisis in 2008, and again during the coronavirus pandemic in 2020; China was the only economy that continued to grow during both crises, although India's economy also grew during the Great Recession. In 2014, Brazil experienced its own recession due to a combination of economic and political instability, while Russia also went into recession due to the drop in oil prices and the economic sanctions imposed following its annexation of Crimea.

The statistic shows the growth rate of the real gross domestic product (GDP) in Japan from 2020 to 2024, with projections up until 2030. In 2024, Japan's GDP increased by 0.1 percent compared to the previous year. For comparison, the GDP growth rate of China had reached about five percent that same year.Gross domestic product growth rate in JapanGDP serves as one of the most heavily relied upon indicators to gauge the state and health of a country’s economy. GDP is the total market value of all final goods and services that have been produced within a nation’s borders in a given period of time, usually a year. GDP figures allow a more fundamental understanding of a country’s economy. Year-on-year GDP growth acts as a helpful and clear sign of the direction in which a country is moving in economic terms. Real GDP is especially useful and insightful as it takes price changes (inflation and deflation) into account.The gross domestic product growth rate in Japan has been shaky since the recession of 2008 struck the world economy like a bolt out of the blue and Japan is still yet to gain a solid foothold. Despite its ongoing financial predicament however, Japan remains one of the world’s most highly developed economies. The economy of Japan is the third largest worldwide by nominal GDP and the nation has a very active manufacturing sector. It is active in the auto manufacturing sector, the third largest in the world after the United States and China, and has an electronics industry that is counted among the worlds most innovative. Japan can boast many titles, but perhaps the most significant to its future stability is that which relates to its astronomical national debts, currently running at over 200 percent of GDP, roughly 10.5 trillion US dollars.

The statistic shows the growth of the real gross domestic product (GDP) in India from 2020 to 2024, with projections up until 2030. GDP refers to the total market value of all goods and services that are produced within a country per year. It is an important indicator of the economic strength of a country. Real GDP is adjusted for price changes and is therefore regarded as a key indicator for economic growth. In 2024, India's real gross domestic product growth was at about 6.46 percent compared to the previous year. Gross domestic product (GDP) growth rate in India Recent years have witnessed a shift of economic power and attention to the strengthening economies of the BRIC countries: Brazil, Russia, India, and China. The growth rate of gross domestic product in the BRIC countries is overwhelmingly larger than in traditionally strong economies, such as the United States and Germany. While the United States can claim the title of the largest economy in the world by almost any measure, China nabs the second-largest share of global GDP, with India racing Japan for third-largest position. Despite the world-wide recession in 2008 and 2009, India still managed to record impressive GDP growth rates, especially when most of the world recorded negative growth in at least one of those years. Part of the reason for India’s success is the economic liberalization that started in 1991and encouraged trade subsequently ending some public monopolies. GDP growth has slowed in recent years, due in part to skyrocketing inflation. India’s workforce is expanding in the industry and services sectors, growing partially because of international outsourcing — a profitable venture for the Indian economy. The agriculture sector in India is still a global power, producing more wheat or tea than anyone in the world except for China. However, with the mechanization of a lot of processes and the rapidly growing population, India’s unemployment rate remains relatively high.

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Modular Data Centers Market Size 2024-2028

The global modular data centers market size is forecast to increase by USD 42.56 billion, at a CAGR of 19.8% between 2023 and 2028. The need to streamline traditional data centers is a major factor fueling market growth. Today, companies running single conventional data centers grapple with complex management and soaring capital costs due to sophisticated power and cooling systems. With the current economic recession, businesses are increasingly seeking cost-effective and scalable solutions. Modular data centers, with their standardized, portable designs, provide an ideal alternative that can be quickly deployed. Mobile network operators and colocation providers are among the leading users of these solutions. These modular setups are more environmentally friendly, thanks to their energy-efficient HVAC systems and IT equipment. As big data, AI, cloud computing, 5G, and IoT applications require higher operating temperatures, the flexibility and scalability of modular designs become even more crucial.

