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Pumps Market Trends

Report ID: GMI3212
Published Date: Apr 2024
Report Format: PDF

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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.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of pumps was recorded USD 85 billion in 2023 and is expected to register 4% CAGR from 2024 to 2032, led by the rapid industrialization in emerging economies and construction of urban facilities.

The portable segment in the pumps market accounted for USD 63 billion in 2023 and is projected to depict notable growth between 2024 and 2032, due to their ability to be easily transported and deployment and due to their critical role in emergency situations.

Asia Pacific pumps industry accounted for USD 32 billion in 2023 and is expected to expand at significant CAGR from 2024 to 2032, on account of the expansion of infrastructure, including water supply systems, wastewater treatment plants, and building construction.

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 are some of the major pumps companies worldwide.