Mechanical Pump Industry Is Expanding at a CAGR of 5.1% by 2031 | PumpWorks, Sulzer Management Ltd, T&T Pump Company IncS, The Weir Group PLC

The global mechanical pump market was valued at US$ 49.6 billion in 2021 and it is anticipated to grow up to US$ 82.0 billion by 2031, at a CAGR of 5.1% during the forecast period.

Mechanical pumps use mechanical devices such as pistons, claws, rolls, and diaphragms to create a vacuum by acting on the viscous properties of the exhausted gas or liquid. Mechanical vacuum pumps and their respective lubricants must be compatible with moving or containing fluids to prevent wear and corrosion and ensure safe and clean operation. Since most pumps pump different gases at different speeds, the type and consistency of the gas supply also affect the pump's performance. These types of mechanical pumps are grouped by the technology or mechanism used.

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Market Drivers and Trends

Currently, a majority of energy is being generated through conventional power plants, including coal-powered, gas-powered, nuclear, biogas-powered, and geothermal power plants. Water plays a key role in the electricity generation in these plants, as it is converted into steam to propel the turbines. Mechanical pumps are used for circulating water in these power plants. Owing to the increase in population, industrialization, and urbanization across the world, especially in Asia Pacific, the demand for energy is increasing at a high pace. As a result, several fossil fuel-powered power plants are being deployed across the world. For instance, in August 2021, China's provincial governments approved the construction of 24 new coal power projects capable of generating 5.2 gigawatts (GW) of energy. In December 2020, the government OF South Korea stated its willingness to increase the LNG-based power capacity of the country by 43%, to raise it to 59.1 GW by 2034. In September 2021, the South African government announced its plan of a new 2,500-megawatt nuclear power plant to end the procurement process by 2024. In May 2021, the government of Australia announced to invest US$ 468 million in the development of a controversial gas-fired power plant. Moreover, power generation from the renewable sources of energy is in a nascent stage and is majorly being emphasized in North America and Europe. Thus, the growing demand for energy, consequently escalating power generation activities, is boosting the mechanical pumps market growth.

Market Restraints and Challenges

Increasing overall maintenance and repair cost of mechanical pumps and likely restraining market revenue growth in the forecast period. Further, increasing volatility in raw material prices and the high maintenance cost of mechanical pumps are anticipated to hinder market growth during the forecast period. Growing volatility in raw material prices negatively influences the ability of manufacturers to produce mechanical pumps based on specific requirements.

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Global Mechanical Pump Market Segmentation
By Pump Type

• Positive Displacement
• Centrifugal Displacement

By Stage Type

• Single Pump
• Multi Pump

Major Players in the Global Mechanical Pump Market

The key players studied in the global mechanical pump market are EBARA CORPORATION (Japan), Grundfos Holding A/S (India), KIRLOSKAR BROTHERS LIMITED (India), KSB SE & Co. KGaA (Germany), PumpWorks (U.S.), Sulzer Management Ltd. (Switzerland), T&T Pump Company Inc. (U.S.), The Weir Group PLC (UK), Tsurumi Manufacturing Co., Ltd. (Japan), and Xylem Inc. (U.S.).

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