Press release
The global pumps market is estimated at US$ 72 billion in 2021 and is expected to grow at a steady rate driven by rising government expenditure across water infrastructure. The growing utilization of different types of pumps across different sectors such
The report titled "Global Pumps Market" assesses the global and regional market based on type, installation, end user, and region. A comprehensive report provides a detailed historical and future market size with trend analysis. The report underlines the market share analysis, production capacities by leading players, competition overview, replacement rates, installed base of industrial and automotive pumps, strategic imperatives, annual sales figures, growth avenues, production overview, and competition assessment for the target players assessed in the global pumps market study.Market Overview and Dynamics: Installation of pumps to rise during the Forecast Period
The global pump market is expected to grow at a CAGR of 3.5% during the forecast period of 2022-2028. Primarily driven by increasing investment in exploration and production activities by oil & gas companies coupled with the rising adoption of pumps in petrochemicals, chemicals, medical and pharmaceutical industries.
The global pumps market is set to observe moderate growth in the next six years, primarily driven by increasing public and private expenditure in the modern water infrastructure sector. The increasing adoption of industrial pumps in petrochemicals, chemicals, medical, and pharmaceutical industries fuels the growth of the global pumps market. Moreover, increasing infrastructural development activities as well as exploration of new water sources worldwide, in view of rapidly growing urbanization, have been key factors for the rapid adoption of pumps.
• Asia Pacific is anticipated to dominate the global pump market. Pumps have been in significant demand due to general economic activities globally. Moreover, in countries like India and China, rapid growth in the demand for pumps is expected due to growing industrial, agricultural, and construction activities in the countries.
• However, North America and Western Europe have comparatively less organic growth which is hampering the new pump sales to replacements and aftermarket parts.
Segmental Analysis
• Based on type, centrifugal pumps are expected to generate prominent revenue. Centrifugal pumps are the most majorly used pump as they are one of the best technologies for water and thin liquids and slurries that are encountered across every industry.
• On the basis of end users, the oil and gas industry is anticipated to observe significant growth due to the excessive use of pumps and valves in the industry.
• Based on region, Asia Pacific is dominating the region due to rapidly growing energy demand, coupled with a multifold increase in manufacturing and processing industries.
Competition Analysis
The global pumps market is fragmented in nature with the presence of various players in the market. emphasizing competitive pricing. Various development strategies, like business expansion and joint ventures, promote market growth and provide lucrative growth opportunities to market players. Product innovations, launches, and partnerships are the identified industry trend in the global pumps market. Significant consolidation is expected in the global market during the assessed period 2022-2028.
• 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.
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.
RationalStat has segmented the global pumps market on the basis of type, installation, end user, and region
• By Type
o Centrifugal Pump
Axial & Mixed Flow
Single-Stage
Multi-Stage
Others (Seal Less and Circular, Submersible)
o Positive Displacement Pump
Reciprocating
• Piston
• Diaphragm
Rotary
• Artificial Lift
• Screw and Progressive Cavity
• Gear
• Vane
• Lobe
• Others (Peristatic
• By Installation
o Stationary
o Portable
• By End User
o Oil and Gas
o Chemical and Petrochemical
o Water and Wastewater
o Power Generation
o Others (Mining, Agriculture, Equipment)
• By Region
o North America
US
Canada
o Latin America
Brazil
Mexico
Rest of Latin America
o Western Europe
Germany
UK
France
Spain
Italy
Benelux
Nordic
Rest of Western Europe
o Eastern Europe
Russia
Poland
Rest of Eastern Europe
o Asia Pacific
China
Japan
India
South Korea
Australia
ASEAN (Indonesia, Vietnam, Malaysia, etc.)
Rest of Asia Pacific
o Middle East & Africa
GCC
South Africa
Turkey
Rest of the Middle East & Africa
For more information about this report visit: https://store.rationalstat.com/store/global-pumps-market/
RationalStat LLC
Kimberly Shaw, Content and Press Manager
sales@rationalstat.com
Phone: +1 302 803 5429
RationalStat is an end-to-end US-based market intelligence and consulting company that provides comprehensive market research reports along with customized strategy and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client's needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial research, due diligence, procurement and supply chain research, data analytics, and analytical dashboards.
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