According to the latest report by IMARC Group, titled " Industrial Pumps Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global industrial pumps market reached a value of US$ 60.3 Billion in 2021. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Industrial Pumps 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$ 83.4 Billion by 2027, growing at a CAGR of 6.1% during 2022-2027.
- 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.
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