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Diaphragm Pump Market Outlook And Industry Analysis Report 2024-2033
Diaphragm Pump Market Outlook
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According to The Business Research Company's, The diaphragm pump market size has grown strongly in recent years. It will grow from $6.1 billion in 2023 to $6.63 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to growth in chemical processing and petrochemical industries, demand for reliable and leak-proof pumping solutions, expansion of water and wastewater treatment facilities, adoption of diaphragm pumps in food and beverage processing, stringent regulations on emissions and leakage in industrial processes.
The diaphragm pump market size is expected to see strong growth in the next few years. It will grow to $9.08 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to growth in oil and gas exploration and production activities, adoption of diaphragm pumps in agriculture and irrigation, market growth in developing economies and emerging markets, demand for hygienic and aseptic pumping solutions in pharmaceuticals, focus on energy efficiency and reduced operational costs. Major trends in the forecast period include advanced material technologies, integration of iot and remote monitoring, aodd (air-operated double diaphragm) pump technology, hygienic and sanitary diaphragm pumps, pulsation dampening technologies, multiphase and high-pressure applications.
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Market Drivers and Trends:
The growing demand for oil and gas will propel the growth of the diaphragm pump market. Diaphragm pumps are used to draw oil and gas into a refinery chamber during the upstream and midstream phase of oil refinement. These pumps are highly wear-resistant and can transport large volumes of liquid in refineries that are located over sizable oil sources. Energy consumption increases as economies grow, especially for transporting commodities and materials from producers to consumers. For example, in 2022, according to BP p.l.c, a UK-based oil and gas company, Oil consumption increased by 5.3 million barrels per day (b/d) in 2021. Hence, the increasing demand for oil and gas from transportation industry is expected to drive the market during the forecast period.
Product innovation is shaping the diaphragm pump market. Companies in the market are focusing on developing diaphragm pumps, which are highly efficient and are also environment friendly. For instance, in 2021, a US-based fluid-handling systems and products company, Graco Inc introduced a new Husky 3300e electric double diaphragm pump, which provides a cost-efficient solution for companies for an environmentally friendly industry. The electric substitute in the device eliminates the high costs related to a compressor and offers up to 80% energy reduction compared to an air-operated pump.
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Major Key Players of the Market:
Flowserve Corporation, Grundfos Holding A/S, IDEX Corporation, Ingersoll-Rand PLC, Leak-Proof Pumps (I) Pvt. Ltd., All-Flo Pump Company, Blue-White Industries Ltd, Edwards Vacuum, Lewa GmbH, Lutz Pumpen, Pump Solutions Group, Tapflo AB, Verder International BV, Xylem Inc., Yamada Corporation, ARO Fluid Management, Blagdon Pump, Blue-White Industries, Cole-Parmer, Crane Engineering, Dover Corporation, Finish Thompson, Flowrox, Flux Pumps Corporation, Graco Inc., GRI Pumps, KNF Neuberger, Lutz Pumps, Milton Roy, Neptune Chemical Pump Company, Nikkiso, Pacer Pumps, ProMinent Fluid Controls, Sandpiper Pump, Sera GmbH, Tapflo, TAPPI, Verder Group, Versa-Matic Pump, Viking Pump, Wanner Engineering, Watson-Marlow Fluid Technology Group, Wilden Pump, Yamada Corporation
Diaphragm Pump Market 2024 Key Insights:
• The diaphragm pump market size is expected to see strong growth in the next few years. It will grow to $9.08 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.
• Rising Global Oil And Gas Demand For Diaphragm Pump Applications
• Environmental-Friendly And Energy-Efficient Diaphragm Pump Innovations
• Asia-Pacific was the largest region in the diaphragm pump market in 2023
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