Industrial Pumps Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.23 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Industrial Pumps Market Analysis
The industrial pump market is estimated to be at USD 65.23 billion by the end of this year and is projected to reach USD 80.24 billion in the next five years, registering a CAGR of 4.23% during the forecast period.
- Over the medium period, factors like the increasing demand for power, oil, and gas projects are expected to create demand for industrial pumps during the forecast period.
- On the other hand, stringent government regulations and policies to reduce carbon emissions will likely hurt the oil and gas industry, restricting market growth.
- Nevertheless, the technological development, which has rendered deepwater and ultra-deepwater exploration feasible and cost-effective, is expected to increase oil production over the forecast period. It can provide an opportunity for market growth during the forecast period.
- Asia-Pacific was the dominant region in the market in 2022, owing to factors like increasing industrialization, population, and refining capacity.
Industrial Pumps Market Trends
Centrifugal Pumps to Have a Significant Demand
- Centrifugal pumps transfer fluids by converting rotational kinetic energy to fluid flow hydrodynamic energy. An engine or an electric motor often provides rotational energy. They belong to the dynamic axisymmetric work-absorbing turbomachinery class.
- Centrifugal pumps are capable of pumping both hazardous and sensitive fluids. There are no leakage problems with centrifugal pumps and no power loss caused by friction, and they are straightforward in design and operation. Heat transfer is also not an issue because the space between the motor and the chamber is sufficiently wide.
- The increase in the refining capacity globally has increased the demand for centrifugal pumps in refineries, and it is expected to continue over the years. According to the Statistical Review of World Energy, in 2022, the global refining capacity accounted for 101902 thousand barrels daily, with an annual growth rate of 0.5% compared to the previous year.
- As of 2021, more than 416 refineries are to start operation between 2021 and 2025; of these, about 93 refineries projects are new, and the rest are expansion projects, one of the primary drivers for the centrifugal pump market.
- Similarly, centrifugal pumps are widely used in food and beverage industries, chemical manufacturing, water supply, and sewage disposal. For instance, Sulzer Ltd increased its portfolio by providing SEK and SES end-suction centrifugal pumps for delivering clean water to municipalities, water treatment facilities, irrigation, and commercial applications.
- Overall, the demand for refined fossil fuels and upcoming industries in developing and developed nations will drive the market for centrifugal pumps worldwide.
Asia-Pacific to Dominate the Market
- China is expected to account for the significant growth in crude oil refining capacity in the forecast period in Asia-Pacific (APAC). Additionally, China is among one of the largest manufacturers of chemicals globally. According to statistics from The European Chemical Industry Council, investments in the country have also been the highest in the last decade. Thus, the increasing demand for refining and chemical industries is expected to drive the industrial pump market in the country.
- Additionally, India's refining capacity witnessed a growth of 0.8% in 2022, with the entire country's refining capacity of 5045 thousand barrels daily. India Oil Corp., India's largest refining company, had plans to increase its refining capacity from 80.7 million metric tons per annum to 150 million metric tons per annum by 2030. Additionally, projects worth USD 4 billion are in various stages of execution.
- Southeast Asia is witnessing the commissioning of several refinery projects, including expanding existing ones and developing new ones to reduce import dependency.
- The oil and gas industries, apart from being a source for the majority of primary energy consumption, also aids in providing raw materials for various industries, such as petrochemical, solvents, and fertilizers. With the growing population and rapid urbanization, the demand for these will likely increase, promulgating the refiners to set up new plants or undergo expansion. The increase in demand is expected to drive the market during the forecast period.
- Thus, owing to the above points, Asia-Pacific is expected to dominate the market in the forecast period.
Industrial Pumps Industry Overview
The industrial pump market is fragmented due to many companies operating in the industry. Key players in this market (in no particular order) include Flowserve Corporation, Grundfos Holding AS, KSB AG, ITT Inc., Sulzer Ltd, and Weir Group PLC, among others.
Industrial Pumps Market Leaders
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Flowserve Corporation
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Grundfos Holding A/S
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KSB AG
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Sulzer Ltd
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Weir Group PLC,
*Disclaimer: Major Players sorted in no particular order
Industrial Pumps Market News
- February 2023: EBARA Corporation successfully developed one of the world's first liquid hydrogen booster pumps for hydrogen power generation, consistent with the global expansion of the hydrogen market.
