Industrial pumps Market : Segmented by Type (Centrifugal pump, Positive displacement pump and other), By Application (Oil & Gas, Chemicals, Construction, Power, Water & Wastewater and others), and Region - Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030
Industrial pumps Market to surpass USD 59.2 billion by 2030 from USD 35.6 billion in 2020 at a CAGR of 5.1% in the coming years, i.e., 2021-30.
In the process industry, industrial pumps are used to regulate, control, and direct gases, liquids, vapors, slurries, and other fluids. To achieve efficient flow management in industries such as water and wastewater, oil and power, food and beverages, chemicals, and others, they are mostly made of cast iron, stainless steel, carbon steel, and other high-functioning metal alloys. Furthermore, an industrial pump is made up of three primary parts: a main body, a stem, and a seat, all of which are made of diverse materials such as polymers, rubber, metals, and others to prevent liquid from being wasted as it passes through the pump. Pumps are classified mostly based on their functioning mechanisms.
Industrial pumps are becoming more widely used in a variety of industries, including water and wastewater, chemical, oil and gas, and power generation, which is likely to boost market growth. Pumps for industrial use come in a variety of sizes, forms, and capacities. They're also widely utilized in the power industry for a variety of activities like circulation, boiler feed, and sludge disposal. Over the projected period, the chemical industry's expansion is expected to have a beneficial impact on product demand.
Global Industrial pumps market is segmented by type into Centrifugal pump, Positive displacement pump and other. Centrifugal pump segment held the largest market share in the year 2020. The boom in hydraulic fracturing in the oil and gas industry in countries is expected to increase demand for centrifugal pumps. Radial flow pump, axial flow pump, and mixed flow pump are three types of centrifugal pumps. Positive displacement pumps are expected to grow in popularity over the projected period due to their ability to operate at lower speeds, making them less susceptible to damage from high-viscosity oils and slurries.
Global Industrial pumps market is divided by application into Oil & Gas, Chemicals, Construction, Power, Water & Wastewater and others. Over the forecast period, the Water & Wastewater segment is projected to expand at the fastest pace. The segment's expansion is likely to be aided by rising demand for lift and sewage pumps as a result of expanding industrial platforms and the accumulation of significant amounts of wastewater. The increasing demand for industrial pumps is likely to be fueled by the expansion of manufacturing facilities in emerging countries.
Demand in the agriculture sector as well as construction industry
The agricultural sector's expansion, with new farms and cultivation fields, will necessitate a large supply of pumps of various types, resulting in significant market growth for the industrial pump business. Additionally, the construction of commercial structures such as malls and corporate offices has seen a significant increase. Evidently, these structures are equipped with fire suppression and sanitation systems, both of which necessitate the use of pumps to maintain water flow, further boosting the pump industry.
Rise in environmental problems
Because of the environmental problems raised by liquid discharge from chemical, pharmaceutical, and other industries, a legislation has been enacted that requires these businesses to implement a zero liquid discharge plant. This is a water treatment procedure in which all of the water is either cleaned and recycled or evaporated and released into the atmosphere, resulting in zero discharge at the end of the treatment cycle. These facilities make use of a wide range of pumps, from centrifugal to displacement, which is boosting the pump market.
Increased taxes and tariffs
Increased taxes on derivative aluminum and steel imports are having a severe impact on global industrial pump trade. Steel is used extensively in the manufacturing of industrial pumps, and the tariff on steel is expected to stifle the global industrial pumps market's growth.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Industrial pumps market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. The market for Industrial pumps is dominated by APAC. The dominance of the region can be linked to tremendous economic growth. Because of the low cost of raw materials and labor, the region is attracting investors to build up manufacturing enterprises. Industrial activity is increasing as a result of reduced manufacturing costs and local government backing. One of the factors boosting the industrial pumps market in Asia Pacific is increased R&D spending.
|Market size value in 2020
|USD 35.6 billion
|Revenue forecast in 2030
|USD 59.2 billion
|CAGR of 5.1% from 2021 to 2030
|Base year for estimation
|Revenue in USD million and CAGR from 2021 to 2030
|Revenue forecast, company ranking, competitive landscape, growth factors, and trends
|Type, Application, and Region
|North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
|Key companies profiled
|Wilo SE, The Kirloskar Group, Haicheng surpasuny pump, Grundfos, Falcon Pumps Pvt.Ltd., KSB SE & Co., The Flowserve Corporation, Cornell pump company, Walrus Pump and Other Prominent Players
The Industrial pumps Market size was estimated at USD 35.6 billion in 2020 and is expected to reach 59.2 billion by 2030.
Key players: Wilo SE, The Kirloskar Group, Haicheng surpasuny pump, Grundfos, Falcon Pumps Pvt.Ltd., KSB SE & Co., The Flowserve Corporation, Cornell pump company, Walrus Pump, and Other Prominent Players
Centrifugal pump segment and Water & Wastewater segment are anticipated to hold the largest Industrial pumps Market.
Drivers: Demand in the agriculture sector as well as construction industry and Rise in environmental problems
In the process industry, industrial pumps are used to regulate, control, and direct gases, liquids, vapors, slurries, and other fluids. To achieve efficient flow management in industries such as water and wastewater, oil and power, food and beverages, chemicals, and others, they are mostly made of cast iron, stainless steel, carbon steel, and other high-functioning metal alloys.
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