Press release
Pump Market Outlook 2024 to 2034: Growth Insights with Ingersoll Rand, The Weir Group PLC, Motion & Control Enterprises, Vaughan Company, KSB SE & Co. KGaA, Pentair, Grundfos Holding A/S, Others
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Market Valuation and Growth Projections
The pump market is experiencing steady growth, driven by escalating global infrastructure projects, urbanization, and the critical need for water and wastewater management. From a valuation of US$ 60.12 billion in 2024, the market is expected to grow to US$ 91.77 billion by 2034. Key drivers include the surging oil and gas sector, increasing demand for centrifugal pumps, and heightened investments in water treatment initiatives globally.
Key Market Drivers
The global rise in infrastructure projects, particularly in water supply and wastewater treatment, fuels demand for pumps, with centrifugal pumps leading due to their high flow rates and versatility. The oil and gas industry's expansion, especially offshore deepwater projects, significantly boosts pump adoption for fluid transfer and extraction processes. Stringent wastewater treatment regulations and government investments, such as India's Jal Jeevan Mission (US$ 270 billion over 15 years), further drive market growth. Additionally, technological advancements like 3D printing and computer modeling revolutionize pump design and maintenance, enhancing market share.
Segmentation Insights: Product Type and Application
The market is segmented by type (Centrifugal, Positive Displacement) and application (Agriculture & Irrigation, Water & Wastewater, Building & Construction, Oil & Gas, Mining, Power Generation, Chemicals). Centrifugal pumps dominate with a 58.1% share in 2024 (valued at US$ 35 billion) and a 4.3% CAGR, driven by their widespread use in wastewater treatment and chemical industries. Agriculture and irrigation lead applications with a 20.2% share (US$ 12 billion) and a 4.4% CAGR, propelled by the need for efficient water distribution in arid regions and government investments in irrigation systems in countries like China and India.
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Regional Market Dynamics
North America holds a significant 31.5% market share by 2034, with the U.S. leading at a 4.6% CAGR and a market size of US$ 12 billion in 2024, driven by extensive pump use in oil and gas extraction and infrastructure projects. Canada follows with a 5.1% CAGR. East Asia, with a 2.5% CAGR, is led by China (US$ 13.4 billion in 2024, 2.8% CAGR), fueled by rapid energy generation infrastructure development and water management needs. The Asia Pacific region's agricultural prominence further boosts pump demand.
Competitive Landscape and Key Players
The pump market is highly competitive, with key players including Ingersoll Rand, The Weir Group PLC, Motion & Control Enterprises, Vaughan Company, KSB SE & Co. KGaA, Pentair, Grundfos Holding A/S, and others. These companies focus on timely distribution, reliability, and service center availability to maintain market share. Notable advancements include:
• Motion & Control Enterprises (February 2023): Acquired Precision Pump & Valve, enhancing its offerings in safety relief valves and pumps for oil and gas, petrochemical, and chemical processing industries.
Industry Trends and Innovations
The market is shaped by trends such as the adoption of energy-efficient and solar pumps, driven by sustainability goals, and the integration of 3D printing and computer modeling for innovative pump design and repair. Centrifugal pumps see continuous innovation, particularly for wastewater treatment applications. Government-backed initiatives, such as those for water management and agricultural modernization, further propel demand. The focus on pump longevity over new product development enhances aftermarket services for maintenance and replacement parts.
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Challenges and Future Outlook
Challenges include high initial costs of advanced, energy-efficient pumps, which may deter adoption in cost-sensitive regions, and market fragmentation, which complicates consumer decision-making. Stringent regulatory compliance increases development costs, while environmental concerns push for greener technologies, challenging non-efficient pump adoption. However, the outlook remains positive, driven by global infrastructure investments, stricter wastewater regulations, and technological advancements. The market is poised for steady growth through 2034, with centrifugal pumps and agriculture/irrigation applications leading the charge.
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