Industrial Pumps Market Predicted to Witness Steady Growth During the Forecast Period

 Industrial Pumps Market Growth & Trends

The global industrial pumps market size is expected to reach USD 81.87 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 3.9% from 2021 to 2028. Rising product demand from the water and wastewater, oil and gas, and chemical industries on account of the rapid population growth and industrialization across the globe is anticipated to drive the market.

Rapid technological advancements have resulted in augmenting the reliability of the pumps, enhancing basic process tasks, and providing a long-term reduction in everyday operating processes. These rising advancements have also resulted in the reduced energy consumption, enhanced pump performance, and reliability, thereby augmenting the product penetration.

Rising investments by the key pump manufacturers to develop low-cost manufacturing processes and advanced technology that focuses on higher productivity are anticipated to boost market growth over the forecast period. Furthermore, increasing expenditure on the development of infrastructure in various countries is expected to have a positive impact on market growth.

The investments in the chemical industry slowed down in 2020 on account of the containment measures implemented by various governments to limit the spread of COVID-19, coupled with the declining crude oil prices. In addition, the delay in the construction of approved chemical projects caused due to the intensifying COVID-19 situation globally is likely to hamper the market growth.

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Industrial Pumps Market Report Highlights

• The centrifugal pump product segment held the largest revenue share in 2020 owing to its characteristics, including high flow rate deliverability, the capability of raising pressure inside pump casing, and high transmission velocity
• The water and wastewater application segment accounted for the largest share of 24.7% in 2020 owing to the rising demand for lift and sewage pumps attributed to the expanding industrial platforms and accumulation of wastewater in large volumes
• Asia Pacific accounted for the largest share of 44.9% in 2020 on account of the increasing investments in manufacturing projects, coupled with the expanding chemical and power generation industry in the region
• The market in India is expected to expand at a CAGR of 5.1% from 2021 to 2028 owing to the presence of a robust chemical industry, coupled with the rapid growth of the manufacturing sector

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Industrial Pumps Market Segmentation

Grand View Research has segmented the global industrial pumps market on the basis of product, application, and region:

Industrial Pump Product Outlook (Revenue, USD Million, 2017 - 2028)

• Centrifugal Pump
  • Axial Flow Pump
  • Radial Flow Pump
  • Mixed Flow Pump
• Positive Displacement Pump
  • Reciprocating
  • Rotary
  • Others
• Others

Industrial Pump Application Outlook (Revenue, USD Million, 2017 - 2028)

• Oil & Gas
• Chemicals
• Construction
• Power
• Water & Wastewater
• Others

Industrial Pump Regional Outlook (Revenue, USD Million, 2017 - 2028)

• North America
  • US.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK.
  • France
  • Italy
• Asia Pacific
  • China
  • India
  • Japan
• Central & South America
  • Brazil
  • Argentina
• Middle East & Africa
  • United Arab Emirates
  • Saudi Arabia

List of Key Players of Industrial Pumps Market

• Grundfos Pump Corp.
• Xylem, Inc.
• Ingersoll-Rand PLC
• Flowserve Corp.
• SPX Flow, Inc.
• KSB SE & Co. KGaA
• Sulzer Ltd.
• Pentair PLC

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.