This section compares the sales trends, profit margins, and respective strengths of five major Japanese pump manufacturers (EBARA, NIKKISO, TORISHIMA, TSURUMI, and IWAKI).
The ranking of the five companies in terms of sales is as follows.
- EBARA CORPORATION
603213[Millions of yen](2021.12) - NIKKISO CO., LTD.
167759[Millions of yen](2021.12) - Torishima Pump Mfg. Co., Ltd
52240[Millions of yen](2022.3) - TSURUMI MANUFACTURING CO., LTD.
51214[Millions of yen](2022.3) - IWAKI CO., LTD.
32439[Millions of yen](2022.3)
目次
Product
A pump is a device that imparts positional or kinetic energy to a liquid to transport or circulate it to a higher elevation.
As such, they are used everywhere from domestic applications such as wells and agricultural pumps to industrial plants (power generation, oil refineries, boilers, etc.).
Demand for pumps
According to Grand View Research, demand for industrial pumps in the U.S. is expected to increase by an average of 4.9% per year between 2022 and 2030.
Demand for pumps is expected to increase steadily, as there is room for pumps to be deployed in all sectors, including water, wastewater and chemical, oil and gas, and power generation.
The global industrial pumps market size was valued at USD 61.63 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.9% from 2022 to 2030. The rising adoption of these products in various industries, including water and wastewater, chemical, oil and gas, and power generation, is expected to have a positive impact on the market growth.
引用 Grand View Research
Sales Scale of Pump Manufacturers
We will look at the sales scale and operating profit margin of the five companies. (Figures for Ebara and Nikkiso are for the fiscal year ending December 31, 2021, and figures for Torishima, Tsurumi, and Iwaki are for the fiscal year ending March 31, 2022)
| Net sales[Millions of yen] | Operating profit ratio | Overseas sales ratio | |
| EBARA | 603213 | 10.2% | 59% |
| NIKKISO | 167759 | 1.9% | 62% |
| TORISHIMA | 52240 | 8.5% | 46% |
| TSURUMI | 51214 | 10.8% | 24% |
| IWAKI | 32439 | 6.6% | 45% |
While EBARA and Tsurumi Manufacturing's operating profit margins are in the 10% range, Nikkiso's operating profit margin is 1.9%.
Tsurumi's ratio of overseas sales is lower than that of the other four companies.
Including overseas companies, the ranking of Japanese pump makers in terms of sales is as follows: Citation deallab
Global Ranking of Pump Manufacturers
1st place GRUNDFOS (Denmark)
6.99%
5th place EBARA
2.79%
12th place NIKKISO
1.30%
EBARA CORPORATION
Let's take a look at EBARA's sales and net profit margin.
| 2019 | 2020 | 2021 | 2022(予想) | |
| Net sales (Consolidated) | 522424 | 523727 | 603213 | 670000 |
| Net income | 23349 | 24473 | 43616 | 46500 |
Over the past five years, both sales and profits have been on an upward trend.
Next, let's look at the sales to operating income ratio by segment.
| Sales ratio | Operating profit ratio | |
| Wind and hydropower | 55.5% | 7.4% |
| Environmental plant | 11.9% | 7.8% |
| Electronics | 31.9% | 14.5% |
Business Struct
Wind and hydropower : The standard pump business is included in this segment, which handles land pumps, submersible pumps, water supply pump units, digestion pump units, and fans (machines used to pump gas).
Other businesses include the systems business, which handles new infrastructure construction and after-sales service, and the custom pump business, which selects and provides the most suitable pumps according to a wide range of customer specifications and international standards.
Environmental Plant Business : Waste treatment facilities, energy plants, etc.
Electronisc : The segment with the highest operating profit margin in FY2021/12. Details are quoted below.
We supply a variety of products worldwide, including CMP systems, which are indispensable for semiconductor manufacturing, dry vacuum pumps, waste gas treatment systems, and ozone water production systems. Our high performance, high reliability, and reliable support system have led to our adoption in a wide variety of fields. EBARA's products are used not only in the semiconductor field, but also in the chemical, pharmaceutical, and other manufacturing and R&D applications.
Translated from 荏原 HP
NIKKISO CO., LTD.
Let's look at Nikkiso's sales and net income margin.
| 2019 | 2020 | 2021 | 2022(予想) | |
| Net sales(Consolidated) | 165780 | 158542 | 167759 | 180000 |
| Net income | 6813 | 6560 | 221 | 16500 |
In FY2022, the gain from the sale of a subsidiary is expected to be added to profits, and the projected net income has jumped compared to the past four years.
Next, let's look at sales ratios and operating income ratios by segment.
| Sales ratio | Operating profit ratio | |
| Industrial Division | 56.9% | 4.5% |
| Medical Division | 43.1% | 4.2% |
Segment
Industrial Division: Leading manufacturer of precision pumps for chemical applications. Strong in special pumps (pumps for severe conditions such as high pressure, no leakage, and cryogenic temperatures).
Medical Division : Sells dialysis machines, consumables, and artificial kidneys. The company has a domestic market share of over 50% for dialysis machines.
Leveraging synergies with industrial pumps, we have strengths in the medical dialysis field.
Torishima Pump Mfg. Co., Ltd
Let's look at Torishima sales and net profit margin.
| 2019 | 2020 | 2021 | 2022 | |
| Net sales(Consolidated) | 48154 | 47126 | 50787 | 52240 |
| Net income | 2183 | 543 | 3353 | 3626 |
Highest profits were recorded in FY2022/3 and are expected to continue in FY2023/3.