- January 2023: Sulzer launched an updated submersible recirculation pump with improved efficiency and performance. The latest range of recirculation pumps includes design changes that have delivered a hydraulic efficiency increase of 20% point improvement. In addition, the Premium Efficiency drive motors have a new range-topping 25 kW unit to increase performance for larger applications. The efficiency gains have been achieved by improving the propeller design and reducing clearances between the propeller and the shroud.
- June 2022: Flowserve Corporation announced that it secured a contract to provide pumps to TMGcore, Inc., a Texas-based leading service provider of high-performance computing solutions with expertise in liquid immersion cooling technology. A critical component of immersion-cooled units includes commercial-grade pumps that allow movement and recirculation of fluid.
Industrial Pumps Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast, in USD billion, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Increasing Petrochemical Industries In Middle East & African Region
4.5.1.2 Increasing Industrialization Across the World
4.5.2 Restraints
4.5.2.1 Stringent Government Regulations and Policies to Reduce Carbon Emissions
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Centrifugal Pump
5.1.2 Reciprocating Pump
5.1.3 Rotary Pump
5.1.4 Other Pump Types
5.2 End-user Industry
5.2.1 Oil and Gas
5.2.2 Water and Wastewater
5.2.3 Chemicals and Petrochemicals
5.2.4 Mining
5.2.5 Power Generation
5.2.6 Other End-user Industries
5.3 Geography
5.3.1 North America
5.3.1.1 United States of America
5.3.1.2 Canada
5.3.1.3 Rest of the North America
5.3.2 Asia-Pacific
5.3.2.1 India
5.3.2.2 China
5.3.2.3 South Korea
5.3.2.4 Rest of the Asia-Pacific
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 France
5.3.3.4 Italy
5.3.3.5 Rest of the Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of the South America
5.3.5 Middle-East and Africa
5.3.5.1 United Arab Emirates
5.3.5.2 Saudi Arabia
5.3.5.3 Iraq
5.3.5.4 Rest of the Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Flowserve Corporation
6.3.2 Grundfos Holding AS
6.3.3 KSB AG
6.3.4 ITT Inc.
6.3.5 Sulzer Ltd
6.3.6 Ebara Corp.
6.3.7 Weir Group PLC
6.3.8 Schlumberger Ltd
6.3.9 Baker Hughes Company
6.3.10 Clyde Union Inc.
6.3.11 Dover Corporation
6.3.12 SPP Pumps Inc.
6.3.13 Wilo Mather & Platt Pumps Pvt. Ltd
6.3.14 Xylem Inc.
6.3.15 General Electric Company
6.3.16 SPX Flow Inc.
6.3.17 Danfoss AS
6.3.18 Ruhrpumpen Group (A Corporacion EG Company)
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Research, Development and Innovation in Technology to Increase Productivity
Industrial Pumps Industry Segmentation
A pump uses mechanical action to transport liquid substances. Pumping uses for industrial pumps include well water pumping, aquarium filtration, pond filtration, water cooling, and fuel injection in the automotive sector and oil and gas operations in the energy business.
The industrial pump market is segmented by type, end-user industry, and geography. The market is segmented by type into centrifugal pump, reciprocating pump, rotary pump, and other pump types. The market is segmented by end-users into oil and gas, water and wastewater, chemicals and petrochemicals, mining, power generation, and other end-user industries. The report also covers the market size and forecasts for the industrial pump market across major regions. The market sizing and forecasts have been done for each segment based on revenue (USD).
| Type | |
| Centrifugal Pump | |
| Reciprocating Pump | |
| Rotary Pump | |
| Other Pump Types |
| End-user Industry | |
| Oil and Gas | |
| Water and Wastewater | |
| Chemicals and Petrochemicals | |
| Mining | |
| Power Generation | |
| Other End-user Industries |
| Geography | |||||||
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Industrial Pumps Market Research FAQs
What is the current Industrial Pump Market size?
The Industrial Pump Market is projected to register a CAGR of 4.23% during the forecast period (2024-2029)
Who are the key players in Industrial Pump Market?
Flowserve Corporation , Grundfos Holding A/S, KSB AG , Sulzer Ltd and Weir Group PLC, are the major companies operating in the Industrial Pump Market.
Which is the fastest growing region in Industrial Pump Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Industrial Pump Market?
In 2024, the Asia Pacific accounts for the largest market share in Industrial Pump Market.
What years does this Industrial Pump Market cover?
The report covers the Industrial Pump Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Industrial Pump Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Industrial Pump Industry Report
Statistics for the 2024 Industrial Pump market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Industrial Pump analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
