GVR Report cover Pumps Market Size, Share & Trends Report

Pumps Market Size, Share & Trends Analysis Report By Type (Centrifugal Pumps, Positive Displacement Pumps), By End-use (Agriculture, Chemical, Power Generation), By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-3-68038-772-8
  • Number of Report Pages: 130
  • Format: PDF, Horizon Databook
  • Historical Range: 2018 - 2022
  • Forecast Period: 2024 - 2030 
  • Industry: Bulk Chemicals

Pumps Market Size & Trends

The global pumps market size was estimated at USD 57.7 billion in 2023 and it is anticipated to grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2030. Pumps are used for two purposes, either to increase the pressure of fluid or to transfer the fluid at a higher discharge rate. In industries such as oil & gas exploration and chemical manufacturing, the pumps are used to increase the pressure of fluids and accurately dose the reagents and reactants during the synthesis of chemicals. With the flourishing oil & gas exploration industry, market for pumps is expected to increase in the coming years.

U.S. pumps market size and growth rate, 2024 - 2030

Increasing fluid handling requirements in industries such as power generation, construction, and building sectors, have been contributing to the market growth. In addition to that, increasing investment in the agricultural sector, rising urbanization, and need for wastewater treatment facilities is expected to further drive the market growth. Technological developments and growing end-use industries such as water & wastewater treatment, chemical, power generation, and agriculture are likely to drive growth of the market.

In the U.S., growing chemical, water and wastewater treatment, and construction industries are all major contributors to the surge in demand for pumps. The U.S. oil and gas industry's growth is propelling the market growth as the pumps are heavily utilized in the refining process to move fluid from one location to another. Moreover, the chemical processing industry is the strongest in the U.S. and continuously growing. It is anticipated that need for pumps in the U.S. would increase as the chemical processing industry's operations expand.

Current market trends are demonstrated by the changing needs of the end-user industry and the growing significance of sustainability and energy efficiency. Important market participants are creating pumps that have less carbon-footprint and are energy-efficient to meet these demands. Variable frequency drivers (VFDs) are a feature of these recently developed pumps that allow for improved flow and pumps speed control. Furthermore, recently introduced metering pumps include a digital control system and are integrated with the Industrial Internet of Things (IIoT) to improve their effectiveness.

Furthermore, some industries, such as chemical processing, require specialized pumps to handle viscous & acidic, and highly corrosive fluids. Based on these requirements, diaphragm pumps and metering pumps have been designed by the pumps manufacturer. Hence, manufacturers are offering customization options and expertise to cater to those demands. Presently, the market has witnessed a new design approach while designing and manufacturing the pumps, termed as modular designing approach. This approach not only reduces the waste being generated during the manufacturing process but also helps to maintain sufficient flexibility in pump manufacturing.

The global market is highly concentrated and competitive with several firms focusing on design and development of internal critical components such as diaphragm material, impeller design, and appropriate bearing selection. Businesses operating in the global market are aggressively concentrating their investments in R&D for pumps to maintain their market position and expand into regional markets.

Type Insights

Centrifugal pumps segment held the largest revenue share of 66.9% in 2023. Centrifugal pumps are preferred in those applications where flow rate is an important variable as compared to the pressure requirement for a particular fluid. Pumps are commonly used in urban water systems to provide clean water to communities and ensure reliable access to fresh water. These pumps play an important role in agricultural irrigation, moving water efficiently from sources to fields and crops.

Bank of America in 2020 reported that India's major water infrastructure development program including Jal Jeevan Mission plans to invest USD 270.0 billion over next 15 years. Further, in power generation plants, high discharge multistage centrifugal pumps are used to maintain the water flow to generate the steam and cool the water in cooling towers. Hence with the rising capital expenditure in these industries, the demand for centrifugal pumps is expected to rise over the forecast period.

Positive displacement pumps segment is anticipated to grow at the fastest CAGR of 4.8% from 2024 to 2030. It is a type of positive displacement pumps used to transfer fluids by reciprocating motion of a piston inside a cylinder. Their versatility, reliability, and ability to handle challenging fluids make them a valuable choice for handling a wide range of fluids in water & wastewater treatment, agriculture, and chemical processing industries.

These pumps are preferred in oil & gas extraction industries for upstream exploration and production (ExoPE). In construction and building services sector, positive displacement pumps are used to pump highly dense & viscous fluids such as resins and paints. According to the U.S. Census Bureau, in September 2023, the federal government gave 1.47 million residential building construction permits in the country, while the construction of 1.45 million houses was completed in September 2023. Hence, with the growth in construction & building services, oil & gas sector, the demand for positive displacement pumps is expected to rise over the forecast period.

End-use Insights

Agriculture end-use segment held the largest revenue share of 20.2% in 2023. Agricultural growth depends on the effective distribution of water. Pumps provide the required pressure to move water to fields for irrigation from sources such as wells, rivers, or reservoirs. One of the main factors driving the market growth is the capacity of pumps to maintain a steady and sufficient supply of water. Furthermore, because these pumps are designed to maintain high discharge rates, they are also utilized to maintain the water distribution in arid areas.

Developing countries such as India and China are focusing on building a diversified crop supply system and strengthening the competitiveness & modernization of agriculture in rural areas. To modernize agriculture, Chinese and Indian governments are investing heavily in building a sufficient irrigation system. Centrifugal pumps are mostly preferred in the agriculture sector to maintain the supply of water. Hence, with a growing focus on agriculture sector, demand for pumps in agriculture sector is anticipated to remain high in the coming years.

