The global Industrial Pumps market size is expected to be worth around US$ 91.87 billion by 2030, according to a new report by Vision Research Reports.
The global Industrial Pumps market size was valued at US$ 60.21 billion in 2020 and is anticipated to grow at a CAGR of 3.11% during forecast period 2021 to 2030.
Growth Factors
Rising product demand from the water and wastewater, oil and gas, and chemical industries on account of the rapid population growth and industrialization across the globe is anticipated to drive the market.
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Rapid technological advancements have resulted in augmenting the reliability of the pumps, enhancing basic process tasks, and providing a long-term reduction in everyday operating processes. These rising advancements have also resulted in the reduced energy consumption, enhanced pump performance, and reliability, thereby augmenting the product penetration.
Rising investments by the key pump manufacturers to develop low-cost manufacturing processes and advanced technology that focuses on higher productivity are anticipated to boost market growth over the forecast period. Furthermore, increasing expenditure on the development of infrastructure in various countries is expected to have a positive impact on market growth.
The investments in the chemical industry slowed down in 2020 on account of the containment measures implemented by various governments to limit the spread of COVID-19, coupled with the declining crude oil prices. In addition, the delay in the construction of approved chemical projects caused due to the intensifying COVID-19 situation globally is likely to hamper the market growth.
Report Highlights
Centrifugal pump led the market and accounted for 63.4% share of the global revenue in 2020. The demand for centrifugal pumps is projected to expand on account of the boom in hydraulic fracturing in the oil and gas industry in countries, including the U.S., Canada, the U.K., and Brazil. Centrifugal pump is further segmented into radial flow pump, axial flow pump, and mixed flow pump.
Positive displacement pumps are likely to expand at the fastest CAGR of 4.2% over the forecast period owing to their ability to work at lower speeds, which makes them less prone to damages caused by high viscosity oils and slurries. These are preferred in the oil and gas industry mainly because of the limitations of centrifugal pumps.
Reciprocating pumps are used in a wide variety of applications as they are known for their suction lift characteristics and are very simple in design. Furthermore, they have fewer parts enabling low maintenance and repair cost. The reciprocating pump finds applications in all kinds of liquid, including good grade fluid, acids, slurries, and various viscous fluids.
Submersible pumps are referred for applications for pumping excess water such as flooded basements or work sites in construction sites. They are also used for removing excess slurries. In the oil and gas industry, submersible pumps are used in offshore or inland oil wells for pumping oil from the ground to facilities above the surface.
The water and wastewater application segment led the market and accounted for a 24.7% share of the global revenue in 2020. Increasing demand for lift and sewage pumps on account of expanding industrial platforms and accumulation of wastewater in large volumes is expected to complement the segment growth. The growing manufacturing facilities across emerging countries are expected to play a crucial role in increasing the requirement of industrial pumps.
The oil and gas application segment is expected to expand at a CAGR of 3.6% over the forecast period on account of the rising demand for crude oil to facilitate production centers, domestic transports, and overseas logistics. The growth of the oil and gas industry is projected to increase the onshore and offshore exploration activities in the future, thereby driving the demand for industrial pumps capable of handling subsea pressures and providing utility functions.
Globally, the automotive, manufacturing, and construction sectors, which are major end users of chemical products, have witnessed tremendous expansion activities in the past decade. These sectors are also anticipated to witness significant growth in the next few years, leading to rising demand for chemicals. This, in turn, is likely to boost the demand for centrifugal, peristatic, and diaphragm pumps as they can handle most flammable, viscous, aggressive, and abrasive fluids with ease.
The rising population has resulted in an increased demand for energy, thereby contributing to the growth of the power generation industry. In the power generation industry, pumps are used in numerous applications, including boiler feed water services, cooling water services, circulating water services, condensate water services, flue gas desulfurization services, and auxiliary services.
Asia Pacific led the market and accounted for 44.9% share of the global revenue in 2020. The market is expected to grow on account of the tremendous growth of the end-use industries, including water and wastewater, chemical, and oil and gas. The rising need for reusable water is one of the major concerns in emerging countries, including India, China, and Malaysia. This is expected to have a positive impact on the regional market growth over the forecast period.
North America is anticipated to witness significant growth on account of the technological advancements pertaining to the superior performance of pumping systems in the region. Furthermore, rising demand for oil and gas from other sectors, such as commercial transportation and heating and cooling in residential and commercial applications, is anticipated to drive the oil and gas industry, thereby complementing the market growth in the region.
The market in Europe is anticipated to expand at a CAGR of 3.5% over the forecast period. Stringent regulations aimed at reducing water pollution at the domestic level are expected to play a key role in increasing the demand for water treatment in the municipal and industrial sectors, which, in turn, is expected to drive the pump industry over the forecast period.
Rising installations of the water and wastewater treatment plants in the Middle East and Africa due to the increasing demand for potable water in the residential and industrial sectors are expected to boost product demand. Furthermore, increasing demand for crude oil in order to facilitate production centers, overseas logistics, and domestic transports is expected to augment the offshore and onshore exploration activities in the region, thus positively impacting the market growth.
Key Players
Market Segmentation
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