Next, let's look at sales ratios and operating income ratios by segment.
| Segment | Sales ratio |
| High-tech pumps | 42.8% |
| Project | 33.3% |
| Service | 22.4% |
| New energy, environment | 1.6% |
Segment
High-tech pumps : Large pumps (engineering pumps) for power plants, desalination plants, water supply and sewage facilities, irrigation facilities, etc. and eco-pumps (small standard pumps) for general industry
Project : EPC (engineering, procurement, and construction) projects for entire pumping facilities at water, sewage, irrigation, and drainage pumping stations
Service : Replacement of existing pumps and pump equipment, maintenance inspections, parts replacement, etc.
New energy, environment : Design, construction, and maintenance for the introduction of wind power and small-scale hydroelectric power generation. Environmental equipment (vacuum sewage collection systems for agricultural community drainage)
Among the four segments, the high-tech pump segment performed particularly well, +92.7% YoY. This was due to special demand for agricultural irrigation pumps for Egypt.
Next, the new energy and environment segment performed well, up 46.5% YoY. In response to the trend toward decarbonization and carbon neutrality, we participated in Japan's first demonstration project of 20% ammonia co-firing power generation promoted by JERA Corporation.
Major Shareholders
7th TAKUMA CO., LTD.
Takuma, a major environmental plant manufacturer, has become a major shareholder. This is believed to be because the headquarters of Torishima Seisakusho and Takuma's headquarters are located close to each other and pumps will be needed for the construction of the waste treatment plant.
TSURUMI MANUFACTURING CO., LTD.
Let's take a look at Tsurumi sales and net profit margin.
| 2019 | 2020 | 2021 | 2022 | |
| Net sales(Consolidated) | 43461 | 45604 | 45325 | 51214 |
| Net income | 4013 | 3952 | 4156 | 4817 |
There is a general trend of increased sales and profit.
Although sales ratios and profit ratios for each product business were not disclosed on the website, the overview of each domestic and overseas division was disclosed and is shown below.
Segment
Domestic Division : In the construction equipment market, sales of environmentally friendly electrode-type submersible pumps and high-pressure cleaners to the rental industry were strong. In the equipment market, orders from the public sector for projects related to infrastructure development, including measures against heavy rainfall, expanded, but demand from the tool factory equipment market remained flat.
Oversea Division : Active demand continued in the construction and mining markets, including the North American market. In the North American market, despite concerns about sluggish demand and reluctance to buy due to rapidly rising inflation and the Fed's interest rate hike, the mining and construction markets remained active and orders remained strong.
Tsurumi Manufacturing is strong in submersible pumps (for civil engineering, construction, flood control, and water purification facilities) and has the largest market share in Japan (approximately 30%).
Major shareholder
10th Denyo Co., LTD.
DENYO, a major manufacturer of engine generators and welding equipment, is a major shareholder. The Tsujimoto family, the family of the company's president, is also on the list.
IWAKI CO., LTD.
Let's look at Iwaki's sales and net profit margin.
| 2019 | 2020 | 2021 | 2022 | |
| Net sales(Consolidated) | 29171 | 28636 | 28162 | 32439 |
| Net income | 2163 | 2122 | 2091 | 2396 |
Generally, there is a trend of increased sales and profit.
Next, let's look at sales ratios and operating income ratios by segment.
| Sales ratio | |
| Magnet pumps | 33% |
| Metering pumps | 17% |
| Air-driven pumps | 13% |
| Rotary positive displacement pumps | 7% |
| Air pumps | 5% |
| Others | 25% |
The strength lies in chemical pumps for transferring chemical solutions. Some of the liquids handled by chemical pumps are hazardous (e.g., sulfuric acid, which is harmful to the human body), and therefore require a very high level of safety to prevent leakage. The company's chemical pumps can be subdivided into the following categories
Segment
Magnet pumps: Combine corrosion resistance to chemicals with leak-proof safety.
Metering pumps: Always pump a constant amount of liquid and have excellent reproducibility of discharge volume.
Air-driven pumps: For semiconductor and liquid crystal markets
Rotary positive displacement pump: Capable of pumping special solutions (viscous liquids, slurry liquids).
Air pumps: Unlike the above four pumps that handle liquids, air pumps supply and intake air.
Annual income and average age of employees
| Average income | Average age | The number of employees(Non-consolidated) | |
| EBARA | 757 million yen | 43.9years old | 4266 people |
| NIKKISO | 603 million yen | 42.3years old | 2011 people |
| TORISHIMA | 576 million yen | 38.3years old | 953 people |
| TSURUMi | 595 million yen | 41.0years old | 867 people |
| IWAKI | 656 million yen | 42.2years old | 795 people |
The number of employees increases in the order of companies with the highest non-consolidated sales, indicating that sales per employee are roughly the same for all five companies.
However, the annual income of employees does not necessarily match the size of the company, with Iwaki's average annual income of 6.56 million yen coming in second to EBARA's 7.57 million yen.
Torishima Seisakusho has the lowest average annual salary among the five companies, and also has the lowest average age, indicating a large percentage of younger employees who tend to be paid less.
Summary
We have summarized the differences among three of the five major pump manufacturers (EBARA, Nikkiso, Torishima, Tsurumi, and Iwaki). The strengths of each company can be summarized as follows.
Summary
EBARA : Semiconductor manufacturing equipment (electronics segment)
Nikkiso : Medical field (dialysis equipment)
Torishima Manufacturing: Seawater desalination plants and irrigation facilities for overseas markets
Tsurumi Manufacturing: Submersible pumps for civil engineering and construction
Iwaki: Chemical pumps for transferring chemical solutions
Thank you for reading to the end.