Industrial Pumps Market Size - By Pump Type (Centrifugal Pumps, Positive Displacement Pumps, Diaphragm Pumps, Gear Pumps, Screw Pumps), By Power Source (Electric & Solar Pumps, Diesel Pumps), By Flow Rate, By Horse Power, By Technology, By Application, By Distribution Channel & Forecast, 2024 - 2032
Published on: 2024-07-30 | No of Pages : 240 | Industry : Industrial-Machinery
Publisher : MIR | Format : PDF&Excel
Industrial Pumps Market Size - By Pump Type (Centrifugal Pumps, Positive Displacement Pumps, Diaphragm Pumps, Gear Pumps, Screw Pumps), By Power Source (Electric & Solar Pumps, Diesel Pumps), By Flow Rate, By Horse Power, By Technology, By Application, By Distribution Channel & Forecast, 2024 - 2032
Industrial Pumps Market Size
Industrial Pumps Market was valued at around USD 44.4 billion in 2023 and is estimated to register a CAGR of around 5.1% between 2024 and 2032, driven by the innovative strategies of major players, technological advancements, and industry progress.
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Notably, sectors like oil and gas, chemicals, water management, and manufacturing are leading this upswing, highlighting an increasing demand for effective pumping solutions. As an example, Flowserve, a prominent player, has notably advanced in creating high-efficiency pumps and digital solutions. Their technology, "Flowserve Seal Minder," offers real-time monitoring for mechanical seals, enhancing pump longevity by averting failures.
Report Attribute | Details |
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Base Year | 2023 |
Industrial Pumps Market Size in 2023 | USD 44.4 Billion |
Forecast Period | 2024 to 2032 |
Forecast Period 2024 to 2032 CAGR | 5.1% |
2032 Value Projection | USD 69 Billion |
Historical Data for | 2021 - 2023 |
No. of Pages | 310 |
Tables, Charts & Figures | 365 |
Segments covered | Pump Type, Power Source, Flow Rate, Horse Power, Technology, Application, Distribution Channel, Region |
Growth Drivers |
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Pitfalls & Challenges |
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In developing economies, many businesses might deem the cost of advanced industrial pumps and associated technologies prohibitive. This cost encompasses advanced materials, innovative technology, and energy-efficient designs. The industrial pumps market witnesses intense competition, given its multitude of participants, ranging from established entities to newcomers. Such competition can directly influence individual companies' profit margins and market share. Moreover, global supply chain challenges, including logistical hurdles and component supply disruptions, can significantly affect production schedules and delivery timelines for industrial pumps.
Industrial Pumps Market Trends
The pump industry is witnessing a transformation, courtesy of the Internet of Things (IoT) and the integration of digital technologies. Smart pumps, equipped with sensors and networking capabilities, enable real-time monitoring, predictive maintenance, and heightened efficiency. This shift is fueling the demand for interconnected pump systems. Furthermore, escalating concerns about global water scarcity and the imperative for efficient wastewater treatment are propelling the growth of the water and wastewater management sector. To address the distribution, treatment, and recycling of water, the industry is increasingly turning to advanced pump systems.
Additionally, innovations in high-performance alloys, corrosion-resistant materials, and advanced coatings are expanding the applications of industrial pumps to a wider array of industries and challenging environments.
Industrial Pumps Market Analysis
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Based on the pump type, the centrifugal pumps segment accounted for revenue of around USD 21.9 billion in 2023 and is expected to reach USD 34.8 billion by 2032. Centrifugal pumps find widespread use across diverse sectors such as manufacturing, oil and gas, chemicals, and water and wastewater treatment. Their appeal lies in their ability to handle diverse fluids and operating environments. Compared to alternative pump varieties, centrifugal pumps stand out for their cost-effectiveness, both in initial outlay and long-term maintenance. The market is witnessing growth primarily driven by their widespread adoption, attributed to their simplistic design and maintenance convenience.
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Based on application, the water & wastewater treatment segment held proximately 25% of the market share in 2023 and will hold 26% by 2032. Urbanization and a swelling global population are heightening the demand for clean, potable water. Industrial pumps play a pivotal role in efficiently managing, distributing, and purifying water to meet this escalating demand. The market for water treatment products is witnessing a surge, driven by the heightened demand. Not only municipal systems but also industrial, commercial, and sectors like chemicals, food and beverage, and pharmaceuticals are increasingly recognizing the importance of robust water and wastewater management, further underlining the need for advanced pump systems.
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North America region dominated around 26% share of the industrial pump market in 2023 and is estimated to register a CAGR of around 5.1% between 2024 and 2032. Stringent safety and environmental regulations in North America underscore the need for advanced pumping technologies. Meeting these standards mandates high-performance pumps across various applications. North America's industrial scene, dominated by the energy sector, particularly oil, gas, and renewables, drives the demand for specialized pumps tailored for high-pressure and high-temperature settings. This demand is further fueled by ongoing investments in energy infrastructure and exploration.
