NEWARK, Del, April 15, 2024 (GLOBE NEWSWIRE) -- The global industrial pump market is expected to develop with a projected CAGR of 5.3% through 2034. In 2024, the market is expected to cross a valuation of US$ 68.0 billion, and by 2034, it is estimated to touch US$ 113.5 billion.
The key drivers behind this growth include industrialization in developing economies, stringent wastewater treatment regulations, and advancements in pump technology. Various sectors, including manufacturing, construction, mining, and oil and gas, drive the demand for pumps. Efficiency, reliability, and customization are the key factors that are emphasized in these sectors.
Manufacturers are expanding their sales globally by capitalizing on emerging markets and advanced pump technologies, such as energy-efficient pumps and smart pump systems. Water conservation and energy efficiency also drive the demand for pumps in water supply, wastewater treatment, and other applications. However, the industrial pump market faces a few challenges, such as economic fluctuations, high initial costs, and regulatory compliance. These factors can impact investment decisions and strain budgets, particularly for small and medium-sized enterprises (SMEs).
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The market's competitiveness also presents challenges, with numerous manufacturers offering various pump types and technologies. Despite these challenges, leading pump manufacturers contribute significantly to the market's growth by leveraging their unique strengths.
Key Takeaways from the Market Study
- Centrifugal pumps dominate the industrial pump market with an estimated 5.1% CAGR through 2034.
- Online leads the distribution channel in the industrial pump industry, expanding at a CAGR of 4.9% through 2034.
- Industrial pump sales in the United States are estimated to rise at a 5.4% CAGR through 2034.
- The industrial pump market in South Korea is predicted to increase at a 6.2% CAGR through 2034.
- Industrial pump demand in the United Kingdom is anticipated to rise at a 6.4% CAGR through 2034.
- The industrial pump demand in Japan is projected to surge at a CAGR of 6.7% through 2034.
- The industrial pump market in China is anticipated to develop at a CAGR of 5.6% through 2034.
“The water and wastewater treatment market is expected to grow due to increasing industrialization, infrastructure development, and rising demand globally. Emerging economies in Asia-Pacific and Latin America drive significant growth with manufacturing, construction, and water management investments. Advancements in energy-efficient pumps and smart pump systems will further accelerate market expansion as industries prioritize efficiency and sustainability”. - Says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
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Market Drivers
The surge of industrialization in emerging economies continues to be a primary catalyst propelling the demand for industrial pumps across diverse sectors such as manufacturing, construction, and mining.
The escalating emphasis on water conservation, coupled with stringent regulations governing wastewater treatment, is fostering a robust demand for industrial pumps utilized in water supply, sewage treatment, and desalination plants.
The expansion of the oil and gas industry, particularly in offshore exploration and production endeavors, is driving the sales of industrial pumps utilized in various operations including crude oil transportation, refining, and petrochemical processing.
Ongoing advancements in pump technology play a pivotal role in driving market growth, as they offer enhanced performance, reliability, and cost-effectiveness. These technological innovations enable industries to achieve greater efficiency and productivity, thereby driving the adoption of industrial pumps across diverse applications and sectors.
Competitive Landscape
The industrial pump market is experiencing growth due to strategic initiatives such as innovation, expansion into emerging markets, and improved product offerings. Key players such as Grundfos, KSB Group, Xylem Inc., Sulzer Ltd., and Flowserve Corporation invest in research and development to enhance pump technologies for better performance, reliability, and energy efficiency. Key companies also focus on global expansion through acquisitions, partnerships, and distribution agreements to access new markets. Manufacturers are contributing significantly to the growth of the industrial pump market.
Recent Developments:
- In January 2024, SPX FLOW launched the Universal 2nd (U2ND) Positive Displacement Pump Series under its Waukesha Cherry-Burrell (WCB) brand, catering to industrial users' needs.
- In November 2023, DXP Enterprises, Inc. acquired Alliance Pump & Mechanical Service, Inc., a prominent player in municipal and industrial pump sales, service, and repair.
- In August 2023, Atlas Copco acquired Sykes Group Pty Ltd, a dewatering pump manufacturer, which complements its portfolio.
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Market Segmentation
By Product:
- Centrifugal Pump
- Axial Flow Pump
- Radial Flow Pump
- Mixed Flow Pump
- Positive Displacement Pump
- Reciprocating
- Rotary
- Others
By Distribution Channel:
- Online
- Offline
By Application:
- Oil and Gas
- Chemicals
- Construction
- Power Generation
- Water and Wastewater
- Others
By Region:
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- Latin America
Authored By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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In 2023, the centrifugal pumps market is estimated to be valued at US$ 33 billion, poised to escalate to US$ 60 billion by 2033, reflecting a notable CAGR of 6.2%.
The dewatering pump market is forecasted to reach US$ 7,356.8 million in 2023, with an expected CAGR of 5.2% until 2033, culminating in a valuation of US$ 12,213.6 million.
The submersible pumps market is anticipated to experience substantial growth, with an estimated valuation of US$ 19.39 billion by 2033, compared to US$ 11.68 billion in 2023, indicating a CAGR of 5.2% during the forecast period.
The heat pump market is also on a trajectory of significant expansion, projected to reach US$ 58.7 billion by 2033, up from US$ 34.3 billion in 2023, with a steady CAGR of 5%.
The magnetic drive pump market is expected to witness robust growth, with an estimated valuation of around US$ 1,251 million by 2033, reflecting a CAGR of 6.4% between 2023 and 2033.
The smart pump market is forecasted to reach US$ 2,165.7 million by 2033, with a notable CAGR of 7.8% over the forecast period, starting from a valuation of US$ 1,021.9 million in 2023.
The digital pump controller market is anticipated to expand from US$ 10,684.6 million in 2023 to US$ 19,638.0 million by 2033.
The commercial booster pumps market is expected to grow significantly, with sales revenue reaching US$ 12,084.3 million by 2033, reflecting a CAGR of 7.6% from 2023.
The vertical immersion pumps market is poised for expansion, projected to reach US$ 6,050.8 million by 2033, with a Y-o-Y growth of 4.8%.
The high pressure pumps market is estimated to increase from US$ 2.7 billion in 2022 to about US$ 4.0 billion by 2033, with a CAGR of 3.5% over the forecast period.
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