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Raghuraj Panchabhai
by on February 20, 2024
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Pumps Industry | Forecast 2030

The economic value generated by the pumps market was estimated at approximately USD 57.7 billion in 2023. The demand for pumps is on the rise owing to their varied use in such as water & wastewater, power construction, chemicals, and oil & gas industries. Rising expectations of customers in the past few decades have led to increased spending by the end-user industry globally to improve the quality of industrial pumps along with installing advanced process control. This has led to increased spending by the pump manufacturers in an attempt to improve energy efficiency, which is likely to drive the demand for improved energy-efficient pumps over the forecast period.

Recent innovations in pump technology have led to improvements in fundamental process tasks, boosting pump reliability and lowering operating costs over time. These advancements have also contributed to increased pump performance, reliability, and reduced energy usage. These technologically advanced pumps are widely used in various end-use industries, including industrial wastewater treatment, agriculture, power generation, and chemical processing, driving the product demand.

 

Access the Global Pumps Industry Data Book, 2022 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies

 

Centrifugal Pump Market Insights

The global centrifugal pump market size was valued at USD 50.42 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 3.5% from 2023 to 2030. The rising residential and commercial infrastructure coupled with the expansion of the manufacturing industry globally is expected to drive the demand for centrifugal pumps globally. The rapid spending on agricultural equipment by major developing countries is also anticipated to bolster product demand. The demand for centrifugal pumps for pumping solvents, water, oils, organics, bases, acids, and any thin liquids is escalating in industrial, agricultural, and domestic applications. The pump offers numerous benefits like corrosion resistance, smooth flow, low maintenance, size & application versatility, etc. These features are anticipated to expand the product demand during the forecast period.

Increasing investments in the exploration and production activities by the oil & gas companies in the U.S. are anticipated to boost the demand for centrifugal pumps in the oil & gas industry. The rising number of infrastructure upgrades, in terms of changing or the installation of new pipelines, is expected to have a positive impact on the growth of the market.

 

Order your copy of the Free Sample of “Pumps Industry Data Book - Centrifugal Pump and Positive Displacement Pump Market Size, Share, Trends Analysis, And Segment Forecasts, 2024 - 2030, published by Grand View Research

 

Positive Displacement Pumps Market Insights

The global positive displacement pumps market size was estimated at USD 19.06 billion in 2023 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.8% from 2024 to 2030. The market is anticipated to experience growth due to an increasing number of newly established chemical processing plants, coupled with a rising emphasis on wastewater treatment to eliminate harmful effluents. Furthermore, positive displacement pumps are particularly effective with high-viscosity fluids. They provide a consistent flow rate regardless of changes in viscosity, making them suitable for applications involving thick or sticky liquids. These aforementioned factors are anticipated to drive market growth. Positive displacement pumps can generate high pressures.

This makes them suitable for applications where a high-pressure output is required, such as in hydraulic systems or processes that involve pumping fluids over long distances or through pipelines. Moreover, positive displacement pumps find widespread usage across diverse applications due to their versatility and precision. In industries, such as oil & gas, these pumps play a vital role in the transfer of viscous crude oil, while in chemical processing, they are employed for accurate dosing and metering of various chemicals. With a robust presence in applications, such as oil & gas, chemicals, water & wastewater treatment, and manufacturing, positive displacement pumps have become integral to various processes.

 

Go through the table of content of Pumps Industry Data Book to get a better understanding of the Coverage & Scope of the study

 

Competitive Insights

The global pumps market is highly competitive owing to the presence of both multinational and local manufacturers. Some of the key players include Grundfos Holding A/S; Xylem; Flowserve Corporation; ITT INC.; Sulzer Ltd.; EBARA International Corporation; Ingersoll Rand; KSB SE & Co. KGaA; and Pentair. Other notable players include Iwaki America Inc.; HERMETIC-Pumpen GmbH; Vaughan Company Inc.; and SPX Flow. Pump manufacturers are involved in adopting several strategies including acquisitions, mergers, joint ventures, geographical expansions, and new product developments. These strategies aid the companies in increasing their market penetration and providing to the changing technological demand of various industries including agriculture, construction & building services, water & wastewater, power generation, oil & gas, chemical, and others.

 

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