The global pumps market is estimated to witness a moderate growth rate of around 3.5% over the period of 2019–2028. Increasing adoption of pumps across end-users for a variety of applications is expected to propel the demand for pumps globally. Rising public and private expenditure in the modern water infrastructure sector is driving the growth of the global pumps market. Countries are building state-of-the-art flood control systems in flood-prone areas which are also expected to soar the demand for pumps. Growing concern regarding the depleting level of groundwater will further foster water conservation efforts, thus propelling the global pump market growth. Moreover, the increasing utilization of pumps in industrial applications such as chemical and pharmaceutical is another pivotal factor that is positively influencing the market growth. Surging construction activities and rapid industrialization in developing economies have boosted the growth indicators across mining, oil & gas industry, and water infrastructure which are leading factors for the global market.
Based on type, centrifugal pumps are expected to generate more revenue
On the basis of type, the market is segmented into centrifugal pumps and positive displacement pumps. The centrifugal pump segment is dominating the global pumps market in 2022 and is further expected to maintain its dominating position over the forecast period. Centrifugal pumps are the most widely used pump as they are one of the best technologies for water and thin liquids and slurries that are encountered across every industry. Additionally, centrifugal pumps are highly scalable and can be applied in small sizes for low-flow applications such as circulator pumps for HVAC heating systems at 10 to 15 GPM, as well as in scaled-up sizes for high flow applications over 100,000 GPM, such as in power plant condenser cooling. Centrifugal pumps are also highly scalable in terms of pressure, and with multistage designs can deliver pressures to thousands of psi, such as required for feedwater pumps supplying steam boilers in power plants or seawater to reverse osmosis membrane filtration systems.
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The Asia Pacific leads the global pumps market
Geographically, the market is analyzed into North America, Western Europe, Eastern Europe, Asia Pacific, Latin America, Middle East, and Africa. Pumps have been in significant demand on account of general economic activities across the globe. Moreover, in countries like China and India, rapid growth in the demand for pumps is expected due to rapidly growing industrial, agricultural, and construction activities in the countries. Developing economies are focusing on expanding their infrastructure which is leading to a higher level of new pump sales; whereas, developed regions such as North America and Western Europe have comparatively low organic growth which is hindering the new pump sales to replacements and aftermarket parts.
Market Structure and Competition Landscape
The global pumps market is fragmented in nature with the presence of various players operating in the market. Some of the prominent players that contribute significantly to the market growth include Flowserve Corp., Grundfos Holding AS, KSB SE & Co. KGaA, ITT Inc., Sulzer Ltd., Ebara Corp., Weir Group PLC, Schlumberger Ltd., Baker Hughes Company, Clyde Union Inc., Dover Corp., Kirloskar Brothers Ltd., Ingersoll Rand, Inc. and Atlas Copco, among others. These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global pump market include,
- In February 2020, Ingersoll-Rand announced the spin-off of its industrial segment and combine it with Gardner Denver Holdings Inc. This was aimed to create an industrial company – Ingersoll-Rand Inc., with a stronger, broader portfolio of mission-critical industrial, energy, medical, and specialty vehicle products and services.
- In May 2019, Ingersoll-Rand acquired the Precision Flow System, one of the prominent providers of fluid management systems consisting of brands like Milton Roy, LMI, Haskel, BuTech, Dosatron, YZ Systems, Williams, and Hartell. This acquisition enabled Ingersoll-Rand to reinforce its revenue stream by expanding its brand portfolio.
Key Market Segmentation
RationalStat has segmented the global pumps market on the basis of type, installation, end-user, and region.
- By Type
- Centrifugal Pump
- Axial & Mixed Flow
- Others (Seal Less and Circular, Submersible)
- Positive Displacement Pump
- Artificial Lift
- Screw and Progressive Cavity
- Others (Peristatic)
- Centrifugal Pump
- By Installation
- By End-User
- Oil and Gas
- Chemical and Petrochemical
- Water and Wastewater
- Power Generation
- Others (Mining, Agriculture, Equipment)
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecast, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
- Annual reports, company filings, investor presentations, product catalogs, Pump Manufacturers’ Association, and company documents
- Industry and market-related documents available in the public domain
- Paid database including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, Thomson Reuters, among others
- Whitepapers, research papers, and industry blogs.
Why Buy this Report?
The report is intended for pump manufacturers, government organizations, educational organizations, regulatory agencies, research organizations, and market research firms, among others. The report provides an in-depth analysis of market size, consumption pattern, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.
Frequently Asked Questions (FAQs)
The Global Pumps market is expected to grow at a CAGR of over 3.5% during the forecast period 2022-2028.
Asia Pacific is dominating the Global Pumps market in 2021.
The Global Pumps market is estimated at around US$ 69.5 billion in 2021.
Increasing utilization of pumps in industrial applications such as chemical and pharmaceutical among others is the key driver in the Global Pumps market.
Major companies operating in the Global Pumps market include Flowserve Corp., Grundfos Holding AS, KSB SE & Co. KGaA, ITT Inc., Sulzer Ltd., Ebara Corp., Weir Group PLC, Schlumberger Ltd., etc.