Pumps Market size to surpass $84.2 Bn by 2027

Pumps Market size is slated to exceed USD 84.2 billion by 2027; according to a new research report by Global Market Insights Inc.
 

Industrial activities are anticipated to increase rapidly over the next decade owing to the rising population and economic development. Leading industrial sectors, such as oil & gas, mining, general industries, and water & wastewater treatment, are considerably driving pump demand across the globe.
 

The rising demand for freshwater is likely to surge through 2027 driven by change in climate and increase in human population. Water & wastewater treatment facilities will thus increase in demand globally. Dynamic pumps can transport fluids from low to high pressure range and are commonly used for pumping solvents, fluids, oils, etc. Rotary pumps used in water treatment and management facilities will experience an increased demand. Growing water pollution and scarcity of water are forcing wastewater treatment facilities to increase their capacity. The expected rise in filtration capacity along with the rising number of treatment plants will augment the market revenue.
 

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Increasing extraction and sampling of specialty chemicals is likely to influence the pumps market share. Similarly, the rising adoption in mining, water & wastewater management, and pharma industries will showcase a steady growth of product demand.
 

The market is set to experience some hiccups during the forecast timeframe. High maintenance and operational costs along with considerable energy consumption by the product may affect the market growth. They are also associated with high installation charges. Damaged parts need to be fixed immediately as they can hamper the overall production facility. Lubrication of bearings, periodic oil replacement, and replacement of valves incur major operating expenses during the production process, which act as major hindrances in the pumps market.
 

Browse key industry insights spread across 345 pages with 384 market data tables & 28 figures & charts from the report, “Pumps Market Size By Type (Portable, Stationary), By Position (Submersible, Non-submersible), By Driving Force (Engine-Driven, Electrical-Driven), By Technology (Dynamic Pumps [Centrifugal], Positive Displacement [Rotary {Gear, Vane, Screw}, Reciprocating {Diaphragm Piston/Plunger}]), By End-User (Mining, Building & Construction, Oil & Gas, General Industries, Water & Wastewater, Chemicals, Power Generation), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/pumps-market
 

The COVID-19 pandemic has adversely affected the operations and product sales across the globe. Almost all the countries have imposed partial or full lockdown or restrictions, lowering the trade activities among countries. Economic downturn has been witnessed due to the closure of manufacturing facilities and restricted logistics supplies. Furthermore, liquidity crisis and labor shortage have decreased global pump production. However, rapidly growing vaccination programs along with the lifting of restrictions will enhance the market in 2022.
 

Increasing adoption of portable pumps will boost the market

The portable pumps market is set to register growth rate of around 3.5% by volume till 2027 impelled by frequent applications in sewage cleaning, pumping & cleaning manholes, cutting or dressing water circulation in the stone industry, etc. These products are designed for tough applications, and portability is the key priority to the end-user.
 

Rising water treatment applications will drive submersible pumps demand

Non-submersible pumps demand is poised to capture more than 65% revenue share in 2027. These pumps are designed for handling clean water as they can maintain water pressure from a variety of sources including municipal and private water systems. Non-submersible pumps can be petrol driven, which allows to pump more water. They are suitable for all weather conditions, which will propel the overall demand for pumps.
 

Increasing application of positive displacement pumps to influence market revenue

The positive displacement pumps market is projected to grow at about 3.7% CAGR during 2021 to 2027. High accuracy during chemical dosing and extractions along with specified flowrate makes these pumps advantageous. Reciprocating and rotary pumps are precisely used in various applications including steam generators, production, injection, chemical feeding, etc., in an array of industries. Moreover, recovery of the oil & gas sector is fostering the demand for positive displacement pumps owing to emerging activities.
 

Strong growth of electric-driven pumps to fuel the product demand

Electric-driven pumps market revenue is predicted to cross USD 20.6 billion by 2027. Electric-driven pumps will foresee growth at a significant pace through 2027 on account of growing awareness regarding environmental regulations on fuel-fired engines and increasing cost of diesel. Further, electric motors can adjust variable speed efficiently than a diesel engine, greatly increase efficiency, and can be controlled remotely, which are boosting the market share.
 

Rising general industries will augment industry statistics

General industries will showcase a prominent growth and are estimated to expand at 4% CAGR till 2027. Pumps find wide applications across various end-user industries due to their ability to transport various liquids at elevated temperature with different pressure ranges. They are widely used in petrochemicals, food & beverages, paints, cellulose, pharmaceutical, fertilizers, and sugar refining process, which will support the market outlook.
 

Oil & gas industry to spur the North America pumps market

The North America accounted for more than 15% demand share in 2020. The region is holding the largest reserves of oil & gas and is continuously spending on deep-sea petroleum exploration activities. Many oil refineries have high production rates, increasing the demand for pumps.
 

M&A strategies will increase market competition

Some of the top players in the pumps market include Grundfos, Ebara Corp., Sulzer Ltd., Xylem Inc., Flowserve Corporation, Gorman-Rupp Company, Schlumberger, Roper Pump Company, Atlas Copco, Multiquip, Magnum Pumps, Generac, Wacker Neuson, Kirloskar Brother Limited, Hayes Pump, Inc., Yuken, etc. In April 2019, The Elliott Group announced it has completed merger with Ebara International Corp. Merger & acquisition will reshape market competition.