According to the latest report by IMARC Group, titled â€œIndustrial Pumps Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027â€, the global industrial pumps market reached a value of US$ 60.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 83.4 Billion by 2027, exhibiting at a CAGR of 6.1% during 2022-2027.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Industrial pumps refer to mechanical equipment utilized to transfer various fluids, including slurry, chemicals, petroleum, oil, sludge, wastewater, etc., from one location to another. They are primarily available in numerous shapes, sizes, and configurations based on liquid applications and materials used during their manufacturing. For instance, positive displacement (PD) pumps are preferred in automotive transmission systems to move high viscosity fluids, while centrifugal pumps are utilized in chemical plants for low-viscosity fluids. They are also used in process operations that require high hydraulic pressure.
Market Trends & Drivers:
The expanding exploration and production activities in the oil and gas sector are primarily driving the industrial pumps market. Additionally, the growing emphasis on upgrading existing wastewater treatment plants, elevating environmental concerns, and the rising awareness towards the consumption of safe drinking water, are also propelling the global market. Moreover, industrial pumps are utilized in various sizes and shapes in the power industry for circulation, boiler feed, sludge handling, etc. Additionally, several leading manufacturers are adopting innovative strategies and focusing on mergers and acquisitions (M&A) to expand their consumer base. This, in turn, is expected to bolster the industrial pumps market in the coming years.
Industrial Pumps Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the global industrial pumps market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
â€¢ Dover Corporation
â€¢ Ebara Corporation
â€¢ Flowserve Corporation
â€¢ Grundfos Holding A/S
â€¢ ITT Inc.
â€¢ Iwaki Co. Ltd.
â€¢ KSB SE & Co. KGaA
â€¢ Schlumberger Limited
â€¢ SPX Flow Inc.
â€¢ Sulzer Ltd.
â€¢ The Weir Group PLC
â€¢ Vaughan Co. Inc.
â€¢ Xylem Inc.
Key Market Segmentation:
The report has segmented the global industrial pumps market on the basis of product, distribution channel, application and region.
Breakup by Product:
â€¢ Centrifugal Pump
â€¢ Positive Displacement Pump
Breakup by Distribution Channel:
Breakup by Application:
â€¢ Oil and Gas
â€¢ Power Generation
â€¢ Water and Wastewater
Breakup by Region:
â€¢ North America
â€¢ Latin America
â€¢ Middle East and Africa
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