The global industrial pump market size was valued at USD 62.6 billion in 2019 and is expected to expand at a CAGR of 5.9% over the forecast period. Growing expenditure on infrastructural development in various economies across the globe is expected to augment the demand for industrial pumps over the forecast period.
Adoption of these industrial pumping systems is likely to increase in several end-use industries such as chemicals and petrochemicals due to their resistivity towards different hazardous chemicals and durability. Furthermore, increased deliverable pressure pertaining to time is anticipated to propel the demand for industrial pumps.
In North America, U.S. accounted for a significant share in terms of revenue in 2019 owing to substantial exploration activities in both offshore and onshore unconventional oil and gas sector. In addition, replacement of existing industrial water and wastewater infrastructure in the economy is expected to augment the product demand.
The industrial pump market is highly price-sensitive majorly on account of rising competition from the low-cost product manufacturers in Asia Pacific. Volatility in the prices is anticipated to be one of the major restraining factors in the market over the forecast period. The degree of consolidation is likely to witness a rise in the market on account of increasing pressure on the profit margins of the product manufacturers. Furthermore, growing awareness about compliance with several environmental regulations stated by the regional governments is anticipated to limit the demand for industrial pumping systems.
Fluctuation in the component prices of industrial pumps due to surging demand from the end-use industries is expected to affect the capital investment over the forecast period. Surging investment in strategic activities such as mergers and acquisitions by the market leaders to advance low-cost manufacturing processes is anticipated to bolster the demand for industrial pumping systems.
Centrifugal industrial pumps dominated the market and accounted for 62.1% share of the global revenue in 2019. Demand for centrifugal industrial pumps is expected to increase on account of the boom of hydraulic fracturing in the oil and gas industry in developed nations, including U.S. and Canada. Need for upgrading the aging infrastructure is expected to increase the demand for industrial pumping systems over the forecast period.
Positive displacement industrial pumps segment is anticipated to expand at the fastest CAGR over the forecast period. Reciprocating industrial pumps are likely to witness significant growth in the forthcoming years owing to increasing replacement of the existing pumps with newer industrial pumps to achieve better energy efficiency. Growing preference of the end users to replace the entire pump rather than individual parts owing to lack of skilled maintenance personnel is anticipated to bolster the product demand.
Rising significance of hydraulic systems as a power source over the pneumatic control equipment is anticipated to boost the application of rotary industrial pumps. In addition, rotatory industrial pumps are likely to witness increased demand owing to rising consumer confidence and spending across various end-use industries.
Growing need for replacing the existing industrial pumps in the chemical and pharmaceutical processing and oil and gas industries is expected to drive the demand for rotary industrial pumps. Furthermore, rising demand for high-pressure pumping systems in various industries, such as oil and gas, water and wastewater treatment, and chemical processing is further likely to boost the reciprocating industrial pumps segment growth.
The water and wastewater treatment application segment dominated the market, accounting for a share of 24.5% in terms of revenue in 2019. Population growth, industrial development, increasing emphasis on wastewater treatment, international commitments and targets, and government policies are some of the key factors responsible for the segment growth.
The oil and gas application segment is anticipated to exhibit a CAGR of 5.1% over the forecast period. Increasing global crude oil demand to facilitate overseas logistics, production centers, and domestic transports is likely to enhance the offshore and onshore exploration activities. The aforementioned factors are thereby anticipated to promote the product demand over the forecast period.
Asia Pacific dominated the global market and accounted for 47.2% of the overall share in terms of revenue in 2019. This is attributed to significant growth in various end-use industries, including water and wastewater treatment, construction, and oil and gas.
Rising investments in China in the construction of indirect and direct liquefaction plants that require industrial pumps to move treatment chemicals, water, and other products is expected to fuel the product demand. Growing need for reusable water is one of the major concerns in emerging economies, including China and India, thereby augmenting the demand for industrial pumps.
Europe is estimated to expand at a CAGR of 5.6% from 2020 to 2027 owing to amplified usage of high-pressure industrial pumps in economies, such as Germany and U.K., for controlling water flow rates. Furthermore, rising spending on infrastructure development in the region is likely to propel the product demand.
North America is expected to witness significant growth over the forecast period. This growth is attributed to growing penetration of petrochemical production facilities across emerging markets on account of government initiatives and overseas investments. This, in turn, is expected to play an essential role in driving the demand for industrial pumps.
The market is moderately concentrated due to presence of large as well as small-scale manufacturers across the globe. Major players in the market include A.R. North America, Inc.; SPX Flow Inc.; Vaughan Company Inc.; Colfax Corporation; ITT Corporation; Flowserve Corporation; and Iwaki America Inc.
Manufacturers are making continuous investments in the research and development in order to maintain their market share. They are also taking up strategies such as new product development and acquisition of small and medium scale enterprises to improve market penetration and gain an edge over their competitors.
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Attribute |
Details |
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Base year for estimation |
2019 |
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Actual estimates/Historical data |
2016 - 2018 |
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Forecast period |
2020 - 2027 |
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Market representation |
Revenue in USD Million and CAGR from 2020 to 2027 |
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Regional scope |
North America, Europe, Asia Pacific, Central & South America, Middle East & Africa |
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Country scope |
U.S., Canada, Mexico, Germany, U.K., France, Italy, China, India, Japan, Brazil, Argentina, United Arab Emirates, Saudi Arabia |
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Report coverage |
Revenue forecast, competitive landscape, growth factors and trends |
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15% free customization scope (equivalent to 5 analysts working days) |
If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global industrial pump market report on the basis of product, application, and region:
Product Outlook (Revenue, USD Million, 2016 - 2027)
Centrifugal Pump
Axial Flow
Radial Flow
Mixed Flow
Positive Displacement Pump
Reciprocating
Rotary
Others
Others
Application Outlook (Revenue, USD Million, 2016 - 2027)
Oil & Gas
Chemicals
Construction
Power
Water & Wastewater
Others
Regional Outlook (Revenue, USD Million, 2016 - 2027)
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Italy
Asia Pacific
China
India
Japan
Central & South America
Brazil
Argentina
Middle East & Africa
United Arab Emirates
Saudi Arabia
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