Pumps Market size worth over $77bn by 2026
Published Date: December 14, 2020 Authors: Kiran Pulidindi, Hemant Pandey
Pumps Market size is set to surpass USD 77.1 billion by 2026, according to a new research report by Global Market Insights, Inc.
Continuous expansion of the industrial manufacturing sector will lead to an increased utility of pumps
Growing applications in the industrial sector, such as food & beverages, chemical, and pharmaceutical, are significant factors driving pump demand. Pumps are employed in these sectors for a variety of applications such as drying, mixing, filtration, absorption, evaporation, and crystallization. In food and beverage processing, submersible pumps are specially designed for high-temperature and high endurance applications. In the oil & gas industry, pumps are used in turnkey projects & firefighting solutions to offshore platforms. Oil & gas pumps are used for gasoline transfer, injection tasks, chemical transfer, or steam stripping. The indispensable utility of pumps in these sectors will escalate the market growth during the forecast period.
Pumps are widely used for the removal of commercial & domestic high-temperature wastewaters. It is mainly installed in stormwater retaining basins, pumping stations, sewage plants, and wastewater treatment for purification. They are suitable for wastewater & clear water and sewage & sludge, containing fibrous & solid material and gaseous liquids. A submersible pump is a popular type of pump used in these stations as it does not obstruct sightlines and is virtually silent during operations, accelerating the product demand.
Maintenance and operational costs of pumps can affect the pumps market expansion during the forecast timespan. Pumps are associated with high installation and maintenance costs. Damage to parts during operation needs to be fixed immediately or it can hamper the overall productivity of the manufacturing plant. Pumps also require periodic oil replacement, lubrication of bearings, replacement of filters & valves, checking, etc. The major costs are associated with energy consumption. Pump manufacturers are trying to reduce these costs with innovation.
Browse key industry insights spread across 300 pages with 336 market data tables & 25 figures & charts from the report, “Pumps Market Size, By Type (Portable, Stationary), By Position (Submersible, Non-submersible), By Driving Force (Engine-Driven, Electrical-Driven), By Technology (Centrifugal Pumps, Diaphragm Pumps), By Application (Mining, Building & Construction, Oil & Gas, Industrial, Municipal), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Portable pumps to acquire a high adoption rate in the product segment
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The portable segment in the pumps market will cross more than USD 13.8 billion by 2026. Portable pumps are generally employed in cleaning manholes, sludge removal, dewatering, pumping sewage, and pumping, cutting, or dressing water circulation in the stone industry. These pumps are generally made for tough applications, where portability is the priority of the end-user. These pumps can also be trailer-mounted to enhance the portability of larger pump units. The major application area of these pumps is firefighting.
Submersible pumps to attain high growth
Pumps market for submersible position segment will hold USD 29.2 billion in 2026. These pumps are typically electrically powered and are referred to as an ESP. They are placed inside the fluid, providing them an added advantage to pump out the fluid more efficiently. Increasing government expenditure by oil producing nations in upstream activities owing to the revival in petroleum gas prices will accelerate demand for multistage submersible pumps. They are equipped with two or more impellers at different stages where the liquid lifting capacity can be enhanced by adjusting the number of stages. They are generally deployed in high-pressure pumping that involves municipal drainage & mine dewatering, large sewage treatment plants, and slurry pumping.
Diaphragm pumps will foresee high acceptance in the near future
The diaphragm pumps technology segment in the pumps market is anticipated to register 3.1% growth rate through 2026. A diaphragm pump, a type of positive displacement pump, can handle a very wide variety of liquids. It uses a combination of the reciprocating action of a thermoplastic diaphragm and valves on both sides of the diaphragm to pump a fluid. The diaphragm pump is expanding due to growing applications in the cleaning, mining, agriculture, shipping & offshore, chemical, and food industries. In addition, diaphragm pumps are suitable for refineries that are situated over sizable oil sources as they can transfer larger quantities of liquid.
Oil & gas application will showcase promising revenue growth
The oil & gas application captured over 19% of the pumps market share in 2019 and is predicted to expand at a CAGR of 2.7% till 2026. Accelerating exploration & production activities on account of recovering hydrocarbon prices will stimulate operation across onshore fields. Discoveries of new hydrocarbon reserves with the development of several halted projects will positively impact product demand. Pumps are generally used to accelerate the transmission of fluid from one location to another. Oil pumps are used in areas where ground pressure is not enough to force out the fluid to the surface.
North America will witness significant growth driven by matured end-use markets
North America pumps market is projected to account for a 17% revenue share by 2026. Continuous technological advancements in the manufacturing plants to develop new processes and increase operational efficiency have led to the popularity of pumping technology in the region over the past decade. The growing oil & gas and chemical industries in U.S. will also catapult the demand for pumps. Moreover, the pharmaceutical & biotechnology industry in U.S. will further influence the pump demand over the coming years.
Geographic expansion and strategic collaborations will escalate market competitiveness
The global pumps market is highly fragmented with moderate entry barriers. Industry participants are taking initiatives to expand their geographic boundaries and product portfolio to introduce their products in the emerging markets.
Some of the prominent companies operated in the market are Gorman Rupp Company, Gardner Denver, Thompson Pump and Manufacturing Company, Flowserve Corporation, Baker Hughes, Schlumberger, Roper Pump Company, Ebara Corporation, Atlas Copco, Sulzer, Doosan, MultiQuip, Magnum Pumps, Generac Holdings, Wacker Neuson, Kirloskar Brothers, KSB SE & Co. KGaA, and Cornell Pump Company.
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