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Market Segmentation

By End-user

IT and Telecom is the Leading Segment to Dominate the Market

The IT and telecom segment is estimated to witness significant growth during the forecast period. In the global market, Modular Data Centers hold a significant share, particularly in the IT and telecom sector. These centers are essential for providing the required computing power and storage for various applications and services in the industry. With the rise of cloud computing, the demand for data centers has escalated, as businesses seek to access resources without substantial capital expenditure. The IT and telecom segment was the largest and was valued at USD 4.02 billion in 2018. The influx of data from businesses and individuals necessitates data centers capable of handling vast amounts of information. Recession or not, Modular Data Centers offer scalability and rapid deployment, making them attractive to mobile network providers and data center colocation providers. Green data centers, with their standard design and cooling systems, are increasingly popular due to their energy efficiency. Big data, AI, cloud computing, 5G infrastructure, Internet of things, and cloud-based solutions are driving the market's growth.

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North America Holds a Prominent Position in the Market

North America is estimated to contribute 30% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The Edge computing trend is driving the growth of the market in the US and Canada, particularly in the BFSI industry. Large enterprises are shifting towards energy-efficient data centers to minimize costs and CAPEX, opting for cloud solutions from hyperscale providers like AWS, Microsoft, and Oracle. As of 2021, the US hosts over 2,670 data centers, making it the global leader. Quicksilver Capital and the World Economic Forum highlight the importance of digital transformation in this context. These offer Scalable data centers for large enterprises, enabling them to meet their computing capacity requirements efficiently.

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Market Dynamics and Customer Landscape

They have emerged as a popular solution for businesses seeking scalability and rapid deployment during times of economic uncertainty, such as a recession. These data centers utilize a modular design, allowing for easy expansion and contraction based on demand. Green data centers, which prioritize energy efficiency, are a key focus in the modular data center market. Mobile network providers and large enterprises are major consumers, as they require cloud-based networking and 5G infrastructure to support digital transformation initiatives. The solutions sub-segment and services segment of the modular data center market are expected to grow significantly, as businesses increasingly turn to cloud-based solutions for their data storage and processing needs. The World Economic Forum has the importance of energy-efficient data centers in reducing carbon emissions and mitigating the environmental impact of digitalization. Quicksilver Capital and other investors have shown interest in the modular data center market, recognizing its potential for innovation and growth. Overall, the modular data center market is poised for expansion, driven by the need for scalable, energy-efficient, and quickly deployable solutions.

Key Market Driver

Requirement to reduce complexity of traditional data centers is notably driving market growth. In today's business landscape, enterprises operating a single traditional data center face increasing complexi

GDP growth rate at different fertility rates in 2020–2050.

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Bus Market Size 2024-2028

The bus market size is estimated to increase by USD 19.07 billion, growing at a CAGR of 6.73% between 2023 and 2028. Market expansion hinges on various factors such as accelerated urbanization, stringent government regulations, incentives, and effective congestion and traffic management strategies. As cities grow rapidly, there is an increased demand for solutions that streamline transportation and infrastructure development. Government policies and incentives play a pivotal role in shaping market dynamics, encouraging innovation and investment in urban planning and mobility solutions. Effective congestion and traffic management strategies are crucial to optimizing urban mobility, reducing environmental impact, and enhancing quality of life. These factors collectively drive market growth in sectors ranging from transportation infrastructure and smart city technologies to sustainable urban development initiatives. Emphasizing sustainable and efficient urban solutions remains essential in meeting the challenges posed by urbanization while fostering economic growth and environmental stewardship.

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Market Dynamics

In the transportation sector, vehicle configuration and fuel category significantly influence operating costs and fuel expenditures for various vehicles, including diesel transit vehicles and luxury coaches used in the tourism sector. With fluctuations in fossil fuel prices, operators of transit buses and tour buses navigate economic challenges while balancing passenger revenue and optimizing routes across the road network. Digital innovations like online ticketing and machine learning (ML) enhance operational efficiencies and passenger experience, streamlining booking processes and optimizing schedules. Addressing environmental pollution, particularly from air travel and road-based transport such as intercity and intracity buses, remains a priority. Governments and industry leaders focus on sustainable practices and integrating digital technology to mitigate environmental impacts while meeting the demands of modern transportation systems and enhancing overall travel experiences.

