The pumps market is expected to witness substantial growth by 2027 driven by escalating product demand in varied end-use applications.

Over the past few years, governments across the globe have been focusing on reducing greenhouse gas emissions to curb climate change. To achieve these goals, power generation from carbon-free and low-carbon sources, such as solar, wind, hydropower, and nuclear energy, has become vital.

To that effect, heat pumps have proved to be an effective solution as they offer three to four times higher efficiency compared to furnaces. These pumps can heat homes during winters as well as cool them during summers by shifting the heat in and out of buildings instead of exhausting fossil fuels. Subsequently, surging prominence of heat pumps has fueled market adoption across the globe.

Additionally, industry players are investing in product innovation to enhance their market standing, which has positively impacted business outlook. For instance, in July 2021, Atlas Copco, the Sweden-based manufacturer, presented a novel technology platform dubbed ???Wear Deflector??? for its WEDA D70 electric submersible dewatering pumps.

The system runs on an innovative hydraulic design, which delivers high pump efficacy. The technology promises exceptional performance and makes water removal more reliable and productive at industrial and construction sites. As a result, technological advancements in products are fostering industry outlook worldwide.

The pumps market has been categorized on the basis of type, technology, position, driving force, application, and region. Based on type, the market has been segregated into stationary and portable. The stationary pumps sub-segment is estimated to garner a sizable revenue by 2027, growing at a CAGR of around 3.3% through the projected timeline.

In terms of position, the market has been divided into non-submersible and submersible. The non-submersible pumps sub-segment valuation is calculated to rise at a notable rate to cross USD 53,450 million by 2027.

With respect to driving force, the market has been segmented into electric-driven and engine-driven. In 2020, the engine-driven sub-segment held more than 20% share in the pumps market and is set to register a considerable CAGR over the analysis time period.

By technology, the market has been categorized into dynamic pumps (centrifugal and others) and positive displacement (rotary {vane, gear, and screw} and reciprocating {piston/plunger and diaphragm}). The reciprocating technology segment is estimated to progress at over 3.6% CAGR through the assessment timeframe.

From the application perspective, the market has been bifurcated into building & construction, mining, power generation, general industries, chemicals, oil & gas, water & wastewater, and others. The building & construction sub-segment accounted for nearly 10% of the pumps market in 2020 and is slated to expand at a steady pace over 2021-2027.

By region, the Latin America pumps market is slated to grow at a CAGR of about 3.5% through the forecast timeline to reach a respectable valuation by 2027. In 2020, Middle East & Africa accounted for around 3.2% of the overall market revenue and is anticipated to witness substantial growth by the end of the study timeframe.