Pumps Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 68.46 Billion |
| Market Size (2029) | USD 86.07 Billion |
| CAGR (2024 - 2029) | 3.37 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Pump Market Analysis
The Pump Market size is estimated at USD 68.46 billion in 2024, and is expected to reach USD 86.07 billion by 2029, growing at a CAGR of 3.37% during the forecast period (2024-2029).
- Over the long term, the increasing infrastructure development activities coupled with a rising emphasis on water and wastewater management are expected to drive the pump market.
- On the other hand, volatility in raw material prices, such as steel, iron, and various metals, is expected to hinder the market's growth during the forecast period.
- The industry overview indicates that the rapid urbanization and industrialization in emerging economies present a substantial growth opportunity for pumps for water supply and industrial processes.
- Asia-Pacific is expected to dominate the market share during the forecast period. This growth rate is attributed to increasing investments across end-use industries in countries including India, China, and Japan.
Pump Market Trends
Oil and Gas Sector Expected to Witness Significant Market Growth
- The industry trends highlight that the demand for pumps in the oil and gas industry is driven by the need to extract and process hydrocarbons. As global energy demand continues to rise, there is a growing focus on exploration and production activities to meet this demand. Pumps are crucial in various processes such as crude oil extraction, well-stimulation refining, and transportation of oil and gas, thereby driving the growth of the market.
- The shale gas revolution, particularly in the United States, has significantly boosted the demand for pumps. Hydraulic fracturing or fracking requires large volumes of water chemicals and proppants to be pumped into shale formations to extract natural gas at high pressure. This process heavily relies on pumps, driving the demand for high-pressure pumping equipment.
- The industry outlook indicates that the offshore oil and gas activities, including exploration drilling and production, often require specialized pumps due to the challenging operating conditions. Pumps are utilized for seawater intake, water injection, cooling systems, pipeline transport, and other critical processes. The increasing focus on offshore reserves both in established and emerging regions creates a substantial market opportunity for pump manufacturers.
- A statistical review of world energy shows that global oil production increased by 4.2% between 2021 and 2022. In 2022, the total crude oil production globally was 93,848 thousand barrels per day compared to 90,076 thousand barrels per day in 2021, as detailed by key industry information. This data signifies the increasing oil demand and crude oil production globally.
- As the pumps are used in a continuous way in oil and gas operations, they need maintenance, repair services, and sometimes replacements at regular intervals. In June 2023, Celeros Flow Technology made an agreement with ONGC to provide pump maintenance and spares services across a network of crude oil and natural gas assets in India.
- Considering these factors, the oil and gas sector is poised to experience significant growth in the pump market as it continues to be the crucial industry for meeting global energy needs. Therefore, this sector is expected to drive the global market studied during the forecast period.
Asia-Pacific is Expected to Dominate the Market
- Asia-Pacific is experiencing robust growth in countries such as China, India, and Southeast Asia. Expanding industries such as manufacturing, construction, mining, and power generation require a substantial demand for pumps across various applications, including water supply wastewater management and process industries.
- The region has also emerged as a global manufacturing hub, with countries like China, Japan, South Korea, and India playing a significant role. The manufacturing sector requires pumps for various applications, including fluid handling, chemical processing, and industrial processes. The region鈥檚 dominance in manufacturing drives the demand for pumps, further solidifying its position in the market studied.
- Asia-Pacific has a large and rapidly growing population accompanied by a significant increase in urbanization. This demographic shift leads to increased demand for water supply sanitation systems and infrastructure development, all of which require pumps. Asia-Pacific is experiencing significant growth in the oil and gas industry. Countries like China, India, and Indonesia have been increasing their exploration and production activities, requiring pumps for extraction, transportation, and refining processes. The expansion of the oil and gas sector in the region strengthens its dominance.
- Market data from the statistical review of world energy indicates that gas production in Asia-Pacific increased by more than 1% between 2021 and 2022 and more than 3% between 2012 and 2022, signifying the increased oil and gas exploration and production activities in the region.
Pump Industry Overview
The industry profile shows that the pump market is moderately fragmented. Some of the major players in this market (in no particular order) include Flowserve Corporation, Grundfos Holding AS, KSB SE & Co. KGaA, Sulzer Ltd, and Baker Hughes Company, among others.
Pump Market Leaders
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Flowserve Corporation
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Sulzer Ltd
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Baker Hughes Company
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Grundfos Holding AS
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KSB SE & Co. KGaA
*Disclaimer: Major Players sorted in no particular order
Pump Market News
- December 2023: The Packo Pumps website merged with the Verder Liquids website. The collaboration aims to reinforce the relationship between Verder and Packo and provide customers with a broader range of pump technologies.
- May 2023: The ClydeUnion Pumps brand signed an agreement with ONGC to offer pump maintenance and spares services across its network of crude oil and natural gas assets in India.
- February 2023: Motion & Control Enterprises completed the acquisition of Precision Pump & Valve, an established distributor specializing in safety relief and control valves, pumps, and associated equipment. Precision Pump & Valve is renowned for providing tailored solutions to the oil and gas, petrochemical, and chemical processing markets.
