Global Industrial Pumps Market Research Report: By Product Type (Centrifugal Pump, Positive Displacement Pump, and Others), By Application (Oil & Gas, Chemicals, Construction, Power Generation, Water & Wastewater, and Others), and Region (North America, Europe, Asia-Pacific, and Rest of the World) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2023-2031.
The Global Industrial Pumps Market was valued at USD 62.15 billion in 2022, and is predicted to reach approximately USD 98.08 billion by 2031, at a CAGR of 5.2% from 2023 to 2031. Industrial pumps are indispensable equipment utilized across various sectors, encompassing manufacturing, oil and gas, chemical processing, water treatment, and more. These pumps serve the purpose of transferring fluids or gases by converting mechanical energy into hydraulic energy. They play a pivotal role in the movement of liquids, the enhancement of pressure, and the circulation of fluids within industrial processes. Diverse types of industrial pumps are available, such as centrifugal pumps, positive displacement pumps, and reciprocating pumps, each tailored to specific applications. These pumps differ in terms of size, capacity, and power, thereby offering flexibility to cater to diverse industrial requirements. With the advancements in technology, modern industrial pumps are becoming increasingly efficient, resilient, and capable of withstanding challenging environments. Their dependability and performance make a significant contribution to the seamless operation and productivity of industrial systems worldwide.
INDUSTRIAL PUMPS MARKET: REPORT SCOPE & SEGMENTATION
|
Report Attribute |
Details |
|
Estimated Market Value (2022) |
62.15 Bn |
|
Projected Market Value (2031) |
98.08 Bn |
|
Base Year |
2022 |
|
Forecast Years |
2023 - 2031 |
|
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Product Type, By Application, & Region |
|
Segments Covered |
By Product Type, By Application, & Region |
|
Forecast Units |
Value (USD Billion or Million), and Volume (Units) |
|
Quantitative Units |
Revenue in USD million/billion and CAGR from 2023 to 2031 |
|
Regions Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
|
Countries Covered |
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
|
Report Coverage |
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
|
Delivery Format |
Delivered as an attached PDF and Excel through email, according to the purchase option. |
Global Industrial Pumps Market Dynamics
The growth and demand of the industrial pumps market are shaped by various drivers. One of these drivers is the industrial expansion and infrastructure development in emerging economies, which creates a demand for pumps across multiple sectors. Furthermore, the increasing global population and urbanization drive the need for water and wastewater treatment facilities, leading to a higher demand for industrial pumps. Moreover, there is a growing emphasis on energy efficiency and sustainability, which encourages the adoption of advanced and environmentally friendly pump technologies. The exploration and production activities in the oil and gas sector, as well as the expansion of the chemical processing industry, also contribute to the demand for industrial pumps. Additionally, investments in renewable energy sources like wind and solar power contribute to the market's growth, as these sectors require pumps for fluid transfer and circulation. Overall, factors such as economic growth, urbanization, environmental concerns, and industry expansion play vital roles in propelling the industrial pumps market forward.
Global Industrial Pumps Market Drivers
Industrial expansion and infrastructure development refer to the growth and establishment of industries and the associated development of physical infrastructure such as manufacturing plants, factories, transportation networks, and utilities. This expansion and development drive the demand for industrial pumps as they are essential equipment used in various sectors, including manufacturing, oil and gas, chemical processing, and water treatment, to facilitate fluid transfer, pressure boosting, and fluid circulation within industrial processes.
Restraints:
Technical expertise requirement refers to the specialized knowledge and skills needed to operate, maintain, and troubleshoot industrial pumps effectively. Operating and managing these pumps often involves understanding complex mechanical systems, hydraulic principles, and safety protocols. The demand for technical expertise may pose challenges in regions or industries with a shortage of skilled professionals. Adequate training and access to experienced personnel are crucial for ensuring the optimal performance and longevity of industrial pumps.
Opportunities:
Technological advancements in the context of industrial pumps refer to continuous improvements and innovations in pump technologies. These advancements include enhancements in efficiency, durability, performance, and control capabilities. With technological progress, industrial pumps are becoming more efficient, reliable, and capable of handling challenging environments. These advancements present opportunities for businesses to upgrade their existing pump systems, leading to improved productivity, energy savings, and overall operational effectiveness in various industries that rely on industrial pumps.
