Dublin, Aug. 28, 2024 (GLOBE NEWSWIRE) -- The "Pump Market - Global Outlook & Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The Pump Market was valued at USD 73.03 billion in 2023, and is expected to reach USD 92.5 billion by 2029, rising at a CAGR of 4.02%.
Growing Adoption of Smart Pumping Systems & Rise of Digitalization in IoT Pump Monitoring and Maintenance
The global pump market is witnessing significant transformation driven by the growing adoption of smart pumping systems and the rise of digitalization in IoT pump monitoring and maintenance. This trend is reshaping the landscape of the pump market, offering enhanced efficiency, predictive maintenance capabilities, and substantial cost savings. As industries worldwide seek to optimize their operations and embrace technological advancements, smart pumping systems and IoT integration are emerging as pivotal components in achieving these goals. Smart pumping systems are a revolutionary advancement in the pump market, characterized by integrating advanced sensors, automation, and control technologies. These systems offer real-time monitoring, data analysis, and adaptive control features that enable pumps to operate at peak efficiency. Traditional pumps often face energy inefficiency, mechanical wear and tear, and unplanned downtime.
Smart pumping systems address these issues by continuously monitoring performance parameters and adjusting operations to match demand. This reduces energy consumption, extends pump life, and minimizes operational disruptions. One of the key benefits of IoT pump monitoring is predictive maintenance. IoT-enabled pumps continuously monitor various parameters such as vibration, temperature, and pressure. By analyzing this data, predictive maintenance algorithms can identify early signs of potential failures and trigger maintenance actions before a breakdown occurs.
Rising Demand for Pumps in Automotive Industry & Expansion of Chemical and Pharmaceutical Industries
The global pump market is experiencing substantial growth driven by the rising demand for pumps in the automotive industry and the expansion of the chemical and pharmaceutical industries. As the automotive sector continues to evolve, with increasing production of vehicles and advancements in manufacturing technologies, the need for reliable and efficient pumps has become more pronounced. These pumps are critical for various automotive applications, including fuel injection, coolant circulation, lubrication, and hydraulic systems.
The automotive industry's shift towards electric and hybrid vehicles further amplifies this demand, as these vehicles require sophisticated cooling and battery management systems that rely heavily on high-performance pumps. Also, in parallel, the chemical and pharmaceutical industries are witnessing robust expansion, contributing significantly to the growth of the global pump market. The chemical industry, encompassing many sectors such as petrochemicals, specialty chemicals, and agrochemicals, relies extensively on pumps for processes like chemical transfer, dosing, and circulation of various fluids and chemicals.
Shift Towards Sustainable & Environment-Friendly Pumping Technologies
In recent years, there has been a discernible shift towards sustainable and environmentally friendly pumping technologies within the global pump market. This trend is driven by a confluence of factors, including increasing awareness of environmental concerns, stringent regulations governing emissions and resource usage, and the imperative for industries to embrace more sustainable practices. As a result, pump manufacturers and end-users are increasingly turning to innovative technologies that minimize environmental impact while maximizing efficiency and performance.
The global push towards sustainability has also been bolstered by regulatory frameworks to curb pollution and promote eco-friendly practices across industries. For instance, in the European Union, directives such as the Eco-design Directive and the Energy Efficiency Directive set stringent standards for the energy efficiency of products, including pumps. Similarly, countries like China have implemented policies to promote energy conservation and reduce emissions, incentivizing the adoption of greener technologies in the pump sector.
INSIGHTS BY PRODUCT
The global pump market by product is segmented by centrifugal, reciprocating, and rotary. In 2023, the centrifugal pump market accounted for the largest revenue share and is expected to record the highest CAGR during the forecast period. This trend highlights the increasing demand for centrifugal pumps, driven by their efficiency, versatility, and ability to handle a wide range of fluids. The applications of centrifugal pumps are extensive, spanning industrial, domestic, and agricultural sectors.
In industrial settings, they play a crucial role in chemical processing, oil and gas production, and power generation. These pumps transport various fluids, including chemicals, fuels, oils, water, and wastewater. The rising application of centrifugal pumps across various industries, such as water and wastewater treatment, chemical processing, and oil and gas, further fuels the segmental market growth.
INSIGHTS BY CENTRIFUGAL PUMP
The global centrifugal pump market is segmented by single-stage, multi-stage, submersible, turbine, and others. The single-stage segment holds the most prominent share of the centrifugal pump market. The impact of single-stage centrifugal pumps on the global market is profound, primarily due to their efficiency, cost-effectiveness, and adaptability.
Also, technological advancements have significantly enhanced the performance and functionality of single-stage centrifugal pumps. Innovations in materials science have led to the development of more durable and corrosion-resistant materials, extending the lifespan of pumps and reducing maintenance costs. Furthermore, the demand for single-stage centrifugal pumps is rising in developing regions due to rapid industrialization and urbanization.
INSIGHTS BY RECIPROCATING PUMP
The reciprocating pump market is experiencing steady growth in the global pump market, attributed to its precise flow control and high-pressure capabilities. Furthermore, the piston segment holds the most prominent segmental share. One of the significant advantages of piston pumps is their precise control over the amount of fluid delivered with each stroke. Regardless of the pressure acting against it, a piston pump consistently delivers a fixed volume of fluid, ensuring reliable performance in diverse applications. This characteristic makes them ideal for tasks requiring accurate metering or dosing, such as chemical injection in industrial processes or precise fluid delivery in medical equipment.
