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Industrial Pumps Market Size, Share Analysis, Top Players, And Forecast To 2033
Industrial Pumps Market
Industrial Pumps Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $87.15 billion In 2028 At A CAGR Of 6.1% :
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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Industrial Pumps Market Major Segments
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
Key Driver - Surge In Construction Activities Fuels Expansion Of Industrial Pumps Market Globally
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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Prominent Trend - Industrial Pump Market Witnesses Surge In Technological Advancements
Product innovation is a key trend gaining popularity in the industrial pumps market. Major companies operating in the industrial pumps market are focused on developing new technological solutions to strengthen their position. For instance, in March 2022, Vogelsang GmbH & Co. KG, a Germany-based highly engineered equipment producer, developer, and distributor launched highly efficient rotary lobe pumps. These are uniquely designed for extreme conditions and constant high-pressure performance suitable for oil and gas industry applications. It is one of a kind pumps in the market that has a heavy-duty gearbox that allows constant pressure output of 18 bar and temperature tolerance of up to 200° C.
Industrial Pumps 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.
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the industrial pumps market in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial pumps market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Industrial Pumps Market Report Structure
3. Industrial Pumps Market Trends And Strategies
4. Industrial Pumps Market - Macro Economic Scenario
5. Industrial Pumps Market Size And Growth
…..
27. Industrial Pumps Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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