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Sanitary Pumps And Valves Market Report 2024 - Pumps And Valves Market Size, Trends, And Forecast
Sanitary Pumps And Valves Market
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According to The Business Research Company's, The sanitary pumps and valves market size has grown strongly in recent years. It will grow from $2.39 billion in 2023 to $2.62 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to hygiene standards evolution, industrialization and urbanization, food safety concerns, pharmaceutical industry growth, biotechnology advancements.
The sanitary pumps and valves market size is expected to see rapid growth in the next few years. It will grow to $3.83 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to industrial growth and expansion, water and wastewater management, global trade dynamics, energy sector requirements, quality assurance emphasis. Major trends in the forecast period include educational initiatives, competitive market dynamics, sustainability initiatives, global supply chain dynamics, biotech advancements.
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Market Drivers and Trends:
The globalization of trade is expected to propel the growth of the sanitary pumps and valves market going forward. Globalization of trade refers to the increasing interconnectedness and interdependence of economies and markets worldwide, facilitating the exchange of goods, services, capital, and information across borders. Sanitary pumps and valves play a crucial role in the globalization of trade by ensuring efficient and hygienic handling of liquid products, meeting international quality standards, and facilitating seamless cross-border movement in the food, pharmaceutical, and chemical industries. For instance, in February 2022, according to the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization, in 2021, the global trade's total value achieved a historic milestone, amounting to $28.5 trillion, marking a substantial growth of 25% from 2020 and a noteworthy 13% surge compared to the pre-COVID-19 levels. Therefore, the globalization of trade is driving the growth of the sanitary pumps and valves market.
Product innovations are a key trend gaining popularity in the sanitary pumps and valves market. Major companies operating in the sanitary pumps and valves market are introducing innovative products to sustain their position in the market. For instance, in November 2022, NETZSCH Pumps North America, LLC, a US-based company operating in sanitary pumps and valves launched NOTOS sanitary 2NSH twin screw pump. The unique features of the product include a pump housing with a full service-in-place (FSIP) design, enabling easy and quick pump disassembly, the pump is easy to clean-in-place (CIP) and sterilize-in-place (SIP).
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Major Key Players of the Market:
Alfa Laval AB, Fristam Pumpen KG, PSG Pumps & Motors, SPX Flow Inc., GEA Group AG, ITT Inc., Xylem Inc., Ampco Pumps Company, Viking Pump Inc., Dixon Valve and Coupling Company LLC, Tapflo Group, Holland Applied Technologies Inc., Evoguard GmbH, Graco Inc., Steel & O'Brien Manufacturing Inc., Dover Corporation, Verder International B.V., Watson-Marlow Fluid Technology Group, AxFlow Holding AB, KSB SE & Co. KGaA, Flowserve Corporation, Sulzer Ltd., Pentair plc, Armstrong Fluid Technology, Christian Bürkert GmbH & Co. KG, Gemu Group, Inoxpa S.A., Koflo Corporation, Lutz Pumpen GmbH, TriClamp.co
Sanitary Pumps And Valves Market 2024 Key Insights:
• The sanitary pumps and valves market size is expected to see rapid growth in the next few years. It will grow to $3.83 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%.
• Industrialization Boosts Sanitary Pumps And Valves Market
• Innovation Wave In Sanitary Pumps And Valves Market
• Asia-Pacific was the largest region in the sanitary pumps and valves market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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