INSIGHTS BY ROTARY PUMP
The global rotary pump market is segmented by gear, lobe, peristaltic, and vane. The gear segment held the largest share of the rotary pump market in 2023. One of the key factors contributing to the importance of gear pumps is their reliability. With fewer moving parts than other pumps, such as centrifugal pumps, gear pumps offer a more robust and durable solution for fluid transfer tasks. This reliability is crucial in industries where downtime can result in significant losses, emphasizing the need for equipment that can operate continuously with minimal maintenance.
Moreover, gear pumps are known for their ability to handle a wide range of fluids, including viscous and abrasive liquids. This versatility makes them indispensable in industries such as oil and gas, food processing, and pharmaceuticals, where different types of fluids need to be transferred safely and efficiently.
INSIGHTS BY INDUSTRY
The industrial sector remains the largest end-user of pumps, driven by the increasing need for efficient fluid-handling solutions in manufacturing and processing activities. Water and wastewater treatment is a critical area where pumps are extensively used, driven by stringent environmental regulations and the need for sustainable water management practices. In the oil and gas market, the demand for pumps is fueled by exploration and production activities and the transportation of oil and gas products. The chemical market relies heavily on pumps to safely and efficiently handle various chemicals and liquids, while the pharmaceutical sector demands precision and reliability in fluid transfer processes.
GEOGRAPHICAL ANALYSIS
The global pump market exhibits significant regional variation, with APAC emerging as the dominant region due to rapid industrialization, urbanization, and infrastructure development in countries like China and India. One of the primary contributors to the APAC market growth is the escalating demand for clean water and efficient wastewater management systems. Countries like China, India, and Indonesia are grappling with substantial urban population growth, necessitating the expansion of water supply and sanitation infrastructure. Also, the APAC region exhibits a substantial demand for pumps in the oil and gas sector, driven by exploration and production activities in countries like China, India, and Australia.
The pump market in North America plays a pivotal role in supporting and advancing the region's economy. Driven by growth in the construction sector and increased investments in the oil and gas industry, the demand for pumps, particularly centrifugal and positive displacement pumps, is rising. Further, Europe shows steady growth, supported by stringent environmental regulations and a strong focus on energy-efficient and sustainable technologies. In the Middle East and Africa, the demand for pumps is primarily fueled by the oil and gas sector. Latin America is experiencing moderate growth in the global pump market, driven by agricultural and industrial applications. Overall, regional dynamics are shaped by varying levels of industrial activity, regulatory landscapes, and economic development.
COMPETITIVE LANDSCAPE
Key Company Profiles
- GRUNDFOS
- Xylem
- EBARA
- WILO
- Flowserve
Upcoming Players
- Alfa Laval
- Baker Huges Company
- CIRCOR International
- DESMI A/S
- Franklin Electric
- Kirloskar Brothers
- KSB
- Nikkiso
- SPX Flow
- Sulzer
- Torishima
- The Weir Group
Other Prominent Vendors
- Atlas Copco AB
- Arian Pumps
- AR North America
- Bosch Rexroth
- CP Pumpen AG
- Dickow Pump Company
- Dover
- Global Pump
- Haight Pumps
- HERMETIC-Pumpen
- IDEX
- Ingersoll Rand
- Iwaki America
- Jetox Motor Pumps
- Klaus Union
- Kracht Corp.
- Masdaf
- Marzocchi Pompe S.p.A.
- Naniwa Pump Mfg
- Netzsch
- Norm Hydrophore Pump
- Pentair
- Pumpport
- Roper Pumps
- Roth Pump
- Ruhrpumpen
- Ryan Herco Flow Solutions
- Sahinler Submersible Pump
- Samsun Makina Sanayi
- Seepex
- Seko
- Sempa
- Shakti Pumps Ltd
- Sumak Pump
- Summit Pump
- Sundyne
- Tark
- Teikoku Electric
- Vansan Water Technologies
- Vaughan
- Vestapump
- WPIL Limited
- Zoeller
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 504 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $73.03 Billion |
| Forecasted Market Value (USD) by 2029 | $92.5 Billion |
| Compound Annual Growth Rate | 4.0% |
| Regions Covered | Global |
Key Topics Covered:
Market Opportunities & Trends
- Increasing Demand for Energy-Efficient Pumping Solutions
- Growing Adoption of Smart Pumping Systems & Rise of Digitalization in IoT Pump Monitoring and Maintenance
- Expansion of Pumping Applications in Various Industries
- Shift Toward Sustainable & Environment-Friendly Pumping Technologies
Market Growth Enablers
- Investments in Infrastructure Development Projects
- Water and Wastewater Treatment Needs
- Growth in Oil & Gas Exploration and Production Activities
- Rising Demand for Pumps in Automotive Industry & Expansion of Chemical and Pharmaceutical Industries
- Increasing Residential Expansion
Market Restraints
- Volatility in Raw Material Prices
- Stringent Regulatory Standards and Compliance Requirements
- Maintenance and Operational Challenges in Remote /Harsh Environments
- Pump Reliability and Lifecycle Costs Concerns
Segmentation by Product
- Centrifugal
- Reciprocating
- Rotary
Segmentation by Centrifugal Pump
- Single-stage
- Multi-stage
- Submersible
- Turbine
Segmentation by Reciprocating Pump
- Piston
- Diaphragm
Segmentation by Rotary Pump
- Gear
- Lobe
- Peristaltic
- Vane
Segmentation by End-user
- Industrial
- Agricultural
- Commercial
- Residential
Segmentation by Industrial
- Oil & Gas
- Water & Wastewater
- Food & Beverage
- Chemical
- Power
- Mining
- Pharmaceutical
For more information about this report visit https://www.researchandmarkets.com/r/jvmd43
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