Pumps Market size is predicted to reach $143.67 billion by 2030, growing at a CAGR of 5% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. Growth in the water & wastewater treatment sector and Expansion in the oil & gas industry to create opportunities in the market. Demand for pumps from the agricultural sector and Real estate industry stroking the pumps market are driving the market, finds IndustryARC in its recent report, titled “Pumps Market – By Type (Centrifugal Pumps, Positive Displacement Pumps), By Classification (Axial Flow Pump, Semi Axial Flow Pump, Double Suction Volute Pump, Single Suction Volute Pump, Multi Stage Turbine Pump), By Pump Type (Residential Pumps, Agricultural Pumps, Special Purpose Pumps, Solar Pumps), By Application (Water Supply, Agriculture, Sewer System, Drainage, Power Station, Oil and Gas), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030”
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Asia-Pacific to Hold Largest Market Share:
According to the Pumps Market analysis, Asia-Pacific region is estimated to hold the largest market share of 44% in 2023. Rapid industrialization and urbanization in countries like China, India, and Southeast Asian nations have significantly boosted the demand for pumps across various sectors such as water and wastewater treatment, oil and gas, and construction. The region’s robust manufacturing base, coupled with increasing investments in infrastructure and energy projects, has further driven the growth of the pumps market. Additionally, the presence of numerous small and medium-sized enterprises (SMEs) engaged in the production of pumps and components contributes to the market’s expansion. Government initiatives aimed at improving water management and sanitation facilities also play a crucial role in bolstering the demand for pumps. Furthermore, the growing agricultural activities in the region, which require efficient irrigation systems, have led to increased adoption of agricultural pumps. The combination of these factors positions the Asia-Pacific region as a dominant player in the global pumps market, with a strong potential for continued growth in the coming years.
Pumps Market 2024-2030: Scope of the Report
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Report Metric |
Details |
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Base Year Considered |
2023 |
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Forecast Period |
2024–2030 |
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CAGR |
5% |
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Market Size in 2030 |
$143.67 billion |
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Segments Covered |
Type, Classification, Pump Type, Application |
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Geographies Covered |
North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Netherlands, Denmark, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, Taiwan, Malaysia, and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East, and Africa). |
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Key Market Players |
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Pumps Market Report – Key Takeaways:
- Positive Displacement Pumps to Register Highest Growth
By Type, Positive displacement pumps segment is analyzed to grow with the highest CAGR of 4.9% during the forecast period 2024-2030. These pumps are essential in applications requiring consistent flow rates and high pressure, which makes them suitable for various industries including oil and gas, water treatment, pharmaceuticals, and food & beverage. The increasing demand for energy-efficient pumping solutions and the rising focus on infrastructure development globally are significant drivers for this growth. Additionally, technological advancements in pump designs and the growing adoption of PD pumps in emerging economies further bolster market expansion. The resilience of PD pumps in handling a variety of fluids, including those with high viscosity, and their ability to operate at lower speeds without damage, contribute to their rising preference over centrifugal pumps in certain applications.
- Agriculture is Leading the Market
By Application, Agriculture segment held a major market share in 2023 and is analyzed to continue its dominance over the market during the forecast period 2024-2030. Agricultural pumps are essential for supplying water to crops, especially in regions where rainfall is insufficient or irregular. These pumps help in maintaining soil moisture levels, ensuring optimal crop growth and yield. Technological advancements have led to the development of energy-efficient and solar-powered pumps, reducing operational costs and supporting sustainable farming practices. Additionally, the increasing global population drives the demand for higher agricultural productivity, further propelling the need for advanced pumping solutions. The ability of these pumps to handle various types of water, including groundwater and surface water, makes them versatile tools for farmers. As water scarcity becomes a more pressing issue worldwide, the adoption of efficient and reliable pumping systems in agriculture is expected to continue growing, reinforcing its leading position in the market.
