The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global industrial pump market size is expected to reach USD 99.3 billion by 2027, expanding at a CAGR of 5.9% over the forecast period, according to a new report by Grand View Research, Inc. Technological advancements have resulted in increased efficiency, which is likely to propel the adoption of industrial pumps over the forecast period.
Advancement in technology is expected to improve basic process tasks, provide a long-term reduction in everyday operating processes, and increase the reliability of the industrial pumps. Furthermore, it is likely to enhance the product performance and reduce energy consumption, thereby augmenting the product demand in end-use industries, such as water and wastewater, oil and gas, and construction. Increased productivity offered is expected to bolster the product demand over the forecast period.
Rapid urbanization, infrastructure development, and increasing industrialization are the some of the key factors driving the demand for energy fuels, which, in turn, has led to the growth of the power and oil & gas industries. Increasing penetration of centrifugal and positive displacement industrial pumps in the oil & gas industry is expected to boost the industrial pump market growth over the projected period.
Growing expectations of customers are compelling the end-use industries to increase their spending on high quality industrial pumps installed with advanced process control, which, in turn, is likely to increase the focus of the manufacturers on improved energy efficiency.
Augmented usage of these products can be attributed to rising demand for petrochemicals in several economies of Asia Pacific such as India, Indonesia, Thailand, and Vietnam. Furthermore, growing industrial sector, coupled with rapid population expansion in these economies, is anticipated to bolster the market growth over the forecast period.
Moreover, demand for industrial pumps is expected to increase in countries like India and China on account of growing need for reusable water. Surge in the investments in China in the construction of indirect and direct liquefaction plants is also expected to drive the demand for the product.
Further key findings from the report suggest:
- Based on product, centrifugal industrial pumps accounted for 62.1% share of the global revenue in 2019 owing to their predominant usage in utilities and shop floors of production units in a wide array of industries
- On the basis of application, the water and wastewater application segment accounted for the largest share of 24.5% on account of stringent energy efficiency regulations
- Europe is estimated to register a CAGR of 5.6% from 2020 to 2027 on account of amplified usage of high-pressure industrial pumps in economies such as Germany and U.K. for controlling water flow rates
- In Asia Pacific, China accounted for over 50.0% market share in terms of revenue in 2019 on account of rising foreign investments, coupled with government subsidies to promote the usage of energy-efficient products
- Major industrial pump market players are adopting strategies such as new product development and acquisition of small & medium scale enterprises to improve market penetration and gain an edge over their competitors.