Pumps Market is set for lucrative growth during 2021-2031 | Schlumberger, Ingersoll Rand, Weir Group, Vaughan Company, KSB SE & Co. KGaA, Pentair

According to a new market research report published by Global Insight Services "Pumps Market is expected to reach US$ XX bn by 2031". Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

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A pump is a device that moves fluids (liquids or gases), or sometimes slurries, by mechanical action. Pumps can be classified into three major groups according to the method they use to move the fluid: direct lift, displacement, and gravity pumps. Pumps operate by some mechanism (typically reciprocating or rotary), and consume energy to perform mechanical work moving the fluid.

Key Trends

There are several key trends in pumps technology that are worth mentioning.

Firstly, pumps are becoming increasingly more efficient as technology improves. This is particularly important in industries where energy costs are high, such as the oil and gas industry.

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Secondly, pumps are becoming smaller and more compact as technology advances. This is particularly important in applications where space is limited, such as in medical devices.

Thirdly, pumps are becoming more intelligent, with the ability to self-diagnose and adjust their settings to optimize performance. This is particularly important in industrial applications where downtime must be minimized.

Key Drivers

The key drivers of the pumps market are the increasing demand for energy-efficient and reliable pumps, the growing demand for pumps in the water and wastewater industry, and the increasing investment in the replacement and upgrading of pumps.

The increasing demand for energy-efficient and reliable pumps is driven by the need to reduce energy consumption and operating costs. The growing demand for pumps in the water and wastewater industry is driven by the need to improve water quality and meet the increasing demand for water.

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The increasing investment in the replacement and upgrading of pumps is driven by the need to improve the efficiency of existing pump systems and the need to meet the growing demand for pumps.

Market Segments

The Pumps Market is segmented by product type, application and region. By product type, the market is divided into positive displacement and centrifugal. Based on application, it is segmented into agriculture, chemical and others. Region-wise the market is divided into North America, Europe, Asia-Pacific, and the Rest of the World.

Key Players

The Pumps Market includes players such as Schlumberger Ltd., Ingersoll Rand, Weir Group PLC, Vaughan Company, Inc., KSB SE & Co. KGaA, Pentair, Grundfos Holding A/S, Xylem, Flowserve Corp. and ITT Inc.

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