- High Cost of Advanced Pump Technologies Poses a Challenge
Modern pumps, particularly those used in industrial applications, incorporate sophisticated features such as improved energy efficiency, automated control systems, and enhanced durability. These advanced features significantly increase the initial purchase price and installation costs. Additionally, maintenance and repair of these technologically advanced pumps require specialized skills and equipment, further escalating the overall cost of ownership. Many small and medium-sized enterprises (SMEs) and emerging markets find it challenging to afford these high initial investments, thus limiting their ability to adopt the latest pump technologies. Moreover, high costs can slow down the replacement cycle, as businesses may delay upgrading their equipment to avoid the significant expenditure. While the long-term operational benefits and energy savings provided by advanced pumps can offset the high initial costs, the upfront financial burden remains a significant constraint, particularly in price-sensitive markets.
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Key Opportunity Analysis:
- Growth in the Water and Wastewater Treatment Sector
One of the most significant opportunities in the pumps market is the increasing demand in the water and wastewater treatment sector. As urbanization and industrialization continue to rise globally, the need for efficient water management systems becomes more critical. Governments and private entities are investing heavily in infrastructure to ensure clean water supply and effective wastewater disposal. Advanced pump technologies are essential for these systems, offering solutions for water distribution, sewage treatment, and flood control. The push for sustainability and environmental protection further amplifies the demand for energy-efficient and reliable pumps, positioning this sector as a key growth driver for the market.
- Expansion in the Oil & Gas Industry
Another lucrative opportunity lies within the oil and gas industry, particularly with the resurgence of exploration and production activities. The global energy demand continues to grow, prompting investments in both conventional and unconventional oil and gas projects. Pumps play a crucial role in various stages of oil extraction, processing, and transportation, including drilling, refining, and pipeline operations. Technological advancements in pump design, such as the development of pumps that can handle extreme conditions and corrosive fluids, are further enhancing their application in this sector. Additionally, the shift towards cleaner energy sources and natural gas is creating new avenues for specialized pumps, contributing to market expansion.
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The Report also Covers the Following Areas:
- Pumps Market Size and Forecast
- Pumps Market Trends
- Pumps Market Analysis by Type
- Pumps Market Analysis by Classification
- Pumps Market Analysis by Pump Type
- Pumps Market Analysis by Application
Pumps Market 2024-2030: Key Highlights
- CAGR of the market during the forecast period 2024-2030
- Value Chain analysis of key stake holders
- Detailed analysis of market drivers and opportunities during the forecast period
- Pumps Market size estimation and forecast
- Analysis and predictions on end users’ behavior and upcoming trends
- Competitive landscape and Vendor market analysis including offerings, developments, and financials
- Comprehensive analysis of challenges and constraints in the Pumps Market
Covid and Ukrainian Crisis Impact:
- The COVID-19 pandemic significantly disrupted the global pumps market due to supply chain interruptions, workforce shortages, and delayed projects. The initial lockdowns and travel restrictions led to a decrease in industrial and commercial activities, thereby reducing demand for pumps. However, the market saw a resurgence as economies began to recover, with an increased focus on healthcare, pharmaceuticals, and water treatment industries which drove demand for pumps used in these critical sectors.
- The conflict in Ukraine has had mixed effects on the pumps market. On one hand, it disrupted the supply chain, especially for raw materials and components sourced from the region, causing price volatility and delays. On the other hand, the geopolitical tension prompted many countries to increase investments in infrastructure and energy independence, leading to a rise in demand for industrial and oil & gas pumps. The market is thus navigating through supply challenges while benefiting from increased investments in critical infrastructure projects.
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List of Key Market Players in Pumps Market:
The Pumps Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
- Flowserve Corporation
- Alfa Laval
- Grundfos
- Xylem
- Crane Pumps & Systems
- General Electric Company
- Ingersoll Rand
- Weir Group
- Sulzer
- SPX Flow, Inc
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Mr. Venkat Reddy IndustryARC Email: [email protected] USA: (+1) 518-282-4727
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