Key Driver

Rapid urbanization is the key factor driving the growth of the global market. Rapid urbanization has become a key driver for the global market in several countries, including the US, China, and India. There is a growing need for effective and environmentally friendly public transport systems, especially these vehicles, as cities such as Mumbai and Bangalore expand and populations concentrate in urban areas. The requirement to meet the transit needs of an expanding metropolitan population is a major driver of the global bus market. The Chinese government has made significant investments in public transportation infrastructure to accommodate the increased demand for public transportation in metropolitan areas, notably BRT networks.

Moreover, in China, more than 40 BRT lines were operating by 2020, handling millions of passengers daily. According to the United Nations Department of Economic and Social Affairs, 68% of the world's population is expected to reside in urban areas by 2050. This indicates the increased future demand for buses across the world, which is expected to drive the growth of the market during the forecast period.

Significant Trends

Technological advancements in electric vehicles are the primary trend shaping the global bus market growth. Since the global market is growing moderately, many manufacturers are entering into electric vehicle manufacturing. In addition, the need for technological advancements is also high - a factor that is encouraging electric bus manufacturers to focus on advancements in collaboration with technology-based companies. In line with this, Volvo and Nanyang Technological University in Singapore have signed a cooperation agreement on an R&D program for autonomous electric buses as a drive to create new solutions for sustainable public transport. It is expected that this technology, which is being developed by Volvo, will contribute to the future autonomous applications of Volvo.

Another technological advancement has been made to address the difficulty in charging - Li-ion batteries that can be charged with the help of solar power. For instance, Kiira Motors, a Uganda-based company, has come up with the Kayoola bus concept, which can run on solar power. Hence, the adoption of electric buses and significant technological advancements are expected to drive the demand for electric buses, which, in turn, will drive the market growth and trends during the forecast period.

Major Challenge

Inadequate bus infrastructure is a major challenge impeding the growth of the global market. The global market has significant challenges due to poor infrastructure, particularly in urban region

As per Cognitive Market Research's latest published report, The China Industrial Agitator market size will be $426.59 Million by 2028. The China Industrial Agitator Industry's Compound Annual Growth Rate will be 4.35% from 2023 to 2030. Factors Impacting Industrial Agitator Market Growth

Growing China's food and beverage industry

Food and beverage industry in China is one of the fastest-growing sector with annual growth rate of approximately 8.38%. This industry involves various segments where large number of people grow, transform, and sell food. According to the China Chain Store & Franchise Association, China’s food and beverage (F&B) sector reached approximately $595 billion in 2019. Major factor responsible for the growth in food and average industry s China's high population. Population growth has major impact on China's growing food consumption.

Moreover, it has been estimated that decades of economic growth have enabled China’s leaders to make considerable strides in increasing food access across the country. This industry includes various segments: including groceries, oils and fats, food additives, functional foods and beverages, packaged foods, health and natural foods, canned food, baked food, baby food, animal food, soft drinks, alcoholic drinks, energy drinks, and packaging. It requires high amount of food processing units across the country. All these factors stimulates high usage of various efficient equipment’s to implement manufacturing processes.

Agitators are the devices which are used in a tank for mixing various process media together. It can be used to mix all liquid types, gases & solids. Thus, due to their functional diversity of agitation, mixing, dissolving, and hydrogenation. They are widely used all areas of the food production industry. It allows hygienic and rigorous standards process during production.

High consumption of packed food along with increasing demand of fruit-desserts and juice concentrates, honey, cocoa and chocolate, ketchup, and dairy products in China enhance food production process. Further, food industry also has special requirements particularly in relation to the fermentation, crystallization, and hydrogenation processes. Viscosity can increase sharply during fermentation, as is the case in the production of thickening agents like Xanthan.

