Pumps Industry Overview
The global pumps market size is expected to reach USD 119.39 billion by 2028, registering a CAGR of 3.2% over the forecast period, according to a new report by Grand View Research, Inc. Increasing investments in the exploration and production activities by the oil & gas companies across the globe are anticipated to have a positive impact on the market growth.
Technological advancements in pump manufacturing along with new product launches focused on enhanced performance, reliability, and reduced energy consumption are expected to boost market growth. Furthermore, the rising adoption of the Industrial Internet of Things (IIoT) is poised to transform the manufacturing environment by developing a digitally connected ecosystem.
Pumps Market Segmentation
Grand View Research has segmented the global pumps market on the basis of product type, application, and region:
Based on the Product Type Insights, the market is segmented into Centrifugal, Positive Displacement, and Others.
- The centrifugal pump segment led the market in 2020 and accounted for 52% of the global revenue share.
- Centrifugal pump is further segmented into axial flow, radial flow, and mixed flow pumps.
- The market of axial flow pumps is expected to show significant growth over the forecast period owing to the increasing demand for high-power pumps in flood dewatering and water & wastewater treatment applications.
- The demand for positive displacement pumps is estimated to witness growth at the fastest CAGR of 3.4%, in terms of revenue, from 2020 to 2028 owing to their efficient working at lower speed and consistent flow rates.
Based on the Application Insights, the market is segmented into Agriculture, Construction & Building Services, Water & Wastewater, Power Generation, Oil & Gas, chemical, and Others.
- The agriculture application led the market in 2020 with a revenue share of more than 25%.
- The construction segment is also estimated to witness significant growth from 2020 to 2028.
- The demand for pumps in water & wastewater applications is expected to grow at a CAGR of 3.6% from 2020 to 2028.
- The penetration of petrochemical products in modern energy systems, such as wind turbine blades, solar panels, batteries, and Electric Vehicle (EV) parts, is expected to drive the market growth.
Pumps Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Manufacturers in the market are focusing on launching new, innovative products for various applications using advanced technology. For instance, in February 2020, Weir Mineral launched three Lewis pumps namely, Horizontal Process Pump, Axial Pump, and Vertical High-Pressure Molten Salt Pump. Several manufacturers had to suffer losses due to the pandemic owing to the volatility of raw material prices, supply chain disruptions, and poor cash flows. This accelerated the number of acquisitions and mergers in the industry with players, such as Ingersoll Rand and Grundfos, being the leaders.
Some prominent players in the global pumps market include:
- Schlumberger Ltd.
- Ingersoll Rand
- Weir Group PLC
- Vaughan Company, Inc.
- KSB SE & Co. KGaA
- Pentair
- Grundfos Holding A/S
- Xylem
- Flowserve Corp.
- ITT Inc.
- EBARA International Corp.
- IWAKI Co., Ltd.
- Sulzer Ltd.
- SPX Flow
Order a free sample PDF of the Pumps Market Intelligence Study, published by Grand View Research.
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