ID: MRFR/E&P/5954-HCR | February 2021 | Region: Global | 111 pages
Pumps Market overview
Pumps Market is projected to be worth USD 131.93 billion by 2027, registering a CAGR of 4.70% during the forecast period (2021 - 2027).the market was valued at USD 95.72 billion in 2020.
Industrial pumps are used for a wide range of applications. They are manufactured in different materials, sizes and for versatile purposes. Suction is the major operation of any mechanical pump. They are beneficial equipment that helps in the suction of gases, liquids and air. There are two categories in industrial pumps that are dynamics pumps and positive displacement pumps. Both these categories of pumps come with plenty of pump variations. The centrifugal pumps are the most popular in the industrial sector.
The centrifugal pumps are capable to transfer a massive amount of water with pressure resistance into another place. The other positive displacements pumps are used for agriculture, oil-gas, wastewater plants and other sectors. Plenty of factors are responsible for the massive growth of the market. Also, the crucial factor for the market growth is the demand from water treatment plants. Due to these reasons, the market growth of this market will be exceptional in the forecast period. The Pumps global Market Size is projected to grow by 4.70% during the forecast period. Also, the Market Value is massive for the forecast period.
Covid 19 has caused plenty of difficulties for several world markets. The pumps market is also facing few difficulties during this period. Global Market Growth is declining during this period. The declining market trend is due to economic contradictions. Economies are severely affected due to the outbreak of covid 19. It is affecting the market on a larger scale.
The production and investment on the market have come to a halt. Also, the supply chain disruptions are massive for the Pumps Industry. However, this decline in the market will not continue in the upcoming years. The market will gradually recover from the losses. Also, the key plays of the market are resuming the production and investments of this market. It will ultimately fix the demand and supply chain issues in the market.
The competition in the pumps market is massive during the forecast period. The key players of the market are creating more brand awareness for the quality and reputable pumps. It will eliminate the prevalence and purchase of low-quality pumps. Also, the key player is taking various market expansion initiatives during the forecast period.
The water and wastewater treatment sectors are the crucial end users of the pumps market. It is assumed that the water treatment sector will have plenty of developments in the upcoming years. The water infrastructures to treat wastewater and recycle water will develop exceptionally. The immense demand from this sector is one of the crucial demand drivers of the market. The implementation of these water treatment plans increases the operations of the various pump technologies. Further, the government is taking plenty of initiatives to provide clean water for the citizens. The safe drinking water act imposed by the government is another factor that drives exceptional demand for the market.
During this operation, the government will use pumps to extract water, clean and test its quality. During all these procedures, the use of pumps is high. Therefore, the governmental laws on water treatment will the most crucial drovers. Furthermore, the power plant industry has a massive demand for pumps to generate electricity. The high demand from the power plant market proves to be an exceptional drive for the market. During the forecast period, the demand from this sector will be tremendous. All these crucial drivers of the market will enable more demand and growth for the market. These are drivers that will fuel the profitability of the market.
The growing water concern is a global issue. The availability of hygienic water is scarce in several regions. Wastewater treatment is one of the most successful ways to cope with water insufficiency. The massive developments in the world water treatment plan will propel the growth of the centrifugal pumps market. The centrifugal pumps deploy impellers to create more pressure to push a massive amount of water into the valves. The use of waste treatment will enhance water sustainability. The countries such as Europe and the Middle East are already deploying these pumps. Further, in the forecast period, the use of pumps will be massive in water treatment plans. All these governmental initiatives regarding water treatment will provide splendid growth opportunities for the pump market. The growth of population in the Asia Pacific region is creating more demand for the market. The countries with high population rates require effective water treatment technology. Therefore, the rising population is another factor that will provide promising growth opportunities for the market.
The cavitations effect is significant in the pumps market. The pumps are mainly used for water treatment sectors. The vapour phase can occur due to constant pressure and ambient temperature in the pumps. Further, All these factors can extensively damage the centrifugal pumps. The damaging factors are more during the liquid suction process. Also, repairing these pumps that have aviation can cost high. The maintenance cost of the global market is high and it has a declining effect on the market. The market demand may reduce in the future due to the high maintenance cost of the product.
The pumps market has high competitors. Further, there are plenty of low-cost alternatives in the market than the brand pumps. Some of the sectors purchase low-quality pumps from these low-cost grey pump dealers. The lack of brand awareness is the crucial reason for this issue. Also, the Pumps global Market Revenue and demand for the branded pumps reduce due to these low-cost alternatives. It is a significant challenge that can decrease the demand and growth of the market. Moreover, the life span and quality of low-quality pumps are less. It can affect the customer preference of purchasing pumps from even the branded pump owners.
The high maintenance costs of the pumps are major barriers to the overall market demand. The pumps Market Value depends on the effectiveness of a device, and low maintenance cost. These are the topmost concerns for the market growth and expansion. Brand awareness about the branded and quality pumps is essential in the market. Further, there are plenty of drivers that enhance the overall growth Trends. The demand from wastewater treatment sector and governmental initiatives are the crucial drivers. Due to these factors, the growth rate of the market is moderate in the forecast period.
Asia Pacific is expected to hold Pumps Market Share. The Asia Pacific market is segmented into India, China, South Korea, Japan and Bangladesh. The rapid economic growth is the major reason for the high demand for pumps in this region. It is a region that is suitable for massive pumps production facilities. Also, other market players are ready to invest in Asia pacific region to expand the market. The growing industrial activities in this region are another factor that drivers more demand for pumps. According to the market forecast, the centurial pumps segment will boom in Asia pacific. Also, it is a region that will record high Market Revenue in the forecasts period.
The pumps market is fragmented into the Asia Pacific and Europe. Asia pacific region will hold more than 44% of the market share in the forecast sear. The Asia region is witnessing tremendous growth due to the use of pumps in industries and wastewater treatment sectors. The market expansion rate is also higher in this region. The initiatives regarding water recycling are boosting the growth in India and China. North America is the next large region with the highest growth rate. The technological advancements in the region will enable exceptional performance in pumps in this region. The demand from the oil and gas industry is massive from this region. Europe is the merging market region. The stringent governmental initiatives to deploy water treatment plans are boosting the market growth.
|Market Size||2027: USD 131.93 billion|
|CAGR||4.70% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type and End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Rundfos (Denmark), Sulzer (Switzerland), Flowserve (US), ITT Corporation (US), Danfoss (Denmark), Ingersoll-Rand (Ireland), The Weir Group (UK), Ebara Corp (Japan), KSB (Germany), Schlumberger (US), Nikkiso Co Ltd (Japan), Wilo AG (Germany), and Roper Industries (US)|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||Growing investments in water & wastewater and infrastructure industry|
Frequently Asked Questions (FAQ) :
The global market of pumps can thrive at 4.70% CAGR from 2020 to 2027.
The pumps market is expected to be worth USD 131.93 billion by 2027.
ITT Corporation (US), Ingersoll-Rand (Ireland), Danfoss (Denmark), and The Weir Group (UK) are some reputed names in the pumps market.
The growing need for pumps due to rise in need for electricity can prompt the market.
In APAC, the high rate of adoption of pumps for waste water treatment can spur the regional market.