Market Size of Pump Industry
| 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.
