Industrial Pumps Market: Current Analysis and Forecast (2022-2028)

Industrial Pumps Market: Current Analysis and Forecast (2022-2028)

Industrial pumps are a machine that transfigures the mechanical energy that it absorbs from the thermal, electrical, or any other kind of motor. It transforms it into a fluid as hydraulic energy which allows the transportation of fuel from one place to another. In recent times, the industrial pumps market has witnessed significant demand due to its growing adoption from a variety of sectors including agriculture, construction, municipal, sewage & waste among others. Also, the industry 4.0 integration forces industries to renovate their infrastructure and is expected to support the demand for industrial pumps during the forecast period. Additionally, the use of industrial pumps for a variety of applications such as water movement, chemical processing, pressurized fluid/water, and large-volume fluid management among others is expected to propel the demand.

The Industrial Pumps Market is expected to grow at a steady rate of around 6% owing to the increasing adoption of centrifugal pumps for agriculture applications along with the increasing investment in wastewater treatment plants around the world. Major companies in the market are focusing to provide industrial pumps with technologically advanced features along with new product launches, collaboration, and mergers & acquisitions. For instance, in June 2022, Atlas Copco acquired Shandong Jinggong Pumps Co. Ltd. a Chinese manufacturer of industrial vacuum pumps & systems which strengthened its presence in the Asia-Pacific region.

• Based on the type, the market is segmented into reciprocating, centrifugal, rotary, and other. The centrifugal segment is expected to witness significant market growth owing to its increasing demand in the industries such as hydrocarbon processing, water injection, pipeline service, and water & wastewater treatment among others to deal with the high volume of liquids irrespective of the pressure. Also, centrifugal pumps are more suitable in the chemical industry and handling solid particle which is carried in fluid suspension. Additionally, the lower weight, lower price, and requirement of less space for the installation of centrifugal pumps are expected to propel the demand.
• Based on the operation, the market is segmented into hydraulic, electrical, and air driven. The electrical segment is expected to witness significant CAGR during the forecast period owing to its ability to handle both liquid and solid as well as to increase production across the industries. Also, electric pumps are more efficient and require less maintenance. For instance, according to the Atlantic Pumps, a manufacturer and supplier of industrial pumps, electrical motors can convert around 70% of energy into mechanical energy which is much higher than its counterpart. Furthermore, the electrical segment imposes less exposure to breakdown & malfunction along with lower operational costs compared to its counterpart and is expected to support the market growth during the forecast period.
• Based on the application, the market is segmented into chemical, oil & gas, power generation, general industry, water & wastewater, and other. The water & wastewater segment is expected to register significant market growth during the forecast period due to the increasing demand for water treatment facilities to meet the growing need for drinkable water around the world. Additionally, different types of industrial pumps are used in water & wastewater treatment plants including high-pressure pumps, submersible water pumps, agitator pumps, and circulation pumps among others, and are expected to support the market growth. Also, industrial pumps are widely used in water & wastewater treatment plants to collect the wastewater from the different parts and send it to the treatment plant from where it again sends for final consumption. For instance, according to the WHO, around 50% of the population is expected to be water-stressed countries in the Asia-Pacific region by 2026.
• For a better understanding of the market adoption of the industrial pumps industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Asia-Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to rapid industrialization and economic expansion. Also, the growth in the manufacturing sector, oil & gas industries, and increasing demand for usable water among others will support the market growth. Furthermore, lower manufacturing costs coupled with lower labor costs along with the merger & acquisition, and new product launch in the industrial pumps market will propel the market growth. For instance, in April 2020, Pleuger Industries a global firm expanded its presence in Singapore in order to strengthen its presence in Asia. Additionally, the increasing investment in infrastructural development and increasing research & development activities are expected to propel the market growth during the forecast period.
• Some of the major players operating in the market include Flowserve Corporation, Grundfos Holding A/S, KSB SE & Co. KGaA, Iwaki Co. Ltd., SPX Flow, Sulzer Ltd., Xylem, Ingersoll-Rand, Pentair, and Atlas Copco AB.