The global industrial pumps market size is expected to reach USD 92.98 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.9% from 2022 to 2030. The market is primarily driven by the increasing investments in the exploration and production activities by the oil & gas companies, coupled with the rising adoption in the oil & gas industry across the globe.
Industrial Pumps Market Report Highlights
- By product, centrifugal pumps held the largest revenue share of over 65.0% in 2021 owing to their increased applications in water supply, sewage disposal, food and beverage manufacturing, chemical, and oil & gas industries
- The water and wastewater application segment is expected to expand at the fastest CAGR from 2022 to 2030 on account of the increased demand for water treatment to address the global water crisis
- The market in China is expected to expand at a CAGR of 5.8% over the forecast period owing to the rapid growth in the food and beverage industries, which is attributed to the increasing population in the country
- The Asia Pacific region is expected to expand at the fastest CAGR from 2022 to 2030 due to the region’s increased investment in industrialization
- The construction application segment held the second-largest revenue share in 2021 as a result of the increased infrastructure investment to support the growing demand for these products on account of the growth in the population
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The oil & gas sector is one of the most predominant markets in the world. In oil-producing countries like the Middle East, the product demand is driven by ongoing drilling activity. In addition, the rising hydraulic fracturing in the oil & gas industry is driving the demand for process equipment in the U.S., thereby driving the industry over the forecast period.
The pandemic impacted the demand for this product negatively as the lockdown restrictions aimed at limiting the spread of the virus across the globe resulted in the closure of industrial pump manufacturing facilities. Furthermore, the travel restrictions caused severe supply chain disruption, making it difficult for manufacturers to obtain raw materials for production.
The growing demand for water supply on account of the increasing population is augmenting the demand for water and wastewater treatment facilities across the world. Furthermore, the increasing investments in wastewater treatment plants, coupled with the rising adoption of the pump in these plants, are expected to drive the market over the forecast period.
Technological advancements and new product launch amid the COVID-19 pandemic restrictions are expected to drive the industry. For instance, with the launch of the DDP096, a 92cc/rev medium-duty radial piston pump that offers digital operational capabilities in the industries, Danfoss unveiled a new series of digital displacement hydraulic pumps in January 2021.
Major oil & gas refiners are anticipated to upgrade their existing infrastructure to produce low-sulfur fuels on account of the IMO 2020 standard that is effective from January 1, 2020. The demand for this product is expected to witness significant growth owing to the ongoing and projected refinery upgrades across the globe.
Industrial Pumps Market Insights By Geographical Region
Asia Pacific led the market and accounted for a revenue share of over 40.0%. As the groundwater levels are reducing in the region, water reuse has become increasingly popular in recent years, which has expanded the use of pumps for the building of water and wastewater infrastructure, resulting in higher demand for the product. The increase in energy demand and the government’s continued investment in sustainable energy sources are expected to fuel growth in Europe. Despite having abundant water resources, water distribution in Central and South America is inconsistent. Additionally, due to a lack of quality infrastructure in the region, more water is being drained from local basins to meet overall water needs.
Industry Share Analysis By Major Brands
The market is characterized by the presence of both international and local producers due to the ongoing development in demand for water treatment in the coming years. Companies market their products through a variety of channels, including company websites, e-commerce websites, merchants, distributors, and end-users. Manufacturers compete on a variety of aspects including product pricing, performance, design, technology, reputation, and availability. Some prominent players in the global industrial pumps market include:
- Grundfos Holding A/S
- Xylem
- Ingersoll-Rand
- Flowserve Corporation
- SPX Flow
- KSB SE &Co. KGaA
- Sulzer Ltd.
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Industrial Pumps Market Segmentation
Grand View Research has segmented the global industrial pumps market based on product, application, and region:
- Industrial Pumps Product Outlook (Revenue, USD Million, 2017 – 2030)
- Industrial Pumps Application Outlook (Revenue, USD Million, 2017 – 2030)
- Industrial Pumps Regional Outlook (Revenue, USD Million, 2017 – 2030)
- List of Key Players of Industrial Pumps Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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