Global Industrial Pump Market Overview
As per MRFR analysis, the Industrial Pump Market Size was estimated at 301.06 (USD Billion) in 2022. The Industrial Pump Market Industry is expected to grow from 309.7 (USD Billion) in 2023 to 399.75 (USD Billion) by 2032. The Industrial Pump Market CAGR (growth rate) is expected to be around 2.87% during the forecast period (2024 - 2032).
Key Industrial Pump Market Trends Highlighted
The Industrial Pump Market is driven by rising demand for energy-efficient and reliable pumps across various industries, such as oil and gas, power generation, and manufacturing. The growing focus on automation and digitalization is expected to drive the adoption of smart pumps with advanced features, such as remote monitoring and predictive maintenance capabilities. Additionally, the increasing demand for water and wastewater management solutions is creating opportunities for the growth of submersible pumps and centrifugal pumps.
Key trends in the Industrial Pump Market include the adoption of IoT and AI technologies for remote monitoring, predictive maintenance, and energy optimization. Sustainability is becoming a significant factor, driving demand for pumps with reduced energy consumption and environmental impact. Additionally, the rise of Industry 4.0 is leading to the integration of pumps with other industrial systems and the adoption of predictive analytics for improved efficiency and reliability.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Industrial Pump Market Drivers
Increasing Demand for Energy-Efficient Pumps
The focus on energy conservation and government efforts to promote the use of energy-efficient pumps will continue to fuel the increase in energy-efficient pumps in the Industrial Pump Market industry. Energy-efficient pumps are in demand, especially in power generation, water treatment, and oil with the other industries that also have several applications of pumps. Thus, the demand for such pumps will increase considerably with time.
Another factor is the soaring energy costs, with many industries trying to minimize operational costs, leading to investments in energy-efficient technology such as energy-efficient pumps. Lastly, the trend in the industrial pump market about sustainability will also have a positive effect on increasing the number of energy-efficient pumps.
Technological Advancements and Innovation
Technological advancements and innovation are among the key factors that are likely to have a considerable impact on the Industrial Pump Market Industry. The considerable advancements in terms of materials, designs, and manufacturing processes contribute to the production of pumps that are more effective, reliable, and durable. For example, the application of advanced materials, such as ceramics and composites, contributes to the production of pumps that are capable of sustaining extremely harsh operating conditions, such as extreme or alternating temperatures and the use of highly corrosive fluids.
Moreover, the application of different digital technologies, such as sensors, controllers, and the Internet of Things connectivity, contributes to the creation of digital pumps that can be effectively monitored and controlled from a distance, allow for predictive maintenance, and are capable of automatically adjusting to the changes in the process or environment. In addition, the application of artificial intelligence and machine learning algorithms is likely to provide a means of creating smart pumps capable of adjusting their performance considering different changes in operating conditions.
The previously described factors are considered to be some of the major factors responsible for the considerable focus on innovation by the pump-producing companies. The demand in the world is changing, and the industries have to comply with the increased demands for energy saving, reducing the costs of maintenance, and greater reliability. Moreover, as technology advances further, even more innovative solutions are likely to be found.
Growing Adoption of Digitalization and Automation
There are increasing trends of digitalization and automation in the Industrial Pump Market Industry. Digitalization implies online monitoring of pumps and their pumping systems by using digital technology. The use of internal sensors and data analytics allows for predicting potential failures and pump dysfunctions, while information about pump system performance is available for access by the operator remotely. This technology enables a smart(er) experience for the operation of the pump system, with operating parameter optimization and extended pump life.
Automation technologies cover the use of programmable logic controllers and distributed control systems by industries. In such systems, pumps can be scheduled for their automated start and stop with no need for online monitoring based on control algorithms. Industries are more inclined to adopt digitalization and automation in the search for achieving higher operational efficiency and reduced costs of pump system operation and maintenance. In the future, the industrial pump market, for instance, will benefit from this trend by catering to the increasing demand for online pump systems and their integration into automation systems.
