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Industrial Pumps Market Size, Share, Trends, Growth, Outlook 2024-2033
Industrial Pumps Market
As per the report, 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 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%.
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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.
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.
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
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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.
Contents of the report:
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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