Overview:
An industrial pump is a device used to transfer fluids (gases or liquids), or sometimes semi-liquid mixture by mechanical action. Pumps operate through multiple energy sources including electricity, engine, wind, or even manually using reciprocating or rotary mechanism. The global market for industrial pumps is relatively matured and is expected to witness steady growth during the forecast period 2021 – 2029. The growth is expected to be spurred by increased infrastructural development leading to increased construction spending, and investments made in waste water treatment and recycling projects by the concerned authorities across the globe. These factors are expected to contribute towards a CAGR of 5.2% during the forecast period 2021 – 2029.
This report analyzes the global industrial pumps market in terms of product type, end-use application, and geography. Based on product type, the global industrial pumps market is segregated into centrifugal pumps, positive displacement pumps, and specialty pumps. Similarly, on the basis of end-use application, the global market for industrial pumps is further classified into oil and gas, chemicals, building, residential construction, utilities (water and wastewater), and food and beverage among others. The geographical distribution of the global industrial pumps market considered in this study encompasses regional markets such as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
1.1 Report Description
Purpose of the Report
The purpose of this strategic research study titled “Industrial Pumps Market - Growth, Share, Opportunities, and Competitive Analysis, 2021 – 2029” is to offer industry investors, company executives, and industry participants with in-depth insights to enable them make informed strategic decisions related to the opportunities in the industrial pumps market.
1.1.1 Target Audience
1.1.2 USP and Key Offerings
The report titled “Global Industrial Pumps Market - Growth, Share, Opportunities, and Competitive Analysis, 2021 – 2029” offers strategic insights into the global industrial pumps market along with the market size and estimates for the duration 2019 to 2029. The said research study covers in-depth analysis of multiple market segments based on product type, application, and cross-sectional study across different geographies. In order to help strategic decision makers, the report also includes competitive profiling of the leading industrial pump manufacturers, their SCOT (Strength, Challenges, Opportunities, and Weaknesses) analysis, market positioning, and recent developments. Other in-depth analysis provided in the report includes:
Overall, the research study provides a holistic view of the global industrial pumps market, offering market size and estimates for the period from 2019 to 2029, keeping in mind the above mentioned factors.
As of 2020, centrifugal pumps represented the largest product segment in the global industrial pumps market. It is presumed that centrifugal pumps would continue their dominance throughout the forecast period on account of low maintenance cost, durability, and their ability to effectively handle wide-ranging pressure and loads. Their ability to handle fluids with high solid content makes them the preferred product variant amongst end-users. In addition, infrastructural development, especially in emerging economies like India and China is expected to trigger both fresh and replacement demand for centrifugal pumps. On the other hand, positive displacement pumps are presumed to witness maximum adoption, offering healthy growth and investment opportunities during the forecast period 2021 – 2029. The anticipated growth in demand for positive displacement pumps can be majorly credited to increasing process manufacturing activities, especially in chemicals and food and beverage sector
As of 2020, the oil and gas end-use segment led the global industrial pumps market. The segment accounted for around 25% of the global market revenue share in the same year. The trend shall prolong and the segment is poised to exhibit sturdy growth during the forecast period 2021 - 2029. Growing energy demand coupled with increased production of oil and gas from subsea sources is expected to trigger demand for large and expensive pumps. On the other hand, demand for pumps for water and waste water treatment is expected to witness an upsurge. The demand for pumps for water and wastewater treatment is growing due to a rise in population, infrastructural development, and manufacturing activities. In addition, stringent regulations imposed for brushing vessel stack emissions and ballast water treatment is expected to drive demand for industrial pumps in the utilities segment.
In base year 2020, Asia Pacific led the industrial pumps market in terms of both revenue and unit shipments. The region accounts for over 35% of the global demand for industrial pumps and is expected to register robust growth in the coming years, retaining its dominant position through 2029. The anticipated growth in demand for industrial pumps can be credited to the growing industrialization in major countries including India, China, and South Korea. Infrastructure development resulting in increased construction spending and investments in water and wastewater treatment is also expected to propel demand for industrial pumps in the region. The developed economies like North America and Europe are expected to witness sluggish growth with maximum demand coming from the replacement of existing pumps and parts.
