Pumps Market Size
| Study Period | 2018- 2028 |
| Base Year For Estimation | 2022 |
| CAGR | > 8.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Pumps Market Analysis
The pump market is expected to register a CAGR of more than 8% during the forecast period.
In 2020, COVID-19 had a detrimental effect on the market. Presently, the market has reached pre-pandemic levels.
- Over the long term, the increasing demand in the oil and gas sector led to numerous offshore deepwater projects being planned across the world. This, in turn, is expected to drive the pump market during the forecast period.
- On the other hand, technological advancements in alternative options for conventional pumps, such as solar pumps, are expected to hinder the pump market during the forecast period.
- Nevertheless, the manufacturing of pumps has witnessed the combination of 3D printing technology with computer modeling. This has led to cutting-edge development in pump design, repair, and replacement, which, in turn, drives the pump market and provides opportunities for the market in the future.
- Asia-Pacific dominated the market across the world in 2022, with the majority of the demand coming from China and India. Following North America, it is the market's fastest-growing region.
Pumps Market Trends
Increasing Demand for Water and Wastewater Treatment Plants
- Around two-thirds of the world’s population lives in areas that experience water scarcity for at least a month annually. Around 50% of people facing this level of water scarcity live in India and China. Therefore, the demand for the treatment of wastewater produced is expected to improve the efficiency of water usage and meet the water demand for both municipal and industrial sectors.
- The United Nations' Sustainable Development Goal (SDG) number six emphasizes universal and equitable access to clean water and aims to improve water quality by curbing pollution and eliminating the dumping of hazardous chemicals and materials by 2030. Hence, maintaining water resources' availability and sustainable management is likely to propel the growth of wastewater treatment activities in chemical industries.
- In 2022, around 45.5 thousand hot water pumps were sold in Germany. This was an increase compared to 2021, at 23.5 thousand pumps. Also in 2022, a German-based chemical manufacturing company, LANXESS, commissioned a novel wastewater treatment plant worth 12.65 million at the Kallo/Antwerp site in Belgium, with a water treatment potential of 260,000 liters of wastewater per hour, which is viewed as a step toward the adoption of wastewater treatment practices.
- Similarly, in June 2022, a nanobubble technology provider, Moleaer, declared fundraising of USD 61 million to help companies expand wastewater treatment production capacity by nearly 25%. It is expected to help chemical industries deploy technology in their water treatment plants.
- The United States Environmental Protection Agency (EPA) has promulgated effluent guidelines for industries such as organic chemicals, plastics, synthetic fibers, gum and wood chemicals, and pesticide chemicals, among others. It permits control mechanisms for chemical industries' wastewater treatment.
- Therefore, growing concerns regarding the environmental impact of wastewater and water scarcity, stringent government regulations, and the declining cost of water treatment plants are expected to drive the water treatment industry and, in turn, increase demand in the pump market during the forecast period.
Asia-Pacific is Expected to Dominate the Market
- In the Asia-Pacific, countries like India and China are witnessing an increase in industrial activities, inducing growth in demand for crude oil and chemicals, among others. China is expected to account for significant growth in crude oil refining capacity by 2025 in Asia-Pacific (APAC). The country is expected to account for 26.8% of the total refining expansion capacity in the region by 2025. This is likely to contribute to the market demand for pumps in the region.
- Most of the countries in Asia-Pacific are in a growing phase, and the high rate of population growth has led to an increased requirement for water supply.
- Moreover, excess water extraction in countries such as India resulted in a 58% decline in the water level between 2011 and 2021. This has translated into an increase in demand for high-head pumps.
- During 2000 to 2021, India attracted an FDI investment of about USD 763.83 billion, and in 2021, the FDI investment in the petroleum, natural gas, and mining industries was approximately USD 81.97 billion. Thus, high investments, policies, and various industries are likely to propel the pump market in the region during the forecast period.
- However, in October 2022, Ingersoll Rand Inc. agreed to acquire India’s Everest Group and France’s Airmax Group for USD 86 million. Everest Group provides customized blower and vacuum pump solutions and sustainable end markets, including water treatment, pharma, and food and beverage.
- Based on the above-mentioned factors, Asia-Pacific is expected to dominate the pump market during the forecast period.
Pumps Industry Overview
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.
Pumps Market Leaders
Flowserve Corporation
Sulzer Ltd
Baker Hughes Company
Grundfos Holding AS
KSB SE & Co. KGaA
*Disclaimer: Major Players sorted in no particular order
Pumps Market News
- February 2023: Motion & Control Enterprises acquired Precision Pump & Valve, a distributor of safety relief and control valves, pumps, and related equipment. The company provides solutions for oil and gas, petrochemical, and chemical processing markets
- July 2022: BASF and MAN Energy Solutions collaborated to commence the construction of an industrial-scale heat pump at the BASF site in Ludwigshafen. The project is projected to significantly contribute to decreasing greenhouse gas emissions, establishing the use of low-CO2 technology in chemical manufacturing, and reducing natural gas usage at the site.
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 billion, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 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 Type
5.1.1 Centrifugal Pump
5.1.2 Positive Displacement Pump
5.2 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 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
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 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 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 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 Rest of 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
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Pumps Industry 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 its own 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 Global Pump Market report is segmented by type, end-user, and geography (North America, Asia-Pacific, Europe, South America, the Middle East, and Africa). 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 report also covers the market size and forecasts for the global pump market across major regions. For each segment, market sizing and forecasts have been done based on revenue (value in USD billion).
| Type | |
| Centrifugal Pump | |
| Positive Displacement Pump |
| End-User | |
| Oil and Gas | |
| Water and Wastewater | |
| Chemicals and Petrochemicals | |
| Mining Industry | |
| Power Generation | |
| Other End-Users |
| Geography | |||||||
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Pumps Market Research FAQs
What is the current Pump Market size?
The Pump Market is projected to register a CAGR of greater than 8% during the forecast period (2023-2028).
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 (2023-2028).
Which region has the biggest share in Pump Market?
In 2023, the Asia Pacific accounts for the largest market share in the Pump Market.
Pumps Industry Report
Statistics for the 2023 Pumps market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Pumps analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