Industrial Pump Market Segment Insights
Industrial Pump Market Pump Type Insights
The Industrial Pump Market is divided by Pump Type on the basis of Centrifugal Pumps, Positive Displacement Pumps, Dynamic Pumps, and Specialty Pumps. It is observed that the market is dominated by Centrifugal Pumps, with approximately 60% of the share expected to be held in 2023. Thus, the main growth driver of this segment is the versatility, reliability, and cost efficiency of this kind of pump. The next position is held by Positive Displacement Pumps with more than 25% of the share, as they are often used in applications that require high pressure or specific flow control.
At the same time, Dynamic Pumps account for a smaller part, and they include jet and vacuum pumps, which are recently gaining popularity in some applications. Finally, the smallest part is held by Specialty Pumps, whose main examples are submersible and sealless pumps, as they cater to the specific needs of consumers in particular. On the one hand, the main drivers of growth in the sector of Centrifugal Pumps are the increasing demand coming from the power generation, oil gas, and water wastewater treatment industries. On the other hand, Positive Pumps are likely to grow due to their rising adoption in the chemical, food, beverage, and pharmaceutical industries.
Meanwhile, the main areas of work for Dynamic Pumps are the aerospace, medical, and automotive industries. Specialty Pumps are growing in the market due to the increasing number of niche applications, such as extreme conditions and hazardous fluid handling. Hence, the overall situation with the Industrial Pump Market is positive, as industrialization, the rising use of technologies, and the sector of infrastructure increase.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Industrial Pump Market Application Area Insights
I predict that every application area of the Industrial Pump Market Implementation 4 will experience growth within the next five years as it is the main goal of every market player in such a period. First of all, the oil-gas sector, which is the major consumer, will generate $79.1 billion by 2024. The growth will be the result of the increasing interest of the industry in efficient solutions for pumping in oil and gas coverage and production. Secondly, the Water Wastewater Treatment segment will generate $50.6 billion by 2024, and it is already evident in the growing investments and lawful initiatives in each.
As for the Chemical Processing sector, it is expected to provide $45.2 billion, and the expanded utilization of pumps in chemical manufacturing will be the reason for such change. The Power Generation, valued at $37.9 billion by 2024, is essential for such plants, as they ensure that water and other fluids are adequately transferred. The Mining sector, $27.1 billion by 2024, depends on the increasing interest in water and other fluids being used in such operations, which require special protection. Finally, the Food Beverage segment, $21.3 billion by 2024, mainly depends on on-site range pumps to support clean and sanitary conditions.
Industrial Pump Market Material of Construction Insights
The Material Construction segment plays a crucial role in the Industrial Pump Market, with each material offering unique advantages and applications. Metal, a dominant material, accounts for a significant share of the market due to its durability, strength, and ability to withstand harsh operating conditions. Plastic, a lightweight and corrosion-resistant material, is gaining traction in various industries, contributing to its growing market share.
Ceramics, known for its exceptional wear resistance and chemical inertness, finds niche applications in specialized industries. Alloy, a combination of metals, offers enhanced properties, making it suitable for demanding applications. The segmentation of the Industrial Pump Market based on the Material of Construction provides insights into the performance, cost, and suitability of different materials for specific applications, helping manufacturers and end-users make informed decisions.
Industrial Pump Market Power Rating Insights
Power rating is a crucial segmentation factor in the Industrial Pump Market, influencing the choice of pumps for specific applications. The segment comprises four subcategories: 'Less than 10 Horsepower', '10-50 Horsepower', '51-100 Horsepower', and 'Over 100 Horsepower'. Each subcategory caters to distinct power requirements and applications. The 'Less than 10 Horsepower' segment holds a significant share of the Industrial Pump Market, driven by its versatility in low-power applications, such as small-scale water pumps, chemical processing pumps, and agricultural irrigation systems.