Segment Overview
By Product Type
Based on the product type, the global industrial pumps market is segmented into centrifugal pump, positive displacement pump, and others. The centrifugal pump segment is dominating the market with the largest revenue share of around 67.2% in 2022. The advantages of centrifugal pumps include great efficiency, ease of operation, and durable construction. They are ideal for a wide range of applications, including water delivery, chemical processing, oil and gas extraction, and power production. Centrifugal pumps' adaptability allows them to handle a wide range of fluids, temperatures, and pressures, making them a popular choice across industries. Furthermore, advances in pump design and technology have increased the performance and dependability of centrifugal pumps. Their capacity to manage high flow rates while maintaining steady pressure has cemented their position as the go-to solution for many industrial applications, contributing to their market-leading revenue share.
By application
Based on application, the global industrial pumps market is segmented into oil & gas, chemicals, construction, power generation, water & wastewater, and others. The water & wastewater segment is dominating the market with the largest revenue share of around 21.4% in 2022. This is due to an increased global emphasis on water conservation and environmental sustainability, which has resulted in the construction of water and wastewater treatment facilities. With increasing population and urbanisation, there is a greater need for clean water supply and effective wastewater management. By transporting and circulating fluids, increasing pressure, and enabling filtration and purification, industrial pumps play an important part in these operations. Furthermore, severe regulations and quality requirements for water and wastewater treatment fuel demand for dependable and efficient pump systems. Pump technology developments, such as greater energy efficiency and decreased maintenance requirements, have also aided the expansion of this industry.
Global Industrial Pumps Market Overview by Region
By Region, the global Industrial Pumps Market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific dominated the market, with around 45.3%, of the global market in 2022. Asia-Pacific region experiences a rapid surge in industrialization and urbanization, resulting in increased demand for industrial pumps in sectors like manufacturing, construction, and infrastructure development. The expanding middle class and growing population in countries such as China and India create a need for water supply, wastewater treatment, and other pump-dependent industrial processes. Supportive government initiatives and investments in sectors like oil and gas, chemicals, and power generation further fuel the demand for industrial pumps. Additionally, the presence of prominent pump manufacturers in countries like China, Japan, and South Korea enhances market competitiveness and the availability of diverse pump solutions.
Global Industrial Pumps Market Competitive Landscape
In the global industrial pumps market, a small number of prominent players hold significant market dominance and have established a strong regional presence. These key participants are committed to ongoing research and development initiatives. Additionally, they actively engage in strategic growth endeavors such as product development, product launches, joint ventures, and partnerships. By pursuing these strategies, these companies aim to strengthen their market position and expand their customer base to capture a substantial share of the market.
Some of the prominent players in the global industrial pumps market include Holding A/S, Xylem, Ingersoll-Rand, Flowserve Corporation, SPZ Flow, KSB SE &Co. KGaA, Sulzer Ltd., Pentair, Iwaki Co. Ltd., ITT, INC., Schlumberger Limited, EBARA International Corporation, The Weir Group PLC, Vaughan Company, and various other key players.
Global Industrial Pumps Market Recent Developments
In February 2023, Atlas Copco has purchased CVS Engineering, a German business that specialises in industrial vacuum pumps and blowers for mobile applications in transportation, notably tanker tankers. As a result, CVS Engineering is now part of Atlas Copco's vacuum technology business area's industrial vacuum division.
Scope of the Global Industrial Pumps Market Report
Industrial Pumps Market Report Segmentation
|
ATTRIBUTE |
DETAILS |
|
By Product Type |
|
|
By Application |
|
|
By Geography |
|
|
Customization Scope |
|
|
Pricing |
|
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
To identify and estimate the market size for the global Industrial Pumps Market segmented by product, by application, region and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of industrial pumps between 2019 and 2031.
To identify and infer the drivers, restraints, opportunities, and challenges for the global industrial pumps market
To find out the factors which are affecting the sales of industrial pumps among consumers
To identify and understand the various factors involved in the global industrial pumps market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Intended Audience
Research Methodology
Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region. The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.
Data Collection
Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.
Primary Research
After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market.
Secondary Research
A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.
Top-Down Approach & Bottom-Up Approach
In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.
In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.
This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.
Market Analysis & size Estimation
Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.
Quality Checking & Final Review
The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.
