Global Industrial Pumps Market to Reach US$ 108.0 Billion by 2032, Impelled by Rising Number of Petrochemical Plants

February 03, 2022 | Heavy Industry

According to the latest report by IMARC Group, titled "Industrial Pumps Market Report by Product (Centrifugal Pump, Positive Displacement Pump, and Others), Distribution Channel (Online, Offline), Application (Oil and Gas, Chemicals, Construction, Power Generation, Water and Wastewater, and Others), and Region 2024-2032," the global industrial pumps market reached a value of US$ 67.8 Billion in 2023. Industrial pumps refer to mechanical equipment that are generally used for heavy-duty applications, including transferring slurry, chemicals, petroleum and sludge. They are commonly manufactured using cast iron or carbon steel that provides excellent heat resistance, strength and superior casting performance to the pumps. They are usually operated manually or with the help of energy sources, such as electricity, wind power and engines. They are widely utilized for water injection, hydrocarbon processing, pipeline systems and refineries across numerous sectors. The rising infrastructural development projects are providing a boost to the uptake of industrial pumps across the globe.

Global Industrial Pumps Market Trends:

The global market is primarily driven by significant growth across the oil and gas industry. This is supported by the increasing exploration activities on the global level. Additionally, the rising utilization of centrifugal pumps for biochemical processes is acting as a major growth-inducing factor. Furthermore, the growing number of petrochemical plants across numerous countries are impelling the market growth. In addition to this, the widespread adoption of industrial pumps in wastewater management and the increasing utilization of submersible pumps for pumping excess water in the construction sites are positively influencing the market growth. Moreover, various technological advancements are providing a boost to the market growth. In line with this, the integration of the Internet of Things (IoT) with the manufacturing process of industrial pumps for reducing human interference is creating a positive outlook for the market. Other factors, including rapid industrialization, continuous product innovations and extensive research and development (R&D) activities conducted by key players, are further contributing to the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 108.0 Billion by 2032, growing at a CAGR of 5.2% during 2024-2032. 

Market Summary: 

  • On the basis of the product, the market has been segmented into the centrifugal pump (axial, radial and mixed flow pumps), positive displacement pump (reciprocating, rotary and others) and others.
  • Based on the distribution channel, the market has been bifurcated into online and offline.
  • On the basis of the application, the market has been segregated into oil and gas, chemicals, construction, power generation, water and wastewater and others.
  • Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of the key players include Dover Corporation, Ebara Corporation, Flowserve Corporation, Grundfos Holding A/S, ITT Inc., Iwaki Co. Ltd., KSB SE & Co. KGaA, Schlumberger Limited, SPX Flow Inc., Sulzer Ltd., The Weir Group PLC, Vaughan Co. Inc. and Xylem Inc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Product, Distribution Channel, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Dover Corporation, Ebara Corporation, Flowserve Corporation, Grundfos Holding A/S, ITT Inc., Iwaki Co. Ltd., KSB SE & Co. KGaA, Schlumberger Limited, SPX Flow Inc., Sulzer Ltd., The Weir Group PLC, Vaughan Co. Inc. and Xylem Inc.
Customization Scope 10% Free Customization
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Global Industrial Pumps Market to Reach US$ 108.0 Billion by 2032, Impelled by Rising Number of Petrochemical Plants
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