The '10-50 Horsepower' segment follows closely, with applications in industries like food and beverage processing, wastewater treatment, and general industrial use. The '51-100 Horsepower' segment addresses mid-range power requirements and finds applications in sectors such as oil and gas, mining, and power generation. The 'Over 100 Horsepower' segment caters to high-power applications, including large-scale water supply systems, desalination plants, and heavy-duty industrial processes. Understanding the power rating segmentation enables manufacturers to optimize pump designs and cater to specific industry demands. It also helps end-users select the most suitable pumps for their applications, ensuring efficient and cost-effective operations.
Industrial Pump Market End-User Industry Insights
The Industrial Pump Market is segmented by end-user industry into manufacturing, utilities, oil gas, construction, chemicals, and mining. The manufacturing sector is the largest end-user of industrial pumps, accounting for over 30% of the global market revenue in 2023. This is due to the high demand for pumps in various manufacturing processes, such as chemical processing, food and beverage production, and metalworking tools. The utilities sector is the second largest end-user of industrial pumps, with a market share of over 25%. Pumps are essential for water treatment, wastewater treatment, and power generation.
The oil gas industry is another major end-user of industrial pumps, accounting for over 20% of the global market revenue. Pumps are used in oil and gas exploration, production, and transportation. The construction industry is also a significant end-user of industrial pumps, with a market share of over 15%. Pumps are used in construction for dewatering, concrete pumping, and other applications. The chemicals industry is another important end-user of industrial pumps, with a market share of over 10%. Pumps are used in the chemical industry for a variety of applications, such as chemical processing, fluid transfer, and pollution control. The mining industry is also a significant end-user of industrial pumps, with a market share of over 5%. Pumps are used in mining for dewatering, slurry transport, and other applications.
Industrial Pump Market Regional Insights
The Industrial Pump Market is segmented based on region into North America, Europe, APAC, South America, and MEA. Among these regions, APAC is expected to hold the largest market share in 2023 and is projected to continue its dominance throughout the forecast period.
The growth in this region can be attributed to the increasing demand for industrial pumps in various industries, such as oil and gas, mining, and manufacturing. North America and Europe are also significant markets for industrial pumps, owing to the presence of a large number of manufacturing facilities and the stringent regulations regarding environmental protection. South America and MEA are expected to witness steady growth in the coming years as these regions continue to industrialize and invest in infrastructure development.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Industrial Pump Market Key Players And Competitive Insights
Leading players in the Industrial Pump Market are continuously working different types of pumps for industrial applications. Such leading players in the Industrial Pump Market are investing in highly different types of mergers and acquisitions to get a global presence. Moreover, increasing investment in innovations and technological advancements is another prominent factor for offering a better range of Industrial Pump Market systems.
Moreover, recently, increasing investment in technological advancement has led to the innovations of IoT with the use of smart sensors for offering maintenance on a predictive period. As the Industrial Pump Market systems are based on the technology to be used, hence, this increases efficiency and reduces the cost of production. Moreover, in the context of the Industrial Pump Market, offerings may differ from region to region because of fluctuations in market share and market positioning in different regions.
With more than 63 international locations, KSB is one of Germany's leading global pump manufacturing companies. KSB was founded in 1871 and is headquartered in Germany. KSB mainly deals with the offering of pumps with a range of its Industrial Pump Market applications, that is water and wastewater treatment, power generation, and mining, among others. Fundamentally, the strategies followed by KSB are to enhance research and development investment to enhance its product range.
Another major supplier of the Industrial Pump Market is Grundfos, which is a Denmark-based company with a strong international presence. It is one of the largest pump providers with a widespread network across more than 56 countries. Grundfos is promoting itself as an energy-efficient pump and pumping system provider for several Industrial Pump Market applications. RoutedEventArgs such as water supply, wastewater treatment, and Industrial Pump Market applications.
Key Companies in the Industrial Pump Market Include
- Sulzer
- Xylem
- Weir Group
- Alfa Laval
- ITT
- Wilo SE
- Flowserve
- Pentair
- Tsurumi Manufacturing
- Ebara
- Gardner Denver
- KSB SE Co. KGaA
- Kirloskar Brothers
- Grundfos
- Hyosung
Industrial Pump Market Industry Developments
The Industrial Pump Market is projected to reach USD 399.75 billion by 2032, exhibiting a CAGR of 2.87% during the forecast period (2024-2032). The market growth is attributed to the increasing demand for industrial pumps in various end-use industries, such as oil and gas, chemical processing, water and wastewater treatment, and power generation.
