Pumps Industry Driven by Growing Demand

pumps market was estimated at approximately USD 57.7 billion in 2023.

Table Of Contents

Pumps Industry | Forecast 2030

The economic value generated by the pumps market was estimated at approximately USD 57.7 billion in 2023. The demand for pumps is on the rise owing to their varied use in such as water & wastewater, power construction, chemicals, and oil & gas industries. Rising expectations of customers in the past few decades have led to increased spending by the end-user industry globally to improve the quality of industrial pumps along with installing advanced process control. This has led to increased spending by the pump manufacturers in an attempt to improve energy efficiency, which is likely to drive the demand for improved energy-efficient pumps over the forecast period.

Recent innovations in pump technology have led to improvements in fundamental process tasks, boosting pump reliability and lowering operating costs over time. These advancements have also contributed to increased pump performance, reliability, and reduced energy usage. These technologically advanced pumps are widely used in various end-use industries, including industrial wastewater treatment, agriculture, power generation, and chemical processing, driving the product demand.

 

Access the Global Pumps Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies

 

The growing competition among pump manufacturers for product differentiation has led to the development of technologies catering to the end-use requirements. However, the stringent safety regulations for pump manufacturing and the capability to meet the standards are likely to pose a challenge to market growth. There is a rising pressure to comply with various environmental regulations, which is majorly affected by the norms laid down by regional governments. Along with a focus on growth, continuous research and development (R&D) investments are essential for maintaining the market share. Newly introduced energy efficiency standards may require redesigning of pumps by manufacturers, which may incur high costs and time, thereby restraining the market growth.

 

Centrifugal Pump Market Growth & Trends

The global centrifugal pump market size is expected to reach USD 66.64 billion by 2030, expanding at 3.5% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The centrifugal demand has escalated owing to the increase in pump demand for pressure fluids. The pumps are primarily used for accelerating fluids, like water, chemicals, sludge treatment liquids, wastewater, oil, bleaches, and resins.

Increasing demand for water in domestic and industrial applications due to the growing world population is driving the market growth. Expanding population, rapid urbanization, technological developments, and growth in infrastructure have augmented the demand for fresh and processed water across the globe. This in turn is expected to fuel the market growth over the forecast period.

Order your copy of the Free Sample of “Pumps Industry Data Book – Centrifugal Pump and Positive Displacement Pump Market Size, Share, Trends Analysis, And Segment Forecasts, 2024 – 2030, published by Grand View Research

 

Positive Displacement Pumps Market Growth & Trends

The global positive displacement pumps market size is estimated to reach USD 26.53 billion by 2030, growing at a CAGR of 4.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. Positive displacement pumps are crucial components in various industrial applications, and their efficiency is influenced by several driving factors. One key factor is the nature of positive displacement, ensuring a consistent flow regardless of system pressure. The ability to handle high-viscosity fluids and maintain a steady flow rate under varying conditions makes them ideal for processes requiring precision and reliability. In addition, these pumps are often preferred due to their self-priming capabilities, making them effective in situations where a suction lift is necessary.

The product versatility in accommodating different fluids, from thin liquids to highly viscous substances, further contributes to their widespread use in industries, such as oil & gas, chemical processing, and food production. Moreover, advancements in design and materials, as well as the integration of innovative technologies, continue to enhance the efficiency, durability, and overall performance of positive displacement pumps, making them indispensable for critical industrial processes. In industries, such as oil & gas, pharmaceuticals, and food processing, these pumps are favored for their ability to handle shear-sensitive fluids and provide a consistent output. For instance, positive displacement pumps, such as gear or reciprocating pumps, are commonly used to transfer crude oil from production sites to refineries through pipelines.

Competitive Insights

The global pumps market is highly competitive owing to the presence of both multinational and local manufacturers. Some of the key players include Grundfos Holding A/S; Xylem; Flowserve Corporation; ITT INC.; Sulzer Ltd.; EBARA International Corporation; Ingersoll Rand; KSB SE & Co. KGaA; and Pentair. Other notable players include Iwaki America Inc.; HERMETIC-Pumpen GmbH; Vaughan Company Inc.; and SPX Flow. Pump manufacturers are involved in adopting several strategies including acquisitions, mergers, joint ventures, geographical expansions, and new product developments. These strategies aid the companies in increasing their market penetration and providing to the changing technological demand of various industries including agriculture, construction & building services, water & wastewater, power generation, oil & gas, chemical, and others.

Leave a Reply

    © 2024 Crivva. All Rights Reserved.