Industrial Pumps Market to Reflect USD 120.28 Billion by 2030 | Growing at a Healthy CAGR of 6.3%
The chemical industry has perhaps the greatest demand for pumps that could both perform and offer protection to employees and the surrounding work environment. A chemical producer handles aggressive acids which are not only toxic but also highly flammable and explosive.
Alongside the handling of dangerous fluids will be the thermal control of the process as well as the treatment of effluent through chemical dosing or even nanofiltration. An industrial pump is widely used in the chemical industry as manufacturers of chemicals, in particular, require pumps capable of handling fluids with fragile composition and complex rheology.
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Based on type, centrifugal pump is expected to account for the largest share in the global market. The growth of the industry is attributed to the benefits of centrifugal pumps as they are simple to operate, reliable, and long-lasting. These can be equipped with a revolving impeller for moving water or other fluids from one site to another using centrifugal force in a wide range of industries, including municipal, agriculture, industrial, chemical, mining, petroleum, pharmaceuticals, and many others.
Asia Pacific dominated the industry in 2021 and is expected to account for the largest share over the forecast period. The growth of the industry is attributed to the rising investment of the government in the infrastructure and development of new industries. Infrastructure in developing countries such as India has evolved rapidly over the period of years. Foreign direct investment flow into the economies is expected to augment the increased demand for the industry.
Industry participants such as Xylem, Grundfos Holding A/S, EBARA CORPORATION, Flowserve Corporation, WILO SE, KSB SE & Co. KGaA, Sulzer Ltd, Schlumberger Limited, The Weir Group PLC, ALFA LAVAL, Pentair, IDEX, Baker Hughes Company, ITT INC., and SPX Flow are some of the key players operating in the industry.
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Polaris Market Research has segmented the industrial pumps market report on the basis of type, end-use, and region:
Industrial Pumps, Type Outlook (Revenue - USD Billion, 2018 - 2030)
• Centrifugal Pump
o Axial Flow Pump/Propeller Pump
o Radial Flow Pump
o Mixed Flow Pump
• Positive Displacement Pump
o Reciprocating Pump
• Piston Pump
• Plunger Pump
• Diaphragm Pump
o Rotary Pump
• Screw Pump
• Gear Pump
Industrial Pumps, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)
• Water & Wastewater Treatment
• Metal & Mining
• Power Generation
• Oil & Gas
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