Pumps Market size is predicted to witness more than 4.5% CAGR between 2023 and 2032, backed by the wider adoption of pumps in various industries for enabling the efficient transfer of fluids.
To understand key trends
Download Free Sample
The market has been experiencing steady growth due to the rising demand from industries such as oil and gas, water and wastewater treatment, chemical processing, and power generation. With increasing focus on opting for cleaner fuels for reducing GHG emissions and negative environment impact, there is a high demand for natural gas across the globe. Nations are signing deals for natural gas import, such as Hungary reaching out to Turkey for the commodity. Booming oil & gas sector, along with technological advancements, and the need for energy-efficient & reliable pumping systems are driving the market expansion.
|Forecast Period:||2023 to 2032|
|Forecast Period 2023 to 2032 CAGR:||4.5%|
|Historical Data for:||2018 to 2021|
|No. of Pages:||345|
|Tables, Charts & Figures:||412|
|Segments covered:||Type, Position, Driving Force, Technology, End-User and Region|
|Pitfalls & Challenges:|
To understand market opportunities
Download Free Sample
The rising need for water and wastewater treatment, impelled by population growth and industrialization, has stimulated the demand for pumps. The expansion of the oil & gas industry, especially in developing regions, has created significant opportunities for pump manufacturers. However, Factors such as high initial investment costs, strict environmental regulations, and the availability of alternative pumping technologies pose as restraints to market growth. The market is highly competitive, with several players vying for stronger position, leading to pricing pressures and intense rivalry.
In recent years, the pumps industry has witnessed notable trends, including the increasing adoption of smart and IoT-enabled pumps. The technology integration in pumps allow remote monitoring, predictive maintenance, and energy optimization capabilities. Also, the growing demand for pumps with enhanced durability and reliability, as industries seek long-term solutions to reduce downtime and maintenance costs is boosting the market share.
The COVID-19 pandemic has had a mixed impact on the pumps market. While certain industries experienced a temporary decline in demand due to lockdowns and supply chain disruptions, others, such as pharmaceuticals, healthcare, and water & wastewater treatment, fared well. This led to increased demand for pumps for efficient fluid supply. The pandemic also highlighted the importance of reliable and efficient pumping systems for critical applications, encouraging the manufacturers to invest in R&Ds and introducing products with improved capabilities. This will result in better market penetration in the coming years.
The pumps market share from the engine-driven segment is projected to register 2.6% growth rate through 2032. These pumps, powered by internal combustion engines, find extensive applications in sectors such as agriculture, construction, and firefighting. The demand for engine-driven pumps is primarily led by their versatility, mobility, and ability to operate in remote locations without a reliable power source. Moreover, the growing need for emergency pumping during natural disasters and in rural areas has further propelled the adoption of engine-driven pumps.
The pumps market size from the water & wastewater application segment is expected to observe 3.4% CAGR from 2023 to 2032. The increasing concern pertaining to water scarcity, along with focus on water quality, and environmental regulations have necessitated integration of advanced pumping solutions for water supply, treatment, and distribution. Pumps are extensively used in desalination plants, sewage treatment facilities, and municipal water supply systems. The growing population, urbanization, and industrialization further contribute to the demand for pumps in the water and wastewater sector.
Asia Pacific region is touted to hold nearly 50% share of the pumps market by 2032, due to rapid industrialization, fast urban migration, and infrastructure development in countries such as China, India, and Southeast Asian nations. The region's manufacturing sector, propelled by the growth of the automotive, chemical, and construction industries, has further fueled the demand for pumps. Additionally, rising government initiatives for clean water supply and wastewater treatment have augmented the market growth in APAC.
Some of the leading players in the global pumps market are;
Click here to Buy Section of this Report
Market, By Type
Market, By Position
Market, By Driving Force
Market, By Technology
Market, By End User
The above information is provided on a regional and country basis for the following: