Global Pumps Market 2023

Global Pumps Market 2023

It is anticipated that the global pumps market will witness a CAGR of 4.5% (in sales value terms) during the forecast period, leading to a projected value of USD 52,633 million by the year 2028. Factors shaping the global pumps market include the shift from Industry 4.0 to 5.0, digital transformation in smart factories, embracing digital solutions and service-based models, leveraging AI for enhanced performance and customer service, adoption of smart technology trends, revenue opportunities through IIoT, and data utilization for improved pump performance and customer satisfaction in the digital era.

According to Tanalyze, the healthcare industry's market for centrifugal pumps is projected to reach USD 2,440 million by 2028, exhibiting a higher compound annual growth rate (CAGR) of 5.8% from 2023 to 2028 compared to other segments. Furthermore, the centrifugal pumps segment emerged as the dominant category within the pumps market during the study conducted in 2023.

The pumps industry in Europe can be divided into two primary segments based on the type of fields they cater to: Positive Displacement Pumps and Centrifugal Pumps. Among these segments, Tanalyze predicts that Centrifugal Pumps will experience the highest growth rate. The revenue generated by the Europe Centrifugal Pumps market amounted to USD 8,131 million in 2022 and is estimated to grow to USD 10,829 million by 2028, with a CAGR of 4.1%. However, it is important to note that the Asia-Pacific region emerged as the dominant player in the pumps market during the study conducted in 2023.

The top 5 players in the global pumps market held a combined market share of over 20% in 2022. These leaders included Flowserve Corp., Sulzer AG, KSB SE & Co. KGaA, Xylem, Inc., and Grundfos AS. Other prominent companies operating in this market include ITT, Inc., IDEX Corporation, Dover Corporation, Ebara Corporation, SPX Flow, Inc., Ingersoll Rand Inc., among others.>