Global Pumps Market Reach US$ 77.1 Bn by 2026 | Gorman Rupp Company, Gardner Denver, Thompson Pump and Manufacturing Company, Flowserve Corporation

Global pumps market is anticipated to expand at a considerable pace over the coming years, on account of the high investments in mining and infrastructure activities worldwide. Various types of pumps are gaining widespread applications in upstream as well as midstream operations in the oil and gas industry. The product performs a range of services that enable the processing and gathering of hydrocarbons and derivatives to benefit industrials users and consumers.

It is also used in offshore production activities to ease multiple challenges during the exploration of deep oil and gas reserves. On the other hand, several pumps and pump systems have been specifically designed to ensure efficient onshore drilling operations. The global market has been observing accelerated pumps applications across myriad industries worldwide.

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For example, centrifugal pumps are customized to be effectively used in the oil and gas operation processes. As per Global Market Insights, Inc. estimates, the global pumps market size is expected to cross $77.1 billion by 2026.

What are key factors driving pumps industry expansion from the stationary segment?

In terms of segmentation by type, the stationary segment is set to account for a major share over the forthcoming years, owing to the varied product applications such as wastewater treatment systems, wastewater lift stations, and hospitals.

Based on driving force, the global pumps market from the electric-driven segment is poised to hold a market share of over 75% by 2026, which is attributable to the increasing adoption of pumps in solid & clean laden fluids that involve sludge, sewage, and waste & seawater. These pumps are convenient to use and provide various advantages like simplicity, compactness, and low operating expenses. They are also equipped with automatic level controls and emergency stop switches to ensure greater safety.

With regards to the technology spectrum, the diaphragm pumps segment is projected to gain remarkable traction over the foreseeable future, due to its efficient removal of air from the lines as well as its high effectiveness in dealing with the high-viscosity liquids.

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How will growing necessity in the mining industry foster overall pumps market outlook?

Based on application, the global pumps industry from the mining segment is anticipated to record remuneration worth $4.6 billion by 2026, driven by the growing dependence of the mining sector on different industrial water pumps. These mining pumps are adopted for various purposes like slurry transferring, extracted mineral processing, and sludge dewatering.

The industrial application segment is likely to depict a 3.2% CAGR by 2026, on account of the escalating pumps applications such as crystallization, evaporation, absorption, filtration, mixing, drying, and other processes.

Despite these favorable conditions, the global pumps market may encounter roadblocks to its steady growth in years ahead, due to the growing disruptions in the supply chain and economic downturn caused by the ongoing COVID-19 pandemic. Industry players have been experiencing a low outflow of raw materials due to factory shutdowns in India, Europe, and China. Other industries facing greater uncertainty during the pandemic include food & beverages, pulp and paper, and pharmaceuticals.

Why will the presence of low-cost manufacturers in Asia Pacific add impetus to regional pumps market growth?

On the regional front, the Asia Pacific pumps market held nearly 53% market share in 2019, which can be credited to the rising prevalence of low-cost manufacturers in India, China, and Southeast Asian countries that support end users in operational cost optimization.

The Latin America pumps market is poised to exhibit a CAGR of 3.2% through 2026, owing to the favorable socio-economic scenario and strong presence of oil & gas reserves in the region.

Key pumps industry participants include Cornell Pump Company, Kirloskar Brothers, Wacker Neuson, Generac Holdings, Magnum Pumps, MultiQuip, Doosan, Roper Pump Company, Flowserve Corporation, and Gardner Denver, among others. These companies are focusing on strategies such as new product launches, M&A, and business expansions to expand their footprint in the global market.

To illustrate, in September 2020, Ingersoll Rand completed the acquisition of the pump maker, Albin Pump SAS, with an objective to drive its fluid management technology offerings and sustainability in pump applications.

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