Press release
Industrial Pumps Market Forecast 2024-2033 - Major Trends, Segments And Fastest Growing Regions | Schlumberger Limited, Baker Hughes Company, Atlas Copco, Xylem Inc., Regal Beloit Corporation, Worthington Industries
Industrial Pumps Global Market Report
The Business Research Company presents an extensive market research report on the Industrial Pumps Global Market Report 2024 , furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The industrial pumps market size has grown strongly in recent years. It will grow from $64.82 billion in 2023 to $68.81 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to emergence of hygiene and food safety standards, expansion of agriculture and irrigation, urbanization and construction boom, chemical and petrochemical sector growth.
The industrial pumps market size is expected to see strong growth in the next few years. It will grow to $87.15 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to adoption of IoT for pump performance optimization, market expansion in developing regions, expansion of pump applications in oil and gas, growing role of pumps in renewable energy, rise in demand for industrial processing pumps. Major trends in the forecast period include industry 4.0 integration, energy efficiency initiatives, strategic partnership, smart pump technologies, customization and modular designs.
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Key Market Players:
Major companies operating in the industrial pumps market report are Schlumberger Limited, Baker Hughes Company, Atlas Copco, Xylem Inc., Regal Beloit Corporation, Worthington Industries, Alfa Laval AB, EBARA International Corporation, Pentair PLC., Idex Corporation, Grundfos Holding A/S, The Weir Group PLC., Sulzer Ltd.., ITT Inc., KSB SE &Co. KGaA, Wilo SE, SPX Flow Inc., Nikkiso Co. Ltd., Kirloskar Brothers Limited, Flowserve Corporation, Gorman-Rupp Company, Tsurumi Manufacturing Co. Ltd., Sundyne LLC, Iwaki Co. Ltd., HMS Group, PumpWorks Inc., LEWA GmbH, ClydeUnion Pumps, Vertiflo Pump Company, PPI Pumps Pvt. Ltd., Hayward Tyler Group Ltd., Parker Hannifin Corporation, SPP Pumps Limited, CRI Pumps Pvt. Ltd.
Market Drivers:
An increase in construction activities is expected to propel the industrial pumps market growth going forward. Construction activities refer to the installation and assembling activities associated with land-disturbing activities to develop infrastructure and structures. Industrial pumps are used in construction to remove the excess water on the site accumulated due to high water tables or heavy rain, so an increase in construction activities will propel the market. For instance, according to Marsh, a US-based professional services firm, the residential construction activity was the fastest growing sector globally at 7.1% in 2021, and further construction of infrastructure grew at a rate of 6.8% in 2021. Therefore, an increase in construction activities is driving the growth of the industrial pumps market.
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https://www.thebusinessresearchcompany.com/report/industrial-pumps-global-market-report
The industrial pumps market covered in this report is segmented -
1) By Product: Centrifugal Pump, Positive Displacement Pump, Other Products
2) By Position: Submersible, Non-Submersible
3) By Driving Force: Engine Driven, Electrical Driven
4) By Application: Oil And Gas, Chemicals, Construction, Power Generation, Water And Wastewater, Other Applications
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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