GVR Report cover Pumps Market Size, Share & Trends Report

Pumps Market Size, Share & Trends Analysis Report Analysis By Product Type (Positive Displacement, Centrifugal), By Application (Agriculture, Chemical), By Region (APAC, EU, North America), And Segment Forecasts, 2020 - 2028

  • Report ID: GVR-3-68038-772-8
  • Number of Pages: 131
  • Format: Electronic (PDF)

Report Overview

The global pumps market size was valued at USD 92.91 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 3.2% from 2020 to 2028. Increasing investments in the oil & gas sector, technological advancements in pump manufacturing, and new product launches focusing on enhanced performance are expected to have a positive impact on the market. The chemical industry is expected to be negatively impacted by the novel coronavirus outbreak on numerous fronts, including operational and supply chain disruptions, lowered demand & productivity, and potentially tightening credit markets. Hence, the declining chemical industry is anticipated to hinder the market growth during the pandemic.

U.S. pumps market size, by product type, 2018 - 2028 (USD Billion)

The growth of the pumps market in the U.S. was significantly impacted in 2020 owing to the COVID-19 pandemic, which is reflected by the suspended operations and disrupted import-export activities. The market is anticipated to establish low growth over the forecast period, wherein the demand is majorly attributed to various end-use industries including power, water & wastewater treatment, and oil & gas.

Increasing investments in the exploration and production activities by the oil & gas companies across the globe are anticipated to boost the demand for pumps in the oil & gas industry. The rising number of infrastructure upgrades, in terms of changing or the installation of new pipelines, is expected to have a positive impact on the market.

The advancements in pump technology have resulted in enhanced basic process tasks, increasing the reliability of the pumps, and providing a long-term reduction in everyday operating processes. These advanced pumps are mostly used in industries, such as industrial wastewater, agriculture, power, and chemicals.

Manufacturers are also focusing on new product launches keeping in mind the dynamic requirement of the market. However, new energy efficiency standards that are to be incorporated may require redesigning of pumps by manufacturers, which may incur high costs and time, thereby restraining the market growth.

Pumps Market Trends

The pumps market is anticipated to be driven by increasing investments in the oil & gas sector. Technological advancements in pump manufacturing and new product launches focusing on enhanced performance are expected to positively impact the market.

The advancements in pump technology have improved fundamental process operations, increased pump dependability, and provided long-term reductions in routine operating procedures. These developments have also improved pump performance and dependability while using less energy. These advanced pumps are used in various end-use industries such as agriculture, power, industrial wastewater, and chemicals, thereby augmenting their demand over the forecast period.

The demand for pumps in the oil and gas sector is expected to increase as oil and gas companies increase their investment in exploration and production activities around the globe. The market is anticipated to benefit from the increasing number of infrastructure upgrades, such as modifying or installing new pipes.

Non-OPEC and emerging countries are expected to significantly increase their contributions to global oil and gas production. Growing demand for energy, shale gas, and tight gas, owing to the maturity of the conventional oil & gas resources market is expected to be a major driver triggering the growth of the pumps market.

Rising expectations of customers in the past few decades have led to increased spending by the end-user industry globally to improve the quality of industrial pumps along with installing advanced process control. This has led to increased spending by the pump manufacturers in the region in an attempt to improve energy efficiency, which is likely to drive the demand for improved energy-efficient pumps over the forecast period.

The COVID-19 pandemic had a significant negative impact on the growth of the pumps market. in the United States in 2020, as evidenced by operations being halted and import-export activities being hampered. The demand is primarily attributed to a number of end-use industries, including electricity, water and wastewater treatment, and oil and gas, and the market is predicted to experience sluggish growth throughout the projection period.

The commercial and industrial clean water pump (CIP) Energy Conservation Standard and Test Procedure for Pumps was published by the U.S. Department of Energy (DOE) in early 2016. The standard essentially mandates that by 2020, all pumps sold on the market must be redesigned or reconfigured to meet the new efficiency standards.

Product Type Insights

The centrifugal pump segment led the market in 2020 and accounted for 52% of the global revenue share. Centrifugal pumps are used for higher flows and hence, are extensively used in the chemical industry. These are preferred for low-pressure and high-capacity pumping applications of liquids with viscosities ranging between 0.1 and 200 cP.

Centrifugal pump is further segmented into axial flow, radial flow, and mixed flow pumps. The market of axial flow pumps is expected to show significant growth over the forecast period owing to the increasing demand for high-power pumps in flood dewatering and water & wastewater treatment applications. Axial and radial flow pumps provide superior efficiencies and have low pulsation due to which these pumps are used for a higher delivery head at a low or medium flow rate.

The demand for positive displacement pumps is estimated to witness growth at the fastest CAGR of 3.4%, in terms of revenue, from 2020 to 2028 owing to their efficient working at lower speed and consistent flow rates. Moreover, the preference for positive displacement pumps in the oil & gas industry is likely to complement segment growth.

Manufacturers are using technology to their advantage by developing innovative pumping solutions. New products are equipped with precision control and efficiency using electronic sensors and other digital software. Moreover, the suitability of reciprocating pumps in pumping hazardous fluids is likely to boost the product demand.

