Industrial Pumps Market Outlook
According to the report by Expert Market Research (EMR), the global industrial pumps market size is projected to grow at a CAGR of 3.92% between 2024 and 2032. Aided by the escalating demand across various industrial sectors and technological advancements, the market is expected to grow significantly by 2032.
Industrial pumps, fundamental in a myriad of industrial processes, are devices used to move fluids (liquids or gases) or sometimes slurries, by mechanical action. These pumps play a crucial role in sectors ranging from water and wastewater management to chemical processing, oil and gas, power generation, and pharmaceuticals.
The industrial pumps market growth is primarily driven by the increasing demand from key end-use industries. For instance, in the water and wastewater industry, pumps are essential for the transportation and treatment of water, which is vital for both municipal and industrial applications. Similarly, in the oil and gas sector, pumps are used for a multitude of purposes, including upstream production, midstream transportation, and downstream processing.
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Another significant driver is the technological advancement in pump manufacturing. Innovations such as smart pumps, which are equipped with sensors and connectivity for real-time data monitoring, predictive maintenance, and energy-efficient operations, are becoming increasingly popular. These advancements not only enhance operational efficiency but also contribute to environmental sustainability, aligning with the global shift towards greener industrial practices.
The industrial pumps market outlook is also influenced by the growing trend of digitalisation and automation in industrial sectors. This trend is leading to the adoption of more advanced pumping solutions that can integrate seamlessly with automated systems, offering better control and efficiency in industrial processes.
The Asia Pacific region, led by countries like China and India, accounts for a significant portion of the industrial pumps market share due to rapid industrialisation and infrastructure development. North America and Europe also hold substantial market shares, attributed to their mature industrial sectors and the presence of leading pump manufacturers.
Looking forward, the market is poised for steady growth. The ongoing industrial development, coupled with technological advancements in pump manufacturing, is expected to drive the market. Furthermore, the increasing emphasis on sustainability and energy efficiency is likely to shape the development of new and innovative pump solutions.
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Industrial Pumps Market Segmentation
The market can be divided based on product, application, and region.
Market Breakup by Product
- Centrifugal Pump
- Axial Flow Pump
- Radial Flow Pump
- Mixed Flow Pump
- Positive Displacement Pump
- Reciprocating
- Rotary
- Others
- Others
Market Breakup by Application
- Oil and Gas
- Chemicals
- Construction
- Power
- Water and Wastewater
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global industrial pumps market. Some of the major players explored in the report by Expert Market Research are as follows:
- Grundfos Pumps Corporation
- Xylem Inc.
- Trane Technologies plc
- KSB SE & Co. KGaA
- Iwaki America, Inc.
- Others
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