Pumps Market Size, Share & Trends Analysis Report By Product Type (Centrifugal Pump, Positive Displacement Pump), By Application (Oil & Gas, Chemical), By Region, And Segment Forecasts, 2023 - 2030

Pumps Market Size & Trends

The global pumps market size was valued at USD 78.3 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 3.9% from 2023 to 2030. 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 chemical industry was negatively impacted by the novel coronavirus outbreak on numerous fronts, including operational and supply chain disruptions, lowered demand & and productivity, and potentially tightening credit markets.

The growth of the pump 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 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 requirements 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 market growth.

The 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 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 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 U.S. in 2020, as evidenced by operations being halted and import-export activities being hampered. The demand was primarily attributed to a number of end-use industries, including electricity, water and wastewater treatment, and oil and gas, and the market was predicted to experience sluggish growth throughout the pandemic.

Product Type Insights

The centrifugal pump segment accounted for the largest revenue share of 52.1% in 2022. 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 and 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 positive displacement pump segment is expected to grow at the fastest CAGR of 4.1% during the forecast period, 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 product demand.

Application Insights

The agriculture segment held the largest revenue share of 25.5% in 2022. Technological advancements in the field of farming & irrigation, especially in emerging countries, coupled with the rising usage of pumps for several purposes in the agriculture segment, such as irrigation, dewatering of crops, and reuse, are likely to boost the growth. The construction segment is also estimated to witness significant growth over the forecast period. 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, housing societies and hospitals, are expected to boost the demand for pumps in the construction industry.

The demand for pumps in water & wastewater applications is expected to grow significantly over the forecast period. The increasing requirement for 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 hydraulic & horizontal 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 solar panels, wind turbine blades, electric vehicle (EV) parts and batteries is expected to drive the market growth.

The chemical segment is expected to grow at the fastest CAGR of 5.1% over the forecast period. The growth of the chemical application is attributed to the expanding chemical industry which has led to a surge in demand for efficient and reliable pumping systems that can handle the transfer and processing of chemicals. Additionally, the advancements in pump technology, such as corrosion-resistant materials and improved sealing mechanisms are anticipated to drive the market growth.

Regional Insights

Asia Pacific dominated the market and accounted for the largest revenue share of 43.0% in 2022 and is expected to grow at the fastest CAGR of 8.2% during the forecast period. The growth in the region can be attributed to 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 petrochemicals is anticipated to complement market growth.

China is anticipated to be driven by 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 market during the forecast period.

Key Companies & Market Share Insights

Key market participants in the market are implementing various growth strategies to stay competitive and gain market share. The growth strategies market players adopt include product launches, regional expansion, investment in research and development (R&D), strategic partnership and collaboration, merger and acquisition, and focusing on developing sustainable and energy-efficient solutions. In February 2020, Weir Mineral launched three Lewis pumps namely, Horizontal Process Pump, Axial Pump, and Vertical High-Pressure Molten Salt Pump. The following are some of the major participants in the global pumps market:

• 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.

Recent Developments

• In July 2023, EBARA Pumps Europe S.p.A signed an agreement to acquire the Spandau Pumpen (coolant pump business) from SKF Lubrication Systems Germany GmbH. With the acquisition, EBARA aims to enter the machine tool market on a global scale and grow its company by offering new goods and services.

• In March 2023, KSB SE & Co KGaA announced the launch of CalioTherm S, a glandless water circulation pump. The new pumps are designed to achieve high levels of efficiency with the inclusion of a high-efficiency permanent magnet motor.

• In October 2022, Flowserve Corporation signed an agreement with Chart Industries, Inc. to develop hydrogen fuel pumps. As a part of the agreement, Flowserve will acquire the in-process R&D for the hydrogen fuel pump and will become the sole manufacturer and supplier of these pumps for the company.

• In December 2021, Ingersoll Rand Inc. announced the acquisition of the Tuthill Corporation’s Pump Group. The acquisition will help in the expansion of the PST brand product line as well as make it accessible to new end markets, clients, and applications.

Pumps Market Report Scope

Global Pumps Market Report Segmentation

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 2018 to 2030. For this study, Grand View Research has segmented the global pumps market based on product type, application, and region:

• Product Type Outlook (Revenue; USD Million, 2018 - 2030)

  • Centrifugal Pump

    • Axial Flow Pump

    • Radial Flow Pump

    • Mixed Flow Pump

  • Positive Displacement Pump

    • Reciprocating Pump

    • Rotary Pump

    • Others

  • Others

• Application Outlook (Revenue; USD Million, 2018 - 2030)

  • Agriculture

  • Construction & Building Services

  • Water & Wastewater

  • Power Generation

  • Oil & Gas

  • Chemical

  • Others

• Regional Outlook (Revenue; USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Russia

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • Australia

  • Central and South America

    • Brazil

    • Argentina

  • Middle East and Africa

    • Saudi Arabia

    • UAE

    • South Africa