Summary:

• The global pumps market size reached USD 75.2 Billion in 2023.
• The market is expected to reach USD 98.0 Billion by 2032, exhibiting a growth rate (CAGR) of 2.9% during 2024-2032.
• Asia Pacific leads the market, accounting for the largest pumps market share.
• Centrifugal pumps account for the majority of the market share in the product type segment due to their relatively low maintenance and cost-effective nature. 
• Water and wastewater represent the leading application segment, owing to the need for advanced pumping systems in municipal and industrial water management.
• The growing adoption of energy efficient pumps in several industries is a primary driver of the pumps market.
• The increasing product demand in water and wastewater management and the oil and gas sector is reshaping the pumps market.

Industry Trends and Drivers:

• Increasing Demand for Energy-Efficient Solutions:

The rising focus on energy efficiency across the globe is one of the major factors boosting the market growth. Moreover, the increasing focus of companies on reducing their energy consumption to lower operational costs and meet stringent environmental regulations is acting as a growth-inducing factor. Besides this, the heightened demand for energy-efficient pump systems in sectors like manufacturing, oil and gas, water treatment, and agriculture is catalyzing the market growth. Along with this, the growing adoption of advanced pump technologies, such as variable frequency drives (VFDs) and smart pumps, due to their ability to optimize energy usage, is fueling the market growth. These systems adjust their operational parameters based on real-time data, reducing energy waste and improving overall system efficiency.

• Growth of the Water and Wastewater Management Industry:

The rising population across the globe, coupled with rapid urbanization that puts immense pressure on water resources is stimulating the market growth. Moreover, the increasing need for efficient water and wastewater management systems in regions that face water scarcity is fueling the market growth. In line with this, the growing utilization of pumps in transporting water for various applications, including agriculture, industrial processes, and municipal use, is acting as a growth-inducing factor. In addition to this, the imposition of stricter regulations in the wastewater treatment sector, boosting the need to treat sewage and industrial effluents before they enter the environment, is fostering the market growth.

• Expansion of the Oil and Gas Industry:

The rising demand for pump in the oil and gas sector for various applications, including drilling, extraction, refining, and transportation of crude oil and natural gas, is creating a positive outlook for the market growth. Moreover, the growing need for specialized pumps that can handle high-pressure environments, corrosive materials, and extreme temperatures is contributing to the market growth. Besides this, the expansion of exploration activities in offshore and deep-sea locations, creating the demand for reliable and durable pumps, is fueling the market growth. Additionally, the ongoing shift toward natural gas as a cleaner fossil fuel option, contributing to the increased demand for pumps in gas extraction and processing facilities, is enhancing the market growth.

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Pumps Market Report Segmentation:

Breakup By Product Type:

• Centrifugal Pump
  • Axial Flow Pump
  • Radial Flow Pump
  • Mixed Flow Pump
• Positive Displacement Pump
  • Reciprocating Pump
  • Rotary Pump
• Others

Centrifugal pump account for the majority of shares due to their versatility and efficiency in handling a wide range of liquids across various industries, including water supply and chemical processing.

Breakup By Application:

• Agriculture
• Construction and Building Services
• Water and Wastewater
• Power Generation
• Oil and Gas
• Chemical
• Others

Water and wastewater exhibit a clear dominance owing to the increasing demand for clean water and stringent regulations on wastewater treatment globally.

Breakup By Region:

• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others)
• Middle East and Africa ( Turkey, Saudi Arabia, Iran, United Arab Emirates, Others)

Asia Pacific holds the leading position owing to a large market for pumps driven by its rapid industrialization, urban growth, infrastructure development, and the growing need for water and energy infrastructure.

Top Pumps Market Leaders:

The pumps market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies.

Some of the key players in the market are:

• Baker Hughes Company
• Ebara Corporation
• Flowserve Corporation
• Grundfos Holding A/S
• ITT Inc.
• KSB SE & Co. KGaA
• Pentair plc
• Schlumberger Limited
• Sulzer Ltd.
• The Weir Group PLC
• Vaughan Co. Inc
• Xylem Inc

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