Similarly, during crystallization, yield, purity, and, most importantly, the particle properties determine the quality of the end product. For these processes to take place in industry, agitators play an important role. Thus, growing food and beverage industry in China boos the growth of agitators market.

Restraints for China Industrial Agitator Market

Mechanical problems associated with agitator during processing. (Access Detailed Analysis in the Full Report Version)

Opportunities for China Industrial Agitator Market

Growth in Belt and Road Initiatives in China. (Access Detailed Analysis in the Full Report Version)

Introduction of Industrial Agitators

An agitator is a machine that mixes various process material together in a tank. It is used to give liquids or semi-solids motion by swirling them. Agitators are used to mix liquids, solids, slurries, pastes, liquids and gases, solids and gases, induce chemical reactions, and transmit heat, among other things.

In general, there are several varieties of agitators, including turbine agitators, paddle agitators, anchor agitators, propeller agitators, and helical agitators. It is also available as huge tank agitators, portable agitators, and drum agitators.

An agitator consists of three major components: a shaft with impellers, a mechanical seal, and a motor with the option of a gearbox for lower RPM applications. The agitator's shaft is attached to the motor and gearbox, and the impeller rotates to mix the ingredients. As impellers are available in a wide range of forms and sizes, agitators may be used for a wide range of applications.

It can be mounted on the top, bottom, or sides of the tanks and is used to mix solid–solid mixture, solid–liquid mixture, liquid–gas mixture, and liquid–liquid mixtures.

Agitators are widely employed in China's chemical, pharmaceutical, food, grease, metal extraction, paint, adhesive, water, and cosmetic sectors for a variety of tasks. It is used to mix viscous good...

This study assesses the impact of population structure changes and policy adjustment on public pension sustainability. The analysis is based on actuarial models for pension income, expenditure, and accumulated balance, assessed under varying scenarios. Based on the results, China’s pension financial situation will be in deficit by around 2028, with accumulated deficit potentially as high as RMB 147,411.037 billion in 2050 without population policy adjustment. Second, matching the fertility level with replacement level will only slightly ease the pension financial situation after 2041 and cannot change the deficit trend or the time of first appearance of deficit. The short-term situation may worsen slightly. Third, delaying the legal retirement age to 65 years significantly improves the pension financial situation and ensures no accumulated pension deficit before 2050. Lastly, although increasing economic growth and reducing pension growth can significantly improve the pension financial situation, if the accumulated pension deficit does not appear before 2050, the pension growth rate should be controlled below 0 and economic growth must double in future. In conclusion, to improve the financial status of pensions and ensure elderly welfare, we should focus on reducing pension growth, increasing economic growth, and postponing the statutory retirement age.

The tourism sector GDP share in China was forecast to continuously increase between 2023 and 2028 by in total *** percentage points. The share is estimated to amount to ***** percent in 2028. While the share was forecast to increase significant in the next years, the increase will slow down in the future.Depited is the economic contribution of the tourism sector in relation to the gross domestic product of the country or region at hand.The forecast has been adjusted for the expected impact of COVID-19.The shown data are an excerpt of Statista's Key Market Indicators (KMI). The KMI are a collection of primary and secondary indicators on the macro-economic, demographic and technological environment in more than *** countries and regions worldwide. All input data are sourced from international institutions, national statistical offices, and trade associations. All data has been are processed to generate comparable datasets (see supplementary notes under details for more information).Find more key insights for the tourism sector GDP share in countries like Japan and South Korea.

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Asphalt Pumps Market Size 2024-2028

The asphalt pumps market size is forecast to increase by USD 67.6 million at a CAGR of 4.5% between 2023 and 2028.

The market is witnessing significant growth due to increasing investments in road infrastructure projects worldwide. This trend is driven by the need to maintain and upgrade existing roads, as well as the construction of new roads to support economic growth and population expansion. Another trend shaping the market is the emergence of smart pumps, which offer advanced features such as real-time monitoring and remote control capabilities.
However, the availability of substitutes for asphalt, such as concrete and other paving materials, poses a challenge to market growth. Producers are focusing on developing cost-effective and efficient solutions to remain competitive in the market. Overall, the market is expected to experience steady growth in the coming years, driven by infrastructure development and the adoption of advanced technologies.