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 till 2029
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Market Drivers
4.5.1.1 Increasing Infrastructure Development
4.5.1.2 Rising Emphasis Water and Wastewater Management
4.5.2 Market Restraints
4.5.2.1 Volatility in Raw Material Prices
4.6 Supply Chain Analysis
4.7 Industry Attractiveness - 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 Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Centrifugal Pump
5.1.2 Positive Displacement Pump
5.2 By End User
5.2.1 Oil and Gas
5.2.2 Water and Wastewater
5.2.3 Chemicals and Petrochemicals
5.2.4 Mining Industry
5.2.5 Power Generation
5.2.6 Other End Users
5.3 By Geography Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)}
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 France
5.3.2.3 Spain
5.3.2.4 United Kingdom
5.3.2.5 Russia
5.3.2.6 NORDIC
5.3.2.7 Italy
5.3.2.8 Turkey
5.3.2.9 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 Japan
5.3.3.4 South Korea
5.3.3.5 Australia
5.3.3.6 Malaysia
5.3.3.7 Thailand
5.3.3.8 Indonesia
5.3.3.9 Vietnam
5.3.3.10 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Colombia
5.3.4.4 Rest of South America
5.3.5 Middle East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 United Arab Emirates
5.3.5.3 South Africa
5.3.5.4 Nigeria
5.3.5.5 Qatar
5.3.5.6 Egypt
5.3.5.7 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 SE & Co. KGaA
6.3.4 ITT Inc.
6.3.5 Sulzer Ltd
6.3.6 Ebara Corporation
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
- *List Not Exhaustive
6.4 Market Ranking/Share (%) Analysis
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Rapid Urbanization and Industrialization in Emerging Economies
Pump Market Segmentation
A pump is a mechanical device used to move fluids (liquids or gases) from one location to another. It is designed to create a flow or pressure difference in the fluid, which allows it to be moved through a system or process. Electricity, gasoline or diesel engines, hydraulic systems, or other energy sources can all power pumps. There are many different types of pumps, including centrifugal pumps, positive displacement pumps, and jet pumps, each with their unique characteristics and applications. Pumps are used in a wide variety of industries, including water and wastewater treatment, oil and gas production, chemical processing, and many others.
The pump market report is segmented by type, end user, and geography. By type, the market is segmented into centrifugal pumps and positive displacement pumps. By end user, the market is segmented into oil and gas, water and wastewater, chemicals and petrochemicals, the mining industry, power generation, and other end users. The industry report also covers the market share, , market outlook, and forecasts for the global pump market across major regions.
For each segment, the market sizing, market forecast, and market value are provided based on revenue (USD).
| By Type | |
| Centrifugal Pump | |
| Positive Displacement Pump |
| By End User | |
| Oil and Gas | |
| Water and Wastewater | |
| Chemicals and Petrochemicals | |
| Mining Industry | |
| Power Generation | |
| Other End Users |
| By Geography Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)} | ||||||||||||
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Pumps Market Research FAQs
How big is the Pump Market?
The Pump Market size is expected to reach USD 68.46 billion in 2024 and grow at a CAGR of 3.37% to reach USD 86.07 billion by 2029.
What is the current Pump Market size?
In 2024, the Pump Market size is expected to reach USD 68.46 billion.
Who are the key players in Pump Market?
Flowserve Corporation, Sulzer Ltd, Baker Hughes Company, Grundfos Holding AS and KSB SE & Co. KGaA are the major companies operating in the Pump Market.
Which is the fastest growing region in 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 Pump Market?
In 2024, the Asia Pacific accounts for the largest market share in Pump Market.
What years does this Pump Market cover, and what was the market size in 2023?
In 2023, the Pump Market size was estimated at USD 66.15 billion. The report covers the Pump Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Pump Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Which type of pumps segment hold the largest revenue share in the Pumps Market?
Based on type centrifugal pumps segment hold the largest revenue share in the Pumps Market.
Which type of pumps segment hold the largest revenue share in the Pumps Market?
Based on type centrifugal pumps segment hold the largest revenue share in the Pumps Market.
Which type of pumps segment hold the largest revenue share in the Pumps Market?
Based on type centrifugal pumps segment hold the largest revenue share in the Pumps Market.
Pumps Industry Report
The global pumps market is experiencing robust growth, driven by diverse industrial demands and technological advancements in the pump industry. Centrifugal pumps lead the market, favored for their efficiency in applications requiring high flow rates, such as water systems and agricultural irrigation, and are crucial in power generation for maintaining essential water flow. Meanwhile, positive displacement pumps are increasingly preferred in industries like oil & gas and chemical processing for their ability to handle viscous fluids with precision. The agriculture sector, a significant end-user in the pump industry, benefits from pumps for efficient water distribution, supported by governmental investments in countries like India and China. The demand for pumps in the chemical industry is escalating due to the need for precise fluid movement. Regionally, the sales data indicates that the Asia-Pacific market dominates in revenue, driven by rapid industrialization, urbanization, and the expansion of key industries such as petrochemicals and agriculture, which demand advanced pumping solutions. This region's market leadership is also fueled by a shift towards sustainable, energy-efficient, and environmentally friendly pump solutions, aligning with global environmental standards. For detailed market insights, including market share, market size global, sales forecast, and growth projections in the pump industry, access statistics and forecasts from 糖心vlog传媒鈩� Industry Reports, available as a free annual report industry PDF download. For a deeper understanding of the pump market trend and the overall market cap, stakeholders can refer to detailed market reports available in profile PDF format, offering comprehensive insights and analysis.