Global pumps market share and size, 2023

Chemical end-use segment is expected to grow at the fastest CAGR of 5.7% during the forecast period. The chemical industry uses pumps because they can move different kinds of chemicals with different pH levels from one vessel or container to another. They guarantee precise and regulated flow rates, which are essential for the handling of chemicals.

Measuring chemicals accurately for dosing is a common step in the quality of chemical manufacturing. After manufacturing the chemicals transferring them to the storage tanks requires pumps with high flow rates. This allows process factors, including maintenance of fluid pressure and constant discharge rates. As a result, rotary pumps are employed in the mixing and creation of chemical mixes for a variety of industrial activities, including the production of cosmetics. Hence, with the growth in chemical industries, the demand for pumps is expected to increase in the coming years.

Regional Insights

Asia Pacific region held the largest revenue share of 45.2% in 2023 and is anticipated to grow significantly at the fastest CAGR over the forecast period. Rapid industrialization and urbanization coupled with growing demand for fluid handling & safe drinking water in several countries, including China and India, are expected to boost market potential.

Pumps Market Trends, by Region, 2024 - 2030

Furthermore, the economies of the Asia Pacific region are expected to flourish during the forecast period due to increased government investments in agriculture, construction, and water and wastewater treatment industries. Continuous expansion of end-use industries such as chemical industry and hydrocarbon exploration industry is expected to increase the demand for liquid handling equipment and expand the global market.

Middle East & Africa region is anticipated to grow significantly at the second highest CAGR of 4.7% over the forecast period due to high growth industries such as oil & gas and water & wastewater treatment industry. Middle East & Africa is the major hub for the production of oil & gas. Pumps are used during the crude oil transferring and refining process. Moreover, Middle Eastern countries have been investing heavily in water treatment facilities that can generate potable water from saline water. These pumps are used for seawater intake, reverse osmosis, and brine disposal.

Pump technology developments have enhanced core process operations, boosted pump dependability, and resulted in long-term savings in routine operating procedures in Middle Eastern countries. These innovative pumps are employed in a variety of end-use industries, including agricultural, electricity, industrial wastewater, and compounds, which will increase their demand throughout the forecast period.

Key Companies & Market Share Insights

Manufacturers adopt several strategies, including acquisitions, mergers, joint ventures, and geographical expansions, to enhance market penetration and cater to the changing requirements of various end-use industries. Some of the major companies have undertaken measures such as technological upgrades and investment in research and development activities to penetrate the market.

For instance, in July 2023, Grundfos Holding A/S acquired Metasphere a leading smart sewer solutions provider. This acquisition is expected to help the company improve its product offerings within pumps and hydraulic segment. In May 2023, nineteen new sizes were added to the MegaCPK pumps series by KSB SE & Co. KGaA. Given that clients can select from 55 sizes for pumps with more than 78 hydraulic systems, this product extension is anticipated to enhance the company's product mix for the chemical market.

Key Pumps Companies:

  • SLB
  • Ingersoll Rand
  • The Weir Group PLC
  • Vaughan Company
  • KSB SE & Co. KGaA
  • Pentair
  • Grundfos Holding A/S
  • Comp8
  • Xylem
  • Flowserve Corporation.
  • ITT INC.
  • Sulzer Ltd
  • SPX FLOW, Inc.

Pumps Market Report Scope

Report Attribute


Market size value in 2024

USD 59.7 billion

Revenue forecast in 2030

USD 77.1 billion

Growth rate

CAGR of 4.2% from 2024 to 2030

Base year for estimation


Historical data

2018 - 2022

Forecast period

2024 - 2030

Report updated

December 2023

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2030

Report coverage

Revenue forecast, company market position analysis, competitive landscape, growth factors, and trends

Segments covered

Type, end-use, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country Scope

U.S.; Canada; Mexico; France; Germany; Italy; UK; China; Japan; India; Australia; Argentina; Brazil; Saudi Arabia; UAE

Key companies profiled

SLB; Ingersoll Rand; The Weir Group PLC; Vaughan Company; KSB SE & Co. KGaA; Pentair; Grundfos Holding A/S; Xylem; Flowserve Corporation.; ITT INC.; EBARA CORPORATION.; IWAKI CO., LTD.; Sulzer Ltd. SPX FLOW, Inc.

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope

Pricing and purchase options

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Global Pumps Market Report Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global pumps market report based on type, end-use, and region:

Global Pumps Market Report Segmentation

  • Type Outlook (Revenue, USD Billion, 2018 - 2030)

    • Centrifugal Pumps

      • Centrifugal Pumps By Configuration

        • Single Stage

        • Multistage

      • Centrifugal Pumps By Design

        • Radial Flow Pump

        • Mixed Flow Pump

        • Axial Flow Pump

    • Positive Displacement Pumps

      • Rotary Pumps By Type

        • Gear Pumps

        • Screw Pumps

        • Vane Pumps

        • Lobe Pumps

        • Others

      • Reciprocating Pumps By Type

        • Diaphragm Pumps

        • Piston Pumps

        • Plunger Pumps

  • End-use Outlook (Revenue, USD Billion, 2018 - 2030)

    • Agriculture

    • Water & Wastewater

    • Construction & Building Services

    • Oil & Gas

    • Chemical

    • Power Generation

    • Others

  • Regional Outlook (Revenue, USD Billion, 2018 - 2030)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

      • France

      • Italy

    • Asia Pacific

      • China

      • India

      • Japan

      • Australia

    • Central & South Americ

      • Brazil

      • Argentina

    • Middle East & Africa

      • UAE

      • Saudi Arabia

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