Wilmington, Delaware, United States, July 26, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global industrial pump market is projected to flourish at a CAGR of 4.9% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 107.6 billion is anticipated for the market in 2031. As of 2023, the market for industrial pumps is expected to close at US$70.3 billion
The increasing industrialization and infrastructure development in emerging economies fuel the demand for industrial pumps in sectors such as construction, manufacturing, and water supply. The increasing focus on efficient water and wastewater management drives the demand for industrial pumps in various industries and municipal water treatment facilities.
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Competitive Landscape
The market players operating in the industrial pumps market are enhancing their product portfolio and expanding the market footprint to strengthen the market position. Transparency Market Research has profiled the following players in its global industrial pumps market report:
EBARA CORPORATION, Flowserve Corporation, Grundfos Holding A/S, Ingersoll Rand, KSB SE & Co. KGaA, Pentair, SPX FLOW, Inc, Sulzer Ltd, Titan Manufacturing Inc., and Xylem.
Key Developments in the Industrial Pump Landscape:
- In June 2023- SPX FLOW, Inc., a leading provider of process solutions for the industrial, nutrition, and health markets, released the new PE60 Series hydraulic pump that offers increased control technology, auto-cycle functionality, longer runtime, and “plug and play” accessories.
- Ebara is well-known for its pumps, which include centrifugal pumps, submersible pumps, vertical pumps, and other types used in water supply, wastewater management, industrial processes, and construction. Ebara produces air compressors, gas compressors, and vacuum pumps used in various industrial applications, such as manufacturing, construction, and energy.
The increasing application of industrial pumps in various end-use industries such as automotive, metal, mining, aerospace & marine drives the market growth during the forecast period. The increasing demand for industrial pumps in the chemical processing industry for the transportation of chemicals and raw materials during manufacturing processes drives the market demand.
The growing technological advances and continuous advancements in pump design and materials lead to improved pump efficiency, reliability, and performance, encouraging replacements and upgrades, expected to boost the demand for industrial pumps.
Key Takeaways from the Market Study
- As of 2022, the industrial pumps market was valued at US$66.7billion
- By type, the positive displacement pumps segment enjoys high demand, accumulating high revenue
- Based on the power source, the electric segment accounts for the highest market share
- By power, up to 500 HP power segment to dominate the market.
- By end-user, the wastewater treatment segment is expected to generate high revenue during the forecast period
Industrial Pumps: Key Trends and Opportunistic Frontiers
- The growing demand for smart pump systems is driving the industrial pump market. Smart pumps offer high efficiency, improved performance, and reliability, making them suitable for various applications across end-use industries.
- The expanding manufacturing sector, driven by consumer demand and industrial growth, creates a steady demand for industrial pumps for various production processes.
- Increasing demand for rotodynamic pumps, positive displacement for improving efficiency and production speed, boosting the demand for industrial pumps.
- Manufacturers continuously invest in research and developing pumps with efficient designs and materials for various industries including automotive, aerospace, construction, oil & gas, and mining.
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Industrial Pumps Market – Regional Analysis
- The industrial pumps market in North America is driven by the presence of well-established industries, such as oil and gas, chemical processing, and water and wastewater management. The region's focus on energy efficiency and stringent environmental regulations also drives the demand for advanced pump technologies. The growing construction and manufacturing sectors in the region contribute to the market's growth.
- The Asia-Pacific region is a significant market for industrial pumps due to rapid industrialization, urbanization, and infrastructure development. Growing demand for pumps in the construction, manufacturing, and power generation sectors in countries like China and India drives market growth. The region's increasing emphasis on water and wastewater management further boosts pump adoption.
Industrial Pumps Market - Key Segments
Type
- Rotodynamic Pump
- Centrifugal Pump
- Axial Flow Pump
- Mixed Flow Pump
- Positive Displacement Pump
- Reciprocating Pump
- Plunger Pump
- Diaphragm Pump
- Rotary Pump
- Gear Pump
- Lobe Pump
- Vane Pump
- Progressive Cavity Pump
- Screw Pump
- Others (Peripheral Pumps, etc.)
- Reciprocating Pump
Power
- Up to 500 HP
- 501 to 1,000 HP
- 1,001 to 2,000 HP
- Above 2,000 HP
Power Source
- Electric
- Engine
End-use Industry
- Manufacturing
- Food & Beverage
- Chemical
- Oil & Gas
- Power
- Wastewater
- Others (Construction, etc.)
Distribution Channel
- Direct Sales
- Indirect Sales
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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