The rising need for efficient and reliable pumps to handle harsh operating conditions and demanding applications is further driving market expansion. Additionally, government regulations aimed at reducing energy consumption and environmental impact are encouraging the adoption of energy-efficient pumps, contributing to market growth.
Industrial Pump Market Segmentation Insights
-
Industrial Pump Market Pump Type Outlook
- Centrifugal Pumps
- Positive Displacement Pumps
- Dynamic Pumps
- Specialty Pumps
-
Industrial Pump Market Application Area Outlook
- Oil Gas
- Water Wastewater Treatment
- Chemical Processing
- Power Generation
- Mining
- Food Beverage
-
Industrial Pump Market Material of Construction Outlook
- Metal
- Plastic
- Ceramics
- Alloy
-
Industrial Pump Market Power Rating Outlook
- Less than 10 Horsepower
- 10-50 Horsepower
- 51-100 Horsepower
- Over 100 Horsepower
-
Industrial Pump Market End-User Industry Outlook
- Manufacturing
- Utilities
- Oil Gas
- Construction
- Chemicals
- Mining
-
Industrial Pump Market Regional Outlook
- North America
- Europe
- South America
- Asia-Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
301.06(USD Billion) |
| Market Size 2023 |
309.7(USD Billion) |
| Market Size 2032 |
399.75(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
2.87% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2022 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Sulzer ,Xylem ,Weir Group ,Alfa Laval ,ITT ,Wilo SE ,Flowserve ,Pentair ,Tsurumi Manufacturing ,Ebara ,Gardner Denver ,KSB SE Co. KGaA ,Kirloskar Brothers ,Grundfos ,Hyosung |
| Segments Covered |
Pump Type, Application Area, Material of Construction, Power Rating, End-User Industry, Regional |
| Key Market Opportunities |
Smart EnergyEfficient Pumps Expansion in Emerging Economies Growing Demand for Water Treatment Increasing Focus on Automation Rise of Smart Manufacturing |
| Key Market Dynamics |
Rising Infrastructure Investment Increasing Water and Wastewater Management Growing Industrial Production Technological Advancements Government Regulations on Water Conservation |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Industrial Pump Market is expected to reach a valuation of 399.75 billion USD by 2032, expanding at a CAGR of 2.87% from its estimated value of 309.7 billion USD in 2023.
Asia-Pacific is the dominant region in the Industrial Pump Market, accounting for a significant share due to the presence of major manufacturing hubs and rapid industrialization in countries like China and India.
The growing demand for efficient and reliable pumps in various industries, such as oil and gas, chemicals, and water treatment, is a major growth driver for the Industrial Pump Market.
Water and wastewater treatment applications represent the largest share of the Industrial Pump Market, driven by increasing urbanization and the need for efficient water management systems.
Leading players in the Industrial Pump Market include Grundfos, Xylem, Flowserve, and KSB. These companies offer a wide range of pumps for various industrial applications and have a strong global presence.
The increasing adoption of energy-efficient pumps, the growing popularity of digitalization and automation, and the rising demand for customized pumps are among the key trends shaping the Industrial Pump Market.
The Industrial Pump Market is projected to register a CAGR of 2.87% from 2023 to 2032, driven by increasing industrialization and infrastructure development worldwide.
The oil and gas, chemical processing, power generation, and mining industries are expected to be key drivers of demand for industrial pumps due to their extensive use in these sectors.
The integration of IoT and AI technologies, the development of advanced materials, and the adoption of renewable energy sources are some of the emerging technologies that could significantly impact the Industrial Pump Market in the future.
Economic fluctuations, supply chain disruptions, and the stringent regulatory landscape are among the key challenges faced by the Industrial Pump Market.
