The pumps market is a captivating and intricate landscape, requiring companies to adapt to diverse players, evolving trends, and a culture of continuous innovation for sustainable growth. Understanding the competitive landscape, the factors influencing market share, and the strategies adopted by industry players is paramount for any company aiming to establish a foothold in this vibrant market.
*Disclaimer: List of key companies in no particular order
The landscape of the pumps industry is a dynamic amalgamation of established global giants, regional champions, and innovative niche players, all engaged in a fierce competition for market share and sustained growth. Successfully navigating this intricate market requires a comprehensive understanding of the key strategies employed by industry leaders, the emergence of trends shaping its trajectory, and the pivotal factors that determine success.
Key Player Strategies:
Global Giants:Â Recognizable names such as Grundfos, Sulzer, and Flowserve dominate the global stage, leveraging extensive product portfolios, robust brand recognition, and expansive global reach to maintain significant market shares. These industry giants prioritize continuous innovation, invest heavily in research and development, and strategically acquire companies to enhance their offerings and stay ahead of the curve.
Regional Champions:Â Companies like KSB (Europe), Andritz (Austria), and Xylem (US) excel in catering to specific geographic markets. Their success is attributed to focused product lines and service networks tailored to local regulations and customer needs, fostering strong regional relationships.
Niche Players:Â Smaller, specialized players carve out their space by concentrating on specific pump types or unique applications. Their agility, customization capabilities, and technological expertise allow them to meet specialized needs, particularly in sectors like water treatment or chemical processing.
Factors Influencing Market Share Analysis:
Product Mix and Expertise:Â The breadth and depth of a company's product portfolio, along with their proficiency across various pump types, significantly influence market share.
Geographic Presence:Â Global reach and robust regional networks are pivotal, especially in meeting diverse project requirements and optimizing supply chains.
Technology and Innovation:Â Companies committed to research and development, energy efficiency, and smart pump technologies gain a competitive edge by meeting evolving customer needs and complying with environmental regulations.
Sustainability Focus:Â The growing emphasis on sustainability and energy efficiency has increased the demand for eco-friendly pumps, offering companies that provide such solutions a distinct advantage.
After-Sales Service and Network:Â A robust after-sales service and a well-established network of service centers are critical for ensuring customer satisfaction, especially in applications involving critical infrastructure.
New and Emerging Trends:
Digitalization and Smart Pumps:Â The integration of advanced sensors, data analytics, and remote monitoring into pumps is gaining traction, enabling predictive maintenance, optimizing performance, and reducing operational costs.
Energy Efficiency and Sustainability:Â With tightening environmental regulations and rising energy costs, there is a growing demand for energy-efficient pump designs and eco-friendly materials.
Decentralization and Modular Solutions:Â Compact, modular pump solutions catering to distributed applications like wastewater treatment or building automation are gaining momentum.
Focus on Niche Applications:Â Increasing specialization in niche applications, such as high-pressure pumping, biopharmaceutical pumps, and solar-powered pumps, presents growth opportunities for companies with expertise in these areas.
Overall Competitive Scenario:
The pumps market is poised for steady growth, driven by factors like rising urbanization, infrastructure development, and increased investments in water treatment and industrial automation. However, competition is expected to intensify further, with players differentiating themselves through product innovation and strategic partnerships. Those adept at navigating these trends, embracing cutting-edge technologies, and prioritizing customer needs are well-positioned for success in this dynamic market.
Industry Developments and Latest Updates:
Grundfos (Denmark):Â In a partnership announced on December 15, 2023, with Microsoft, Grundfos aims to develop AI-powered water management solutions, focusing on optimizing water usage and reducing energy consumption in buildings and industrial facilities.
Sulzer (Switzerland): Sulzer secured a €20 million contract on December 21, 2023, to supply pumps for a desalination plant in the Middle East, strengthening its position in the growing desalination market.
Flowserve (US):Â In its Q4 2023 financial report on December 28, 2023, Flowserve reported revenue of $1.2 billion, surpassing analyst expectations. The positive outlook for 2024 is driven by strong demand in the energy and chemical sectors.
ITT Corporation (US):Â On December 19, 2023, ITT Corporation announced the acquisition of an industrial pump manufacturer for $150 million, expanding its portfolio in the water and wastewater treatment markets.
Danfoss (Denmark):Â In a blog post on December 27, 2023, Danfoss unveiled a new generation of high-efficiency circulator pumps, reducing energy consumption by up to 30% compared to previous models.
Top Companies in the Pumps Industry:
Pumps Market Size was valued at USD 45.8 billion in 2021. The pumps market industry is projected to grow from USD 47.9 Billion in 2022 to USD 66.1 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.70% during the forecast period (2022 - 2030). The building and construction and the food and beverage industries, are expanding quickly, which is a major market driver for the pumps business.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Over two-thirds of people on earth reside in regions with a water shortage for at least one month per year. The majority of those who experience this level of water scarcity reside in China and India. As a result, the demand for wastewater treatment is anticipated to increase water usage efficiency and supply water to the municipal and industrial sectors. The United Nations University Institute of Water, Environment and Health estimates that high-income nations will treat around 74% of the industrial and municipal wastewater they produce in 2020, compared to 43% for upper-middle-income nations and about 26% for lower-middle-income nations. The need for water treatment facilities, and consequently, pumps in water treatment facilities, is anticipated to rise in emerging countries due to rising environmental awareness and a growing water deficit. The initial problem of a large initial expenditure has been lessened by the modular design of wastewater treatment plants, allowing an affordable alternative. Therefore, it is anticipated that demand for pumps will rise throughout the projection period due to growing worries about the environmental effects of wastewater and water scarcity, strict government restrictions, and lowering costs of water treatment plants.
