Industrial Pumps Market Future Prospects and Forecast To 2028

The global industrial pumps market size was valued at USD 65.1 billion in 2021 and is expected to reach a value of USD 90.2 billion by 2028, growing at a CAGR of 5.6% during the forecast period 2022 to 2028. A pump is a mechanical device that moves fluid or slurries from one location to another. It mostly uses reciprocating and rotating mechanisms and can be driven by manual labor, electricity, engines, or wind energy. The pump is used for many different tasks, including pumping water from wells, injecting fuel, and operating cooling towers. The industrial pump is often a heavy-duty application pump used to move a variety of substances, such as food, petroleum, tar, sludge, or wastewater. Although there are many other kinds of pumps on the market, centrifugal and positive displacement pumps are the ones that are frequently utilized for industrial applications. Numerous mechanisms, including wind, electricity, manual labor, and occasionally even engines, are used to power pumps.

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Industrial Pumps Market Growth Factors:
The petrochemical, chemical, medical, and pharmaceutical industries are increasingly using industrial pumps, which is driving the expansion of the global industrial pumps market. Additionally, the oil and gas sector uses industrial valves in downstream, midstream, and upstream process applications and is the world's largest consumer of industrial pumps. The expansion of the industrial pump market is fueled by the increase in demand for industrial pumps in North America, which increases the demand for importing industrial pumps from other nations. Additionally, the industrialized nations, particularly those in the European Union, the United States, and China, have a largely saturated food and beverage processing industry.

Industrial Pumps Market Segmentation:
1) By Product: Centrifugal Pumps, Positive Displacement Pump, Others.
2) By Application: Oil & Gas, Chemicals, Construction, Power, Water & Wastewater, Others.

Industrial Pumps Market Regional Analysis:
In 2022, Asia Pacific would hold the market's largest revenue share with more than 42.0%. Groundwater levels in the area are dropping, therefore water reuse has gained popularity recently. This has increased the usage of pumps in the construction of water and wastewater infrastructure, driving up demand for the good. Growth in Europe is anticipated to be fueled by the rise in energy consumption and the government's ongoing investment in renewable energy sources. Furthermore, the need for water treatment in the municipal and industrial sectors is projected to play a significant role in propelling this market throughout the forecast period as well severe laws intended to reduce water pollution.

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Key players in the industrial pumps market report are Grundfos Pump Corp, Xylem, Inc, Ingersoll-Rand PLC, Flowserve Corp, KSB SE & Co. KGaA, Sulzer Ltd, Pentair PLC, Iwaki America, Inc, Schlumberger Ltd, Ebara Corp, Weir Group PLC, Vaughan Company, Inc, Hermetic-Pumpen GmbH

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