Country-level Analysis
The U.S. dominated the North America industrial pumps market with revenue of over USD 8.9 billion in 2023 and is expected to grow at a CAGR of 5.3% through 2032. The United States boasts a diverse industrial landscape, spanning manufacturing, chemicals, oil and gas, water treatment, and electricity generation. Given this breadth, a wide array of industrial pumps are in high demand. Notably, the U.S. channels substantial investments into its water and wastewater infrastructure, addressing regulatory mandates, aging systems, and water scarcity concerns. Consequently, the industry's demand centers around advanced pump systems, crucial for efficient wastewater treatment and water distribution.
Germany dominated the Europe industrial pumps market share of around 24% in 2023 and is expected to grow at a CAGR of 5.4% from 2024 to 2032. Germany's robust industrial landscape, encompassing manufacturing, chemicals, automotive, and pharmaceuticals, drives a significant demand for industrial pumps. Given the emphasis on Industry 4.0 and automation, there's a growing need for cutting-edge pumping solutions that seamlessly integrate with automated processes. The adoption of digital technologies and smart pumps aligns with Germany's overarching goal of enhancing manufacturing efficiency and automation.
China dominated the Asia Pacific industrial pumps market share of around 33% in 2023 and is expected to grow at a CAGR of 5.6% from 2024 to 2032. China's robust investments in transportation networks, urban development, and wastewater treatment facilities are driving up the demand for industrial pumps. This heightened need stems from the country's expansive industrialization, particularly in sectors such as manufacturing, chemicals, mining, and oil and gas. Given the scale of industrial activities in China, there's a pressing demand for reliable and efficient pumping systems across various applications.
Industrial Pumps Market Share
The industrial pumps industry is fragmented, with several regional companies operating on a global scale. In 2023, Flowserve Corporation, Grundfos Group, Sulzer AG, Xylem, Inc., and Pentair plc led the market. To expand their customer base, broaden their product offerings, and establish a stronger foothold in the market, these corporations strategically deploy mergers, acquisitions, partnerships, and facility expansions. They also leverage their vast distribution networks and resources to investigate new markets.
Industrial Pumps Market Companies
Major players operating in the industrial pumps industry are
- Atlas Copco AB
- Ebara Corporation
- Flowserve Corporation
- Gardner Denver Holdings, Inc.
- Gorman-Rupp Company
- Grundfos
- ITT Inc.
- Kirloskar Brothers Limited
- KSB SE & Co. KGaA
- SPX FLOW, Inc.
- Sulzer Ltd.
- Tsurumi Manufacturing Co., Ltd.
- Weir Group PLC
- Wilo SE
- Xylem Inc.
Industrial Pumps Market News
- In May 2023, Xylem Inc. completed its acquisition of Evoqua Water Technologies Corp., a move designed to bolster its market standing. This strategic acquisition is pivotal for Xylem, blending its water technology proficiency with Evoqua's innovative water and wastewater treatment solutions. By integrating Evoqua, Xylem significantly bolsters its ability to provide advanced solutions within the water sector.
- In November 2021, Grundfos, a prominent player in water technologies and pumps, bolstered its portfolio by acquiring Mechanical Equipment Company, Inc. (MECO). Hailing from the U.S., MECO is renowned for its expertise in industrial water treatment and pharmaceutical water purification. This strategic move aimed to solidify both entities' foothold as premier global water treatment solution providers.
This industrial pumps market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Billion) and volume (Million Units) from 2021 to 2032, for the following segments
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Market, By Pump Type
- Centrifugal Pumps
- Positive Displacement Pumps
- Diaphragm Pumps
- Gear Pumps
- Screw Pumps
- Others (Piston Pumps, Progressive Cavity Pumps, etc)
Market, By Power Source
- Electric & Solar Pumps
- Diesel Pumps
- Others (Gasoline Solar, Etc)
Market, By Flow Rate
- Below 100 m³/h
- 100 - 500 m³/h
- Above 500 m³/h
Market, By Horse Power
- Below 100 HP
- 100 - 500 HP
- Above 500 HP
Market, By Technology
- Conventional
- Smart
Market, By Application
- Water & Wastewater Treatment
- Chemicals and Petrochemicals
- Mining
- Food and Beverages
- Construction
- Oil & Gas
- Pharmaceutical
- Marine
- Pulp & Paper
- Others (Agricultural, Textile, etc)
Market, By Distribution Channel
- Direct
- Indirect
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Malaysia
- Indonesia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- MEA
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
Table of Content
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