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industrial pumps market

Industrial Pumps Market Share, Size, Trends, Industry Analysis Report, By End-Use (Textile, Water & Wastewater Treatment, Metal & Mining, Chemical, Power Generation, Oil & Gas, Agriculture, Others); By Type; By Region; Segment Forecast, 2022 - 2030

  • Published Date: Jun 2022
  • Pages: 114
  • Format: PDF
  • Report ID: PM2481
  • Base Year: 2021
  • Historical Data: 2018-2020

Report Summary

The global industrial pumps market was valued at USD 69.85 billion in 2021 and is expected to grow at a CAGR of 6.3% during the forecast period. The growing application of industrial pumps across several industries is expected to accelerate the growth of the market. The fiber and textile industry requires pumping solutions for accurately measuring color pigments, dye, bleach, etc., and also handling abrasive chemicals like latex, wastewater, sludge, etc. which can be extremely tough to handle.

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Textile fibers are produced and processed using large quantities of water and energy in the textile industry, which demands innovative and efficient pumping solutions. For example, a pump can transport crude oil from a storage tank to a pipeline, and mud pumps can circulate drilling mud into the annulus of a drill bit and back to a storage tank for re-purification. Process fluids in oil and gas operations can be simple or complex which leads to the requirement of an appropriate pump for the subsequent need.

Furthermore, the chemical industry has perhaps the greatest demand for industrial pumps that could both perform and offer protection to employees and the surrounding work environment. A chemical producer handles aggressive acids which are not only toxic, but also highly flammable and explosive.

The emergence of the Covid-19 pandemic had severely impacted the global industrial pumps market owing to the disruption in the functioning of several industries across the globe. The outbreak of the deadly disease disrupted the supply of the raw materials that are used by the pump manufacturers. The closure of manufacturing businesses has hampered growth due to the lockdown measures imposed by various governments during the Covid-19 outbreak.

The oil & gas industry witnessed a sharp fall in demand due to the pandemic. Owing to the worldwide lockdown, stay-at-home orders, and restricted mobility, the consumption of oil fell drastically during the period. Furthermore, as COVID-19 caused unprecedented declines in demand, The pricing war between Saudi Arabia and Russia induced crude oil prices to fall.

Industry Dynamics

Growth Drivers
The pump industry has a wide range of applications in oil & gas, agriculture, metal & mining, water & wastewater treatment, textile, chemical, construction, manufacturing, and many other sectors. In the oil & gas industry, every aspect of oil & gas production necessitates the use of industrial pumps. They basically facilitate the transfer of process fluids from one place to another.

The increasing strict rules and regulations regarding wastewater treatment are necessitating the demand for industrial pumps. The government of several economies present across the globe is coming up with new laws and guidelines for wastewater discharge. Effluent guidelines are the regulatory standards for wastewater discharged to surface waters and municipal sewage treatment plants.

An industrial pump is vital to industrial existence and is extensively used in the various industries, that accounts for 30% of total energy consumption on an average industrial site. However, 90% of pumps across the globe are inefficient and operating at low efficiencies at the same time, wasting millions of dollars in energy and generating millions of tons of carbon dioxide each year.

Report Segmentation

The market is primarily segmented on the basis of type, end-use, and region.

By Type

By End-Use

By Region

  • Centrifugal Pump
    • Axial Flow Pump/Propeller Pump
    • Radial Flow Pump
    • Mixed Flow Pump
  • Positive Displacement Pump
    • Reciprocating Pump
      • Piston Pump
      • Plunger Pump
      • Diaphragm Pump
    • Rotary Pump
      • Screw Pump
      • Gear Pump
  • Others (Vane Pump, Lobe Pump, Jet Pump, Electromagnetic Pump)
  • Textile
  • Water & Wastewater Treatment
  • Metal & Mining
  • Chemical
  • Power Generation
  • Oil & Gas
  • Agriculture
  • Others (Construction, Pharmaceuticals, Food & Beverage)
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Spain, Netherlands, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Insight by Type

Based on type, centrifugal pump is expected to account for the largest market share in the global market. Centrifugal pumps are high in demand as these can be used in the industries dealing with a high volume of liquids irrespective of the pressure. Centrifugal pumps are usually used for the liquids that are low in viscosity as well as low in solid concentration.

These pumps are currently in use across a vast array of domestic and industrial processes. From supplying the water used in residential buildings to industrial applications such as food, beverage, and chemical manufacturing, different types of centrifugal pumps are required to effectively meet pumping requirements.

Geographic Overview

Asia Pacific dominated the industrial pumps market in 2021 and is expected to account largest market share over the forecast period. Asia Pacific is one of the world's largest agricultural producers and plays a vital role in the overall region's GDP growth. Since industrial pumps have a wide range of applications in the agriculture sector, from irrigation to the movement of fluid from one place to another, the market demand for the industrial pumps market is expected to grow over the forecast period.

An increase in demand for power & electricity across the region is likely to drive the growth of the market over the forecast period. Countries present across the region are switching to a cleaner source of energy with the government's new rules and standards. With this, the increased adoption of renewable sources of energy for power generation is projected to push the market demand.

North America is expected to account for a significant share in the global industrial pumps market in terms of revenue, and this dominance is likely to continue during the forecast period. The oil & gas industry is one of the largest consumers of industrial pumps across the region as they are extensively used in the production and extraction of oil & gas. However, fluctuation in prices of oil impacted the upstream and downstream activities of the industry over the years, which hindered the growth of the market.

Competitive Insight

Some of the major players operating in the global market include Xylem, Grundfos Holding A/S, EBARA CORPORATION, Flowserve Corporation, WILO SE, KSB SE & Co. KGaA, Sulzer Ltd, Schlumberger Limited, The Weir Group PLC, ALFA LAVAL, Pentair, IDEX, Baker Hughes Company, ITT INC., and SPX Flow.

Industrial Pumps Market Report Scope

Report Attributes

Details

Market size value in 2021

USD 69.85 Billion

Revenue forecast in 2030

USD 120.28 Billion

CAGR

6.3% from 2022 - 2030

Base year

2021

Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD Billion and CAGR from 2022 to 2030

Segments covered

By Type, By End-Use, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Key companies

Xylem, Grundfos Holding A/S, EBARA CORPORATION, Flowserve Corporation, WILO SE, KSB SE & Co. KGaA, Sulzer Ltd, Schlumberger Limited, The Weir Group PLC, ALFA LAVAL, Pentair, IDEX, Baker Hughes Company, ITT INC., and SPX Flow.

Key Take-Away
Polaris Market Research
Industrial Pumps Market Size Global Report, 2022 - 2030