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Vertical Immersion Pumps Market 2024 Opportunity Assessment, Size, Growth Rate And Forecast To 2033
Vertical Immersion Pumps Market Share
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According to The Business Research Company's, The vertical immersion pumps market size has grown steadily in recent years. It will grow from $3.44 billion in 2023 to $3.58 billion in 2024 at a compound annual growth rate (CAGR) of 3.9%. The growth in the historic period can be attributed to industrial applications, efficiency and reliability, expansion of oil & gas sector, chemical processing demand, water and wastewater treatment. .
The vertical immersion pumps market size is expected to see steady growth in the next few years. It will grow to $4.21 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The growth in the forecast period can be attributed to industry 4.0 integration, energy efficiency focus, emerging renewable energy sectors, advanced materials development, rising demand in asia-pacific. Major trends in the forecast period include strategic collaboration, remote operations and monitoring, service and maintenance solutions, customization and adaptability, water management solutions.
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Market Drivers and Trends:
During the forecast period, the rapid industrialization and growth in manufacturing industries will support the growth of the vertical immersion pumps market. Industrialization is the process of transforming the economy of a nation or region from a focus on agriculture to a reliance on manufacturing. Industrialization often leads to the establishment and growth of various industries, such as manufacturing, chemicals, and water treatment. The demand for vertical immersion pumps rises as these sectors require efficient pumping systems for fluid handling, circulation, and other applications. For example, in March 2022, according to the United Nations Industrial Development Organization (UNIDO), an Austria-based agency of the United Nations that assists countries in economic and industrial development, the global manufacturing production increased by 9.4% in 2021. Further, in April 2022, according to Goldman Sachs, a US-based investment banking company, the Indian manufacturing sector had a growth of 210% in the fiscal year 2021-2022, compared to the fiscal year 2020-21, as well as a substantial increase in new investment and ordering activity. Therefore, the rapid industrialization and growth in manufacturing industries will drive the vertical immersion pumps market.
Technological advancement is a key trend gaining popularity in the vertical immersion pump market. Major companies operating in the vertical immersion pump market are advancing their new technologies toward vertical multistage pumps to sustain their position in the market. For instance, in June 2021, Dooch pumps, a Korea-based manufacturer of energy-efficient water pumps, launched a vertical multistage XR(L) pump series. These XR and XRL pumps are vertical, non-self-priming, multistage centrifugal in-line pumps powered by a standard electric motor. A connection connects the motor's output shaft to the pump shaft directly. Additionally, stay bolts hold the pressure-resistant cylinder and flow passage components between the pump head and casing.
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Major Key Players of the Market:
KSB SE & Co. KGaA, ITT Inc., Ruhrpumpen Group, Castle Pumps Ltd., AxFlow Holding AB, Flowserve Corporation, North Ridge Pumps Ltd., Tapflo Group, Vertiflo Pump Company, FLUX-Geräte GmbH, Salvatore Robuschi and C. S.r.l., Lenntech BV, Brinkmann Pumps GmbH + Co. KG, Gusher Pumps Inc., Tapflo Pumps UK Ltd., C.R.I. Pumps Pvt. Ltd., National Pump Company, Grundfos Pumps Corporation, Pentair plc, Simflo Pump Inc., Process Systems Ltd., Neptuno Pumps Ltd., Sintech Precision Products Ltd., Ebara Corporation, Tsurumi Manufacturing Co. Ltd., Weir Group plc, Kirloskar Brothers Limited, Shakti Pumps Ltd., WPIL Limited, Crompton Greaves Consumer Electricals Limited, Kishor Pumps Pvt. Ltd., Rotech Pumps & Systems Inc., T-T Pumps Ltd., V-Guard Industries Ltd., Vansan Water Technologies, Zhejiang DOYIN Pump Industry Co. Ltd.
Vertical Immersion Pumps Market 2024 Key Insights:
• The vertical immersion pumps market size is expected to see steady growth in the next few years. It will grow to $4.21 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%.
• Vertical Immersion Pumps Gain Momentum Across Diverse Sectors, Fueling Market Demand
• Dooch Pumps' Technological Leap With Vertical Multistage XR(L) Pump Series In The Vertical Immersion Pump Market
• North America was the largest region in the vertical immersion pumps market in 2023
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