The global pumps market size is expected to reach USD 125.95 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.6% from 2020 to 2027. Rising demand for pumps across various end-use industries, such as oil & gas, construction, chemical, and water & wastewater, is anticipated to augment growth.
The demand for pumps is driven by heavy investments in modernizing irrigation systems in developing countries, such as India, Brazil, Thailand, and South Africa. In addition, the development of pump systems and other agricultural machinery with sensors, for the adoption of smart farming practices, for real-time monitoring of crop development is expected to drive market growth.
The U.S. Department of Energy (DOE) released new energy conservation standards for pumps in June 2016, related to the governing of the energy efficiency of pumps, resulting in the replacement of old pumps with new ones as per standards. This is leading to various technological innovations for making energy-efficient pumps, thereby complementing market growth.
The global pumps market is highly competitive and relies on technological developments and product improvements. The manufacturers are focused on attaining application development to gain a competitive advantage. The local players in the Asia Pacific pose a significant threat to multinational companies with respect to pricing and product quality.
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Centrifugal pumps accounted for more than half of the global revenue share in 2019 on account of high product demand in various applications, such as flood dewatering, wastewater management, chemical dosing, and sludge handling
The axial flow pumps market segment is estimated to witness significant growth from 2020 to 2027 due to rising demand in the chemical and petrochemical industries
The Asia Pacific accounted for the maximum revenue share of over 46% of the global market in 2019 owing to the expansion of residential, commercial, and industrial sectors, which, in turn, led to the growth in the construction activities in the region
The agriculture applications segment led the market in 2019 with the highest revenue share of over 25% owing to government support across various countries for modernizing irrigation system to increase crop yield
Strategies adopted by market participants include partnerships, new product developments, technological innovations, and distribution network expansion to obtain a competitive edge in the market
Grand View Research has segmented the global pumps market on the basis of product type, application, and region:
Pump Product Type Outlook (Revenue, USD Billion, 2016 - 2027)
Axial Flow Pump
Radial Flow Pump
Mixed Flow Pump
Pump Application Outlook (Revenue, USD Billion, 2016 - 2027)
Construction & Building Services
Water & Wastewater
Oil & Gas
Pump Regional Outlook (Revenue, USD Billion, 2016 - 2027)
Central & South America
Middle East & Africa
List of Key Players of Pump Market
Grundfos Pump Corp.
SPX Flow, Inc.
KSB SE & Co. KGaA
Iwaki America, Inc.
Weir