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Press Release

Pumps Market: Industrial Expansion to Drive Growth of CAGR 4.4%, Market Value to Reach USD 95.5 Billion by 2030

Date : Aug 08, 2023

As industries continue to expand, the demand for efficient pumping solutions will rise, presenting opportunities for pump manufacturers to innovate and develop smart and energy-efficient pumps. Product innovation through emerging technologies like IoT integration will be a key strategy for pump companies to stay competitive and address the evolving needs of industries across various sectors. With investments in research and development, and a focus on customer-centric solutions, the pumps market is well-positioned for steady growth in the coming years.

Key Pumps Market Highlights and Statistics:

·         The pumps market is estimated to reach a substantial valuation of USD 95.5 billion by 2030 from the current capitalization of USD 65.3 billion in 2021, registering a commendable CAGR of 4.4% during the forecast period of 2022-2030. This significant growth can be attributed to the continuous industrial expansion and the need for efficient pumping solutions across diverse industries.

·         Asia Pacific held the largest share exceeding 35% in 2021, with China leading the region's growth. The rapid industrialization, urbanization, and infrastructural development in countries like China and India are driving the demand for pumps in the region.

·         The centrifugal pumps segment is expected to exhibit a CAGR of 5% through 2032. Centrifugal pumps are widely used due to their versatility and ability to handle different types of fluids, making them the preferred choice across various industries.

·         The development of smart pumps integrated with the Internet of Things (IoT) is a major trend in the market. Smart pumps equipped with IoT technology offer real-time monitoring, data analytics, and remote control, enhancing efficiency, reducing downtime, and lowering operating costs.

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Pumps Market Outlook and Opportunities:

The market outlook remains positive, underpinned by steady industrial growth worldwide, along with increasing urbanization. Pumps play a critical role in diverse applications, such as water & wastewater treatment, chemical processing, oil & gas exploration, power generation, and construction activities. As these industries continue to expand, the demand for pumps is expected to witness steady growth.

Advancements in pump efficiency, automation, and monitoring using IoT continue to widen their adoption. The integration of smart technologies with pumps allows for predictive maintenance, optimized performance, and energy savings, which are highly valued by industries seeking operational excellence.

However, the market faces challenges related to high initial and maintenance costs for heavy-duty pumps. Large capacity pumps used in industrial settings can have substantial upfront costs, impacting the investment decisions of companies. Additionally, demanding operating conditions in certain industries may require frequent maintenance, further adding to the total cost of ownership.

Pump failures arising from improper installation and lack of training also lead to operational hindrances. Companies must invest in proper installation, maintenance, and training to ensure the reliable and efficient operation of pumps.

Pumps Market Major Growth Drivers:

Rapid urbanization and investments in water infrastructure globally are driving the need for water & wastewater treatment pumps. Growing urban populations require efficient water supply and wastewater management systems, boosting the demand for pumps in this sector.

Rising energy demand and increasing oil & gas exploration activities drive the adoption of pumps in the oil & gas industry. Pumps are essential for fluid handling in oil extraction, refining, and transportation processes.

The growth in manufacturing and construction sectors is driving the demand for pumps in various applications. Manufacturing facilities and construction sites require pumps for material handling, dewatering, and other purposes.

Technological advancements in pump designs and materials are leading to improved efficiency and performance. Innovations such as advanced impeller designs, material coatings, and seal technologies are enhancing pump reliability and longevity.

The surging adoption of smart pumping solutions integrated with IoT is enabling industries to monitor and control pumps remotely, leading to better operational efficiency and reduced maintenance costs.

Pumps Market Key Restraints:

The requirement of high upfront costs for large capacity pumps can deter some companies from investing in high-performance pumps, especially in cost-sensitive industries.

Frequent maintenance needs due to demanding operating conditions can add to the operational costs and downtime for industries.

The lack of trained professionals for pump monitoring and control can lead to suboptimal pump performance and reduced efficiency.

Susceptibility to failure from vapor locking and seal leakage issues can lead to operational disruptions and maintenance challenges.

Compliance difficulties arising from stringent regulatory standards can increase the complexity of pump selection and usage in certain industries.

Pumps Market Segmentation:

Market By Product

·         Stationary

·         Portable

Market By Driving Force

·         Electrical Driven

·         Engine Driven

Market By Technology

·         Diaphragm Pumps

·         Centrifugal Pumps

Market By Application

·         Oil & Gas

·         Mining

·         Municipal

·         Building & Construction

·         Industrial

Regional Insights:

Asia Pacific accounts for the major share in the pumps market, owing to its rapid industrialization, urbanization, and infrastructure development. Countries like China and India are witnessing significant growth in manufacturing and construction sectors, driving the demand for pumps.

The Middle East & Africa region will also exhibit strong growth due to upcoming oil & gas and infrastructure projects.

Leading Companies:

Key players in the pumps market include Xylem Inc., Flowserve Corporation, KSB SE & Co. KGaA, Grundfos, Sulzer Ltd., Kirloskar Brothers Limited, The Weir Group PLC, Wilo Group, Tsurumi Manufacturing Co., Ltd., and TORISHIMA Pump Mfg. Co., Ltd. These companies are at the forefront of pump innovation, continuously developing advanced pumping solutions to meet the diverse needs of industries worldwide.

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