Application Insights

The agriculture application led the market in 2020 with a revenue share of more than 25%. Technological advancements in the field of irrigation and farming, especially in emerging countries, coupled with the rising usage of pumps for several purposes in the agriculture segment, such as irrigation, dewatering of crops, reuse, are likely to boost the growth. The construction segment is also estimated to witness significant growth from 2020 to 2028. The rapid development of housing complexes and commercial buildings in prime cities would require proper systems for water availability, disposal of sewage, and treatment of wastewater. Moreover, heavy investments in public infrastructures, such as offices, hospitals, and housing societies, are expected to boost the demand for pumps in the construction industry.

Global pumps market share, by application, 2020 (%)

The demand for pumps in water & wastewater applications is expected to grow at a CAGR of 3.6% from 2020 to 2028. The increasing requirement of pump stations in wastewater treatment plants, where gravity flow is not feasible, coupled with high flow rate deliverability and high transmission velocity is likely to augment the market growth. Increasing utilization of shale gas in the energy and manufacturing industries and growing shale gas exploration activities due to technological advancements, such as horizontal and hydraulic drilling, are anticipated to boost the product demand in the oil & gas sector. Furthermore, the penetration of petrochemical products in modern energy systems, such as wind turbine blades, solar panels, batteries, and Electric Vehicle (EV) parts, is expected to drive the market growth.

Regional Insights

The pumps market in the Asia Pacific region is expected to witness significant growth over the forecast period on account of the rapid industrialization in the developing economies of Asia Pacific and rising investments in manufacturing, commercial, and industrial projects have contributed to the overall growth of the regional market. Furthermore, increased product penetration in various end-use industries including agriculture and petrochemical is anticipated to complement market growth.

China is anticipated to be driven by the growing investments in chemical, petrochemical, and construction industries.In addition, several chemical and petrochemical multinational companies are expected to open new manufacturing plants in China owing to the favorable government policies. As more companies look into capacity expansion in China, the demand for pumps in the country is expected to grow.

Rising offshore exploration and production activities in Europe are anticipated to fuel demand for pumps, over the projected period. Stringent regulations intended to reduce residential water pollution are anticipated to have a significant influence on raising the demand for water treatment in the municipal and industrial sectors. It is anticipated that rising household use of municipal facilities for water and wastewater treatment will have a significant impact on the market. This scenario is anticipated to increase the consumption of centrifugal, rotary, and reciprocating pumps in the region over the forecast period

The growing construction sector, along with the imposition of stringent government regulations in Germany to restrict the discharge of untreated water into water reservoirs, is expected to drive the growth of water & wastewater treatment plants, thereby benefiting the pumps market during the forecast period.

Key Companies & Market Share Insights

Manufacturers in the market are focusing on launching new, innovative products for various applications using advanced technology. For instance, in February 2020, Weir Mineral launched three Lewis pumps namely, Horizontal Process Pump, Axial Pump, and Vertical High-Pressure Molten Salt Pump. Several manufacturers had to suffer losses due to the pandemic owing to the volatility of raw material prices, supply chain disruptions, and poor cash flows. This accelerated the number of acquisitions and mergers in the industry with players, such as Ingersoll Rand and Grundfos, being the leaders. Some prominent players in the global pumps market include:

  • Schlumberger Ltd.

  • Ingersoll Rand

  • Weir Group PLC

  • Vaughan Company, Inc.

  • KSB SE & Co. KGaA

  • Pentair

  • Grundfos Holding A/S

  • Xylem

  • Flowserve Corp.

  • ITT Inc.

  • EBARA International Corp.

  • IWAKI Co., Ltd.

  • Sulzer Ltd.

  • SPX Flow

Pumps Market Report Scope

Report Attribute


Market size value in 2021

USD 94.91 billion

Revenue forecast in 2028

USD 119.39 billion

Growth rate

CAGR of 3.2% from 2020 to 2028

Base year for estimation


Historical data

2017 - 2019

Forecast period

2020 - 2028

Quantitative units

Revenue in USD billion and CAGR from 2020 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product type, application, region

Regional scope

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

Country Scope

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

Key companies profiled

Schlumberger Ltd.; Ingersoll Rand; Weir Group PLC; Vaughan Company Inc.; KSB SE & Co. KGaA; Pentair; Grundfos Holding A/S; Xylem; Flowserve Corp.; ITT Inc.; EBARA International Corp.; IWAKI Co., Ltd.; Sulzer Ltd.; SPX Flow

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

Avail customized purchase options to meet your exact research needs. Explore purchase options

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global pumps market report on the basis of product type, application, and region:

  • Product Type Outlook (Revenue, USD Billion, 2017 - 2028)

    • Centrifugal Pump

      • Axial Flow Pump

      • Radial Flow Pump

      • Mixed Flow Pump

    • Positive Displacement Pump

      • Reciprocating Pump

      • Rotary Pump

      • Others

    • Others

  • Application Outlook (Revenue, USD Billion, 2017 - 2028)

    • Agriculture

    • Construction & Building Services

    • Water & Wastewater

    • Power Generation

    • Oil & Gas

    • Chemical

    • Others

  • Regional Outlook (Revenue, USD Billion, 2017 - 2028)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • France

      • Italy

      • U.K.

    • Asia Pacific

      • China

      • India

      • Japan

      • Australia

    • Central & South America

      • Argentina

      • Brazil

    • Middle East & Africa

      • Saudi Arabia

      • UAE

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