Furthermore, infrastructure improvements and increased industrial activity have contributed to the pumps market's expansion. The need for pumps has surged, particularly as the chemical industries worldwide have expanded quickly. The use of pumps in chemical transfer systems has expanded due to recent developments in corrosion-resistant pumps. Chemicals like sulfuric acid and sodium hydrochloride can be transported easily with the aid of these pumps. The development of the pumps market in recent years has also been assisted by unique inventions such as leak detection pressure switches that guarantee safety during chemical activities. Therefore, this factor has enhanced the pumps market CAGR globally in recent years.
Additionally, several emerging nations, like India, are aggressively seeking international alliances to access overseas markets. India, in particular, is promoting technical advancement and upgrading its small-scale enterprises to enter high-tech industries like aerospace and defense by providing financial support. Furthermore, a lot of little-known pumps producers are actively offering prices for high-quality substitutes to the pricey pumps on the market. In recent years, these purchases and initiatives have raised the market value of pumps.
However, energy-efficient items are more valuable in Europe, Asia, and North America. In order to produce energy-efficient products across all industries, the governments of those nations have also implemented strict government rules. The Indian government has provided information on using solar water pumps for subsidized electricity. The installation of irrigation facilities has been encouraged by such nationwide announcements to farmers and agriculturalists. Thus, driving the growth of the pumps market revenue.
The Pumps Market segmentation, based on type, includes positive displacement and dynamic. The positive displacement segment held the majority share in 2021 in respect to the Pumps Market revenue. Their effective low-speed operation and constant flow rates are responsible for this. Additionally, the positive displacement pumps' demand in the oil and gas industry is anticipated to support segment growth.
Figure 2: Pumps Market, by Type, 2021 & 2030 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Pumps Market segmentation, based on end-users, includes oil & gas, water & wastewater, power generation, chemicals, pharmaceuticals, food & beverage and others. The water & wastewater segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The growing need for pumps stations in wastewater treatment facilities where gravity flow is impractical, combined with high flow rate deliverability and high transmission velocity, is projected to accelerate market expansion. Hence, it positively impacts the market growth.
On the other hand, the oil & gas category maintained a sizable share during the forecasted time. Shale gas is expected to be used more frequently in the manufacturing and energy sectors. There will be a rise in shale gas exploration operations due to technological developments like horizontal and hydraulic drilling.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America pumps market accounted for USD 20.1 billion in 2021 and is expected to exhibit a significant CAGR growth. The industrial and commercial construction markets in North America are experiencing a major uptick in building activity, and this activity is expected to continue growing. Additionally, it is anticipated that increased installation of independent power plants and technology advancements will fuel product demand in North America during the course of the forecast period.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: Pumps Market Share By Region 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Asia Pacific pumps market accounts for the second-largest market share. Due to the Asia Pacific region's growing economies' quick industrialization and rising investment in manufacturing, commercial, and industrial projects, the regional market has grown overall. Additionally, it is projected that greater product penetration in a variety of end-use industries, such as petrochemical and agriculture, will support market expansion. Further, the China pumps market held the largest market share, and the India pumps market was the fastest growing market in the European region
Europe America pumps Market is expected to grow at the fastest CAGR from 2022 to 2030. Over the projected period, it is anticipated that increasing offshore exploration and production operations in Europe will boost demand for pumps. The demand for water treatment in the municipal and industrial sectors is predicted to rise significantly as a result of strict laws meant to prevent residential water pollution. Moreover, Germany pumps market held the largest market share, and the UK pumps market was the fastest growing market in the North American region.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the pumps market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the pumps industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the global pumps industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, pumps industry has provided medicine with some of the most significant benefits. The pumps market major player such as 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).
A international engineering firm with its Scottish headquarters in Glasgow is called The Weir Group plc. As an engineering firm, the business was founded in 1871. In February 2020, three Lewis pumps were introduced by Weir Mineral: the Horizontal Process Pump, Axial Pump, and Vertical High-Pressure Molten Salt Pump. Due to fluctuating raw material prices, broken supply chains, and bad cash flows, several manufacturers were forced to incur losses as a result of the epidemic. This increased the rate of industry mergers and acquisitions, with players like Ingersoll Rand and Grundfos leading the way.
Manufacturing firm situated in Tokyo, Japan called Ebara Corporation produces industrial and environmental machinery such pumps and turbines. In 2018, Ebara Corporation merged Ebara Indstrias Mecânicas e Comércio Ltda (EIMCO) with its fully-owned manufacturer, Thebe Bombas Hidráulicas Ltda, to create "Ebara Bombas América do Sul Ltda" (EBAS).
June 2021: The Jabsco rotary lobe pump product line was purchased from Xylem by the Verder Group, a Dutch firm that produces and distributes pumps and laboratory equipment. Verder's group offering in the pharmaceutical and food & beverage markets is anticipated to improve as a result of the acquisition.
April 2021: For a cash payment of USD 470 million, IDEX Corporation reached a definitive agreement to buy investment funds managed by EagleTree Capital's Airtech Group Inc., US Valve Corporation, and affiliated entities. Positive displacement vacuum pumps, regenerative blowers, compressor systems, and valves are just a few of the engineered pressure technology products that Airtech makes and designs.
Pumps Market Highlights:
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