The pump market size will reach approximately US$94.4 billion by 2030

Ottawa, 02 Feb. 2022 (GLOBE NEWSWIRE) — The world pump market size was reached at US$69.81 billion in 2021. The global pump market will grow at a moderate pace, owing to increasing government spending on innovative water infrastructure. The increasing use of various types of pumps in various industries, such as oil and gas, water and wastewater treatment, food and beverage, power generation and chemical industries, will boost pump market growth.

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Additionally, the increased need for clean water for domestic and industrial use would increase the number of water and sewage treatment plants, leading to an increase in the demand for pumps. As governments install state-of-the-art flood control systems in flood-prone areas, demand for the products will increase. Water conservation measures will be facilitated by a growing awareness of water consumption, as well as groundwater depletion.

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Report Highlights Details
Market size by 2030 $94.4 billion
Growth rate from 2021 to 2030 3.4%
Fastest growing region North America
Biggest earner Asia Pacific
By product type
  • Centrifugal pump
  • Positive displacement pump
  • Others
By request
  • Agriculture
  • Building and construction services
  • Water and wastewater
  • energy production
  • oil and gas
  • Chemical
  • Others

Report Highlights

  • On the basis of product type, the centrifugal pumps segment is dominating the global pumps market during the forecast period. Centrifugal pumps are designed to transfer fluid through impellers using mechanical forces. The fluids are subjected to shear stresses and are guided to the outlet by rotating wheels. These aforementioned factors are driving the growth of the segment.
  • Based on the application, the water and wastewater segment is expected to grow at a rapid rate during the forecast period. Water scarcity and demand for potable water is expected to increase globally, leading to high acceptance of water and wastewater applications. Pumping systems are required to remove impurities and discharge them into water resources in water and wastewater applications. Pumping systems are used in water supply activities such as potable water systems and gray water recycling to increase efficiency.

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Regional overview

The Asia-Pacific region leads the market and reached 47% revenue share in 2020. The presence of many low-cost manufacturers in developing countries would help drive the demand for the regional market as they can supply end users with tailored, long-term support. The existence of various small, medium and large pharmaceutical and chemical companies in India and China will further enhance the market expansion.

North America is the fastest growing pump market segment in terms of region. Due to a significant increase in construction activity in the industrial and commercial sectors, the North American market is expected to continue to grow steadily. In addition, throughout the projection period, an increase in the installation of independent power plants as well as technological improvements are expected to fuel product demand in North America.

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Market dynamics

Drivers

Increased investment in wastewater treatment plants

The reuse of wastewater is an essential solution to overcome water scarcity and meet the growing demand for water. Pumps are widely used to treat wastewater in sewage treatment plants. Rotating impellers are used in these pumps to increase impeller speed and push fluids through outlet valves. As a result, the increasing number of sewage treatment plants around the world is expected to increase the demand for pumps.

Constraints

Increased competition from unorganized sectors of gray market players

Gray market products pose significant challenges for brand owners by offering low-cost alternatives and cost-effective maintenance services. These alternative products are supplied by local and gray market players in the pump industry. In terms of price competitiveness and an efficient local supply network, the informal sector, which includes the gray market and local players, can outperform well-established companies in this market. In addition, local players being close to consumers, they can respond quickly to their needs. This serves as a supplement for the purchase of locally made alternative products. Thus, the easy availability of local alternative products hinders the entry of global pump manufacturers into the local market and poses a threat to the market.

Opportunities

Increase in demand in different industries

The expansion of the pump market has also been stimulated by the increase in industrial activities and the rehabilitation of infrastructure. The demand for pumps has increased due to the increasing growth of chemical industries in the world. Pumps are increasingly used in chemical transfer systems following recent developments in corrosion resistant pumps. As a result, the surge in demand across different industries is a huge opportunity for the growth of the pumps market.

Challenges

cavitation effects

Cavitation is the process by which the vapor phase of a liquid forms when it is subjected to reduced pressures at a constant ambient temperature. Vapor bubbles formed in pumps due to lack of liquid tend to move to high pressure areas within them in order to collapse under sufficient pressure and return to the liquid state. Thus, cavitation effects are a major issue for the growth of the pumps market.

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Some of the major players in the global pumps market include:

  • EBARA International Corp.
  • Vaughan Company Inc.
  • Flowserve Corp.
  • Sulzer Ltd.
  • IWAKI Co.Ltd
  • Grundfos Holding A/S
  • KSB SE & Co. KGaA
  • Schlumberger Ltd.
  • Xylem
  • Sulzer Ltd.

By geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa (MEA)

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