Gmi Research's blog : Industrial Pumps Market Size Report, 2020-2027
Industrial Pumps Market
The Industrial Pumps Market is estimated was valued at USD 58 Billion in 2019 and is projected to expand at a CAGR of 3.6% over the forecast period (2020-2027).
The factors driving the growth of Industrial Pumps Market includes rapid growth in the Oil and Gas industry, growing emphasis on treating the wastewater, rise in the number of water related diseases, growing electricity consumption and increasing investments in the renewable energy projects. According to the report published by World Economic Forum, total USD 14.5 billion in India in the renewable energy sector, increasing by 125% as compared to 2020-21, even 72% higher than the pre-pandemic levels, which is expected to boost the Industrial Pumps Market size in the approaching years. Moreover, the technological advancements in industrial pump products, increasing application of industrial pumps in petrochemicals, medical and pharmaceutical industries, emerging need to produce low sulfur fuels in refineries and growing adoption of Centrifugal pumps, are some of the additional factors supplementing the market growth.
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However, the growth of Industrial Pumps Market is hindered due to fluctuations in the prices of industrial pumps.
The major players operating in the market are Franklin Electric, Roper Technologies, Inc., Sulzer Ltd, AR North America, Colfax Corporation, Global Pump, Haight Pumps, IIT Inc., GRUNDFOS, and Iwaki America Inc., among others.
Product: Segment Analysis
Based on Product, the Centrifugal pump segment is anticipated to expand at a remarkable CAGR during the forecast period. The emerging need to upgrade the ageing infrastructure and rise in hydraulic fracturing in the oil & gas industry, are some of the key factors responsible for the growth of the segment.
Application: Segment Analysis
Based on Application, the water & wastewater treatment segment is expected to grow at a significant CAGR over the forecast period attributed to emerging need to treat wastewater and growing population growth rates.
On the other hand, the Oil and Gas segment is estimated to hold the highest market share during the forecast period attributed growing demand for crude oil across the globe to facilitate the transportation sector.
Regional: Segment Analysis
Based on Region, the Asia-Pacific region is projected to capture the largest market share during the forecast period. Rapid growth in the construction activities, increasing adoption of advanced industrial pumps, rise in investments in the renewable sources of energy, growing disposable incomes and improvements in the living standards, are some of the important factors accelerating the market growth in Asia-Pacific.
Market Segmentation
Global Industrial Pumps Market by Product
- Centrifugal Pumps
- Axial Flow Pump
- Radial Flow Pump
- Mixed Flow Pump
- Positive Displacement Pumps
- Reciprocating Pumps
- Rotary Pumps
- Others
- Others
Global Industrial Pumps Market by Application
- Oil & Gas
- Chemicals
- Construction
- Power
- Water & Wastewater Treatment
- Others
Global Industrial Pumps Market by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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