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Pumps Market Size
Pumps Market was valued at USD 85 billion in 2023 and is anticipated to register a CAGR of over 4% from 2024 to 2032. Rapid industrialization in emerging economies is driving the demand for pumps and industrial equipment. Countries like China, India, and Brazil are witnessing significant infrastructural development, which requires pumps for various applications such as water supply, wastewater treatment, and manufacturing processes. The global trend of urbanization is leading to the construction of more buildings, infrastructure, and urban facilities, all of which require pumps for water supply, heating, ventilation, and air conditioning (HVAC), as well as sewage management.
Additionally, innovations in pump technologies are enhancing efficiency, reliability, and performance, thereby driving market growth. Increasing emphasis on energy efficiency and environmental sustainability is prompting industries to replace older, less efficient pumps with newer, energy-efficient models. This is particularly evident in sectors like water and wastewater treatment, where energy consumption can be substantial. Despite fluctuations in oil prices, the oil and gas industry remain a significant consumer of pumps for activities such as extraction, refining, and transportation. Technological advancements in unconventional oil and gas extraction, such as shale gas fracking, have driven the demand for specialized pumps.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 85 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 4% |
| 2032 Value Projection: | USD 126 Billion |
| Historical Data for: | 2021 – 2023 |
| No. of Pages: | 224 |
| Tables, Charts & Figures: | 212 |
| Segments covered: | Type, Position, Driving Force, Technology, and End User |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The capital-intensive nature of pump installations, especially for large-scale industrial applications, can be a significant barrier to entry for companies looking to invest in pump systems. The high initial investment required for purchasing, installing, and maintaining pumps can deter potential buyers, particularly in developing regions with limited financial resources. Additionally, beyond the initial investment, pumps often incur substantial operational costs related to energy consumption, maintenance, and repairs. As energy prices fluctuate and environmental regulations become more stringent, the operational costs associated with running pumps can become burdensome for end-users, leading them to seek alternative solutions or delay equipment upgrades.
Pumps Market Trends
As industries expand and new infrastructure projects emerge, there's a growing demand for pumps to facilitate processes such as water supply, wastewater treatment, and oil and gas transportation. Trends indicating increased industrial activity often correlate with a rise in pump demand. Innovations in industrial equipment often lead to the development of more efficient and reliable pump technologies. For instance, advancements in materials science, automation, and digitalization have resulted in the creation of high-performance pumps with better energy efficiency, reduced maintenance requirements, and enhanced operational capabilities.
Additionally, aging infrastructure and equipment in mature markets necessitate regular maintenance and replacement of pumps. Market trends related to maintenance practices, asset management strategies, and lifecycle costing influence the demand for replacement pumps and aftermarket services. Increasing environmental regulations drive industries to adopt more eco-friendly and energy-efficient solutions, including pumps. Manufacturers respond by developing pumps that comply with stringent environmental standards, such as those related to emissions, energy consumption, and waste reduction.
Pumps Market Analysis
Based on type, the portable segment valuation crossed USD 63 billion in 2023 and is expected to exceed USD 95 billion by 2032. Portable pumps are versatile and can be used in various applications across different industries, including construction, agriculture, mining, oil and gas, municipal, and firefighting. Their ability to be easily transported and deployed makes them highly sought after in situations where mobility is essential.
Additionally, portable pumps play a crucial role in emergency response situations such as flood control, dewatering operations, and firefighting. Their mobility allows them to be quickly deployed to areas in need, helping to mitigate damage and save lives. Portable pumps are typically designed for easy maintenance and serviceability, allowing users to quickly troubleshoot and repair them in the field. This ensures minimal downtime and maximum operational efficiency, further driving their popularity in the market.
Based on technology, the hot segment accounted for a market share of about 68% in 2023 and will capture 71% revenue share by 2032. Centrifugal pumps are versatile and can be used in various industries such as water and wastewater treatment, oil and gas, chemical processing, power generation, and agriculture. Their ability to handle different types of fluids and varying flow rates makes them suitable for a broad range of applications.
Moreover, centrifugal pumps are known for their high efficiency compared to other types of pumps, such as positive displacement pumps. They can handle large flow rates with relatively low power consumption, which makes them cost-effective to operate over time. Centrifugal pumps are generally reliable and durable, capable of operating continuously under various conditions. With proper maintenance, they can have long operational lifespans, which adds to their appeal for industrial applications where reliability is crucial.
Asia Pacific pumps market size surpassed USD 32 billion in 2023. APAC countries, particularly China and India, have been experiencing significant industrial growth over the past few decades. This industrialization has led to increased demand for pumps across various sectors such as manufacturing, construction, mining, and oil & gas. In addition, The APAC region is home to a large and rapidly growing population, along with increasing urbanization. This has resulted in the expansion of infrastructure, including water supply systems, wastewater treatment plants, and building construction, all of which require pumps for various applications. The energy sector in APAC is experiencing significant growth, with increasing investments in both conventional and renewable energy sources. Pumps are essential components in processes such as oil refining, power generation, and water management in thermal and hydroelectric power plants.
Pumps Market Share
These prominent companies are proactively involved in strategic endeavors including mergers & acquisitions, facility expansion, and partnerships to diversify their product offerings, expand their customer reach, and solidify their market position. Together, the top five mentioned companies collectively occupied around 5% to 10% of the global market share in 2023. They consistently allocate resources to research & development, enhancing their products and integrating innovative technologies to maintain a competitive edge.
Pumps Market Companies
Major players operating in the pumps industry include:
- Comp8
- EBARA CORPORATION
- Flowserve Corporation.
- Grundfos Holding A/S
- Ingersoll Rand
- ITT INC.
- IWAKI CO., LTD.
- KSB SE & Co. KGaA
- Pentair
- SLB
- SPX FLOW, Inc.
- Sulzer Ltd
- The Weir Group PLC
- Vaughan Company
- Xylem
Pumps Market News
- In July 2023, Grundfos Holding A/S acquired Metaspehe a leading smart sewer solutions provider. This acquisition is expected to help the company improve its product offerings within the pumps and hydraulic segment.
- In March 2023, Gorman Rupp Europe announced the launch of its rental pump platform. The platform, which the business introduced in February in the Netherlands, intends to provide faster, easier, and more reliable” pump renting. Th platform has a 10- step pump picker tool that can suggest the best pump for a certain project.
- In February 2023, Motion & Control Enterprises completed the acquisition of precision pump & valve, an established distributor specializing in safety relief and control valves, pumps, and associated equipment. Precision pump & valve is renowned for providing tailored solutions to the oil and gas, petrochemical, and chemical processing markets.
- In December 2022, the new inline pump model 3E/3ES was introduced by EBARA Pumps Europe S.p.A. in Gambellara, Italy, for markets worldwide excluding Japan. To further seek efficiency and innovation, the EBARA Group wll concentrate on product development.
This pumps market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) and volume (Million Units) from 2021 to 2032, for the following segments:
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Market, By Type
- Portable
- Stationary
Market, By Position
- Submersible
- Non-submersible
Market, By Driving Force
- Engine-Driven
- Electric-Driven
Market, By Technology
- Centrifugal Pump
- Axial Flow Pump
- Radial Flow Pump
- Mixed Flow Pump
- Position Displacement Pump
- Reciprocating
- Rotary
- Others
- Others
Market, By End User
- Mining
- Building & construction
- Oil & Gas
- General Industries
- Water & wastewater treatment
- Chemicals
- Power generation
- Others (agriculture etc.)
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Malaysia
- Indonesia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- MEA
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
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