Global Pumps Market by Product Type (Centrifugal, Positive Displacement), by Application (Chemical, Agriculture) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global pumps market was worth USD 92.91 million in 2020. It is expected to increase at a compound annual rate (CAGR of 3.2%) between 2020 and 2028. The market will benefit from increased investments in oil and gas, technological advances in pump manufacturing, new product launches that focus on improved performance, and increasing investment in the oil & natural gas sector. The novel coronavirus epidemic is likely to have a negative impact on the chemical industry. This includes disruptions in supply chains and operational operations, lower demand and productivity, and tightening credit markets. The pandemic is expected to cause a decline in the chemical industry, which will likely slow down market growth.

In 2020, the U.S. pumps market was severely affected by the COVID-19 pandemic. This is evident in the suspension of operations and disruptions in import-export. Over the forecast period, the market is expected to experience low growth. This is mainly due to the fact that the demand is primarily attributed to different end-use industries, including power, water and wastewater treatment, oil & gas, and oil & gasoline.

The oil & Gas industry is expected to see an increase in investment in exploration and production activities. Market growth is expected to be positive due to the increasing number of infrastructure improvements, such as the changing of or installing new pipelines.

Pump technology has made it possible to improve basic processes, increase the reliability of pumps and reduce the operating costs over the long term. These pumps are used in many industries such as power generation, industrial wastewater, agriculture, power and chemical.

Manufacturers are also focused on product launches, keeping in mind the changing market requirements. Manufacturers may need to redesign pumps in order to meet new energy efficiency standards. This could slow down market growth and may result in high costs.

Product Type Insights

In 2020, the market leader was the centrifugal pumps segment. It accounted for 52% global revenue share. The chemical industry is a major user of centrifugal pumps because they can handle higher flows. They are ideal for pumping liquids with viscosities between 0.1 and 200 cmP at low pressure and high capacity.

The axial flow, mixed flow and radial flow types of centrifugal pumps are further sub-divisions. Due to increasing use of high-powered pumps for flood dewatering and water treatment, the market for axial flow pumps will see significant growth in the forecast period. Radial and axial flow pumps have superior efficiency and low pulsation. They are used for higher delivery heads at low or medium flow rates.

Due to their efficiency and low operating speed, the demand for negative displacement pumps will grow at a 3.4% CAGR in terms of revenue from 2020-2028. The preference for positive displacement pumps within the oil and gas industry will likely complement segment growth.

Innovative pumping solutions are being developed by manufacturers who use technology to their advantage. The new products can be controlled precisely and efficiently using digital sensors and other software. The suitability of reciprocating pumps for pumping hazardous liquids is expected to increase product demand.

Application Insights

With a more than 25% revenue share, the agriculture application dominated the market in 2020. The growth is likely to be boosted by technological advancements in irrigation and farming, particularly in emerging countries. From 2020 to 2028, the construction sector is expected to see significant growth. Proper systems for water supply, disposal and treatment of wastewater are essential to the rapid growth of prime-city housing developments and commercial buildings. Pumps are also expected to increase in demand due to heavy investments in infrastructures such as hospitals, offices, and housing societies.

From 2020 to 2028, the demand for pumps in water and wastewater applications will grow at a 3.6% CAGR. Market growth will be aided by the increasing demand for pumps in wastewater treatment plants where gravity flow is not possible. This is combined with high flow rate deliveryability and high transmission velocity. The oil and gas industry is expected to see a rise in demand for products due to the increasing use of shale in manufacturing and energy industries, and the growing number of shale exploration activities, which are facilitated by technological advances such as horizontal drilling and hydraulic drilling. The market will grow due to the increased use of petrochemicals in modern energy systems such as solar panels, wind turbine blades, batteries and parts for Electric Vehicles (EV).

Regional Insights

Asia Pacific dominated the market, accounting for 46.6% global revenue share in 2020. The overall growth of the region's market has been aided by rapid industrialization in Asia Pacific's developing economies and increased investments in manufacturing, industrial, and commercial projects. Market growth will be complemented by increased product penetration in diverse end-use industries, including HVAC, petrochemical, agriculture, and petrochemical.

Japan is focusing on the transition to natural gas and other renewable energy sources. JERA and other companies have been working to increase the number of gas-fired pumps. Over the forecast period, the government regulations that focus on energy efficiency and conservation will also drive pump demand.

The North American market has been positively affected by the U.S.'s advanced processing capabilities and highly skilled workforce. R&D efforts in the U.S. are also growing. Market growth is expected to be supported by the growing construction industry, increasing demand for electricity in Canada, and ongoing exploration of oil & natural gas reserves in Mexico.

Due to an increase in construction activity in the commercial and industrial sectors, Brazil's market is expected to grow steadily from 2020-2028. The forecast period will also see an increase in the number of independent power plants as well as technological advancements that are expected to drive product demand.

Market Share Insights & Key Companies

Market players are now focusing their efforts on the launch of innovative products that can be used in a variety of applications. Weir Mineral, for instance, launched three Lewis pumps in February 2020: the Horizontal Process Pump and Axial Pump. Poor cash flows, volatility in raw material prices and supply chain disruptions caused losses for many manufacturers. The industry saw a rise in mergers and acquisitions with key players such as Grundfos and Ingersoll Rand. The following are some of the most prominent players in global pumps market:

• Schlumberger Ltd.

• Ingersoll Rand

• Weir Group PLC

• Vaughan Company, Inc.

• KSB SE & Co. KGaA

• Pentair

• Grundfos Holding A/S

• Xylem

• Flowserve Corp.

• ITT Inc.

• EBARA International Corp.

• IWAKI Co., Ltd.

• Sulzer Ltd.

• SPX Flow

Up Market Research published a new report titled “Pumps Market research report which is segmented by Product Type (Centrifugal, Positive Displacement), by Application (Chemical, Agriculture), By Players/Companies ITT Inc, KSB SE & Co KGaA, Vaughan Company Inc, EBARA International Corp, Weir Group PLC, Sulzer Ltd, Xylem, IWAKI Co Ltd, Flowserve Corp, Schlumberger Ltd, Pentair, Ingersoll Rand, SPX Flow, Grundfos Holding A/S”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Pumps Market Report Segments:

The market is segmented by Product Type (Centrifugal, Positive Displacement), by Application (Chemical, Agriculture).

Pumps Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Pumps Market

Overview of the regional outlook of the Pumps Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Pumps Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Pumps Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Centrifugal

                2. Positive Displacement

                1. Chemical

                2. Agriculture

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Pumps Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
• Consumer Insights
• Understanding Competition Scenario
• Product & Brand Management
• Channel & Customer Management
• Identifying Appropriate Advertising Appeals

Reasons to Purchase the Pumps Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.