Industrial Pumps Market to be Worth $92.98 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, March 15, 2023 /PRNewswire/ -- The global industrial pumps market size is expected to reach USD 92.98 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.9% from 2023 to 2030. The market is primarily driven by the increasing investments in the exploration and production activities by oil & gas companies, coupled with the rising product adoption in the oil & gas industry across the globe.

Key Industry Insights & Findings from the report:

• By product, centrifugal pumps held the largest revenue share of over 67.3% in 2022 owing to their increased applications in water supply, sewage disposal, food and beverage manufacturing, chemical, and oil & gas industries.
• The water and wastewater application segment is expected to expand at the fastest CAGR from 2023 to 2030 on account of the increased demand for water treatment to address the global water crisis.
• The market in China is expected to expand at a CAGR of 5.8% over the forecast period owing to the rapid growth of the food and beverage industries, which is attributed to the increasing population in the country.
• The Asia Pacific region is expected to expand at the fastest CAGR from 2023 to 2030 due to the region's increased investment in industrialization.
• The construction application segment held the second-largest revenue share in 2022, as a result of the increased infrastructure investment to support the growing demand for these products on account of the growth in the population.

Read 152-page market research report, "Industrial Pumps Market Size, Share & Trends Analysis Report By Product (Centrifugal Pump, Positive Displacement Pump), By Application (Water & Wastewater, Chemicals, Construction), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Industrial Pumps Market Growth & Trends

The oil & gas sector is one of the most predominant markets in the world. In oil-producing regions like the Middle East, the product demand is driven by ongoing drilling activity. In addition, the rising hydraulic fracturing in the oil & gas industry is driving the demand for process equipment in the U.S., thereby driving the industry over the forecast period.

The pandemic impacted the demand for this product negatively as the lockdown restrictions aimed at limiting the spread of the virus across the globe resulted in the closure of industrial pump manufacturing facilities. Furthermore, the travel restrictions caused severe supply chain disruption, making it difficult for manufacturers to obtain raw materials for production.

The growing demand for water supply on account of the increasing population is augmenting the demand for water and wastewater treatment facilities across the world. Furthermore, the increasing investments in wastewater treatment plants, coupled with the risin adoption of pumps in these plants, are expected to drive the market over the forecast period.

Technological advancements and new product launch amid the COVID-19 pandemic restrictions are expected to drive the industry. For instance, with the launch of the DDP096, a 92cc/rev medium-duty radial piston pump that offers digital operational capabilities in the industries, Danfoss unveiled a new series of digital displacement hydraulic pumps in January 2021.

Major oil & gas refiners are anticipated to upgrade their existing infrastructure to produce low-sulfur fuels on account of the IMO 2020 standard that is effective from January 1, 2020. The demand for this product is expected to witness significant growth owing to ongoing and projected refinery upgrades across the globe.

Industrial Pumps Market Segmentation

Grand View Research has segmented the global industrial pumps market based on product, application, and region:

Industrial Pumps Market - Product Outlook (Revenue, USD Million, 2018 - 2030)

• Centrifugal Pump
• Axial Flow Pump
• Radial Flow Pump
• Mixed Flow Pump
• Positive Displacement Pump
• Reciprocating
• Rotary
• Others
• Others

Industrial Pumps Market - Application Outlook (Revenue, USD Million, 2018 - 2030)

• Oil & Gas
• Chemicals
• Construction
• Power Generation
• Water & Wastewater
• Others

Industrial Pumps Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• France
• Italy
• U.K.
• Asia Pacific
• China
• Japan
• India
• Central & South America
• Brazil
• Argentina
• Middle East & Africa
• Saudi Arabia
• UAE

List of Key Players in the Industrial Pumps Market

• Grundfos Holding A/S
• Xylem
• Ingersoll-Rand
• Flowserve Corporation
• SPZ Flow
• KSB SE &Co. KGaA
• Sulzer Ltd.
• Pentair
• Iwaki Co. Ltd.
• ITT, INC.
• Schlumberger Limited
• EBARA International Corporation
• The Weir Group PLC
• Vaughan Company
• HERMETIC-Pumpen GmbH

Check out more related studies published by Grand View Research:

• Fuel Transfer Pumps Market - The global fuel transfer pumps market size is anticipated to reach USD 2.51 billion by 2030, registering a CAGR of 4.5% from 2022 to 2030, according to a new report by Grand View Research, Inc. Growing demand for high-pressure fueling system for heavy machineries, such as trucks, construction equipment, and plant equipment is expected to drive the market growth for fuel transfer pumps over the forecast period.
• Pump Market - The global pumps market size is expected to reach USD 119.39 billion by 2028, registering a CAGR of 3.2% over the forecast period, according to a new report by Grand View Research, Inc. Increasing investments in the exploration and production activities by the oil & gas companies across the globe are anticipated to have a positive impact on the market growth.
• Pressure Pumping Market - The global pressure pumping market size is expected to reach USD 75.1 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 4.1% during the forecast period. Rising exploration & production (E&P) in unconventional oil & gas reserves including shale basins is estimated to spur the growth of the market.

Browse through Grand View Research's Drilling & Extraction Equipment Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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