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The asphalt pumps market plays a crucial role in the road construction industry, supplying essential equipment for building, coating, and maintaining infrastructure. This market is driven by various factors, including infrastructure development projects, maintenance requirements, and the shift towards sustainable infrastructure. Product pricing and consumer buying behaviors are significant market dynamics. Asphalt pumps are capital-intensive investments, and contractors and governments seek cost-effective solutions. Pump design and efficiency are critical factors in consumer buying decisions. Political and social scenarios also influence the asphalt pump market. Political instability and regulatory changes can impact project timelines and budgets. Social factors, such as increasing urbanization and population growth, create a demand for better road networks and sustainable infrastructure.
Moreover, macroeconomic analysis and social factors further shape the market landscape. Economic indicators, such as GDP growth and inflation rates, can impact the demand for asphalt pumps. Social factors, such as the adoption of eco-friendly materials and the use of warm mix asphalt and reclaimed asphalt pavement, are gaining traction in the industry. Winning imperatives for market players include focusing on pump design and performance, complying with regulations, and offering sustainable solutions. Industry coverage extends beyond traditional asphalt pumps to include alternative technologies, such as emulsion pumps and foamed asphalt pumps. Regulations and sustainability are key considerations for market participants.
In conclusion, compliance with environmental regulations and the use of eco-friendly materials are essential for long-term success. The market is also witnessing a trend towards the use of warm mix asphalt and reclaimed asphalt pavement, which offer environmental benefits and improved performance. In conclusion, the asphalt pump market is a dynamic and evolving industry, influenced by various factors, including infrastructure development projects, consumer buying behaviors, political and social scenarios, macroeconomic analysis, and regulations. Market players must focus on pump design and performance, sustainability, and regulatory compliance to remain competitive.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Product

  Gear pumps
  Screw pumps
  Vane pumps


Geography

  APAC

    China
    Japan


  North America

    US


  Europe

    Germany
    France


  South America



  Middle East and Africa

By Product Insights

The gear pumps segment is estimated to witness significant growth during the forecast period.

The market is driven by the increasing mechanization in the oil and gas downstream industry and construction sector. Gear pumps, a key component in this market, are utilized for pumping high-viscosity fluids such as asphalt. Their applications include asphalt transfer, asphalt roofing, and asphalt emulsion. Globalization and urbanization have necessitated the asphalt industry to become more mechanized and less labor-intensive, leading to the increased adoption of equipment like gear pumps. Improvements in manufacturing processes in the industrial machinery and automotive industries have further boosted their application in the asphalt industry. The market is expected to grow due to these factors, with key applications continuing to be in the oil and gas downstream industry and construction sector.

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Many countries worldwide have committed to reduce their carbon dioxide emissions in response to climate change. In China, cities are striving to achieve their 2030 peak carbon emission targets. In this study, we developed a scenario-based Kaya identity analysis methodology to explore the notable uncertainty inherent in future carbon dioxide emissions. Using the case of Changning City, Hunan province, China, we found that under the business-as-usual scenario, the city’s carbon dioxide emissions of 3,839.1 thousand tons in 2022 are projected to reach 4,674.3 thousand tons in 2031. Changning is unlikely to achieve its carbon peak target. In a more challenging future scenario of rapid economic growth, carbon dioxide emissions are expected to rise from 3,839.1 thousand tons in 2022–5,447 thousand tons in 2031. Under the environmentalist scenario, Changning could achieve its carbon peak target before 2030 (carbon dioxide emissions would peak at 3,922 thousand tons in 2028). Under a slowed economic development scenario, Changning could also achieve a carbon peak in 2028 (carbon dioxide emissions would peak at 3,980.2 thousand tons in 2028). However, without sufficient energy-saving and emissions-reduction measures, annual increases in carbon dioxide emissions are likely to resurge during periods of rapid economic development.

Changes in the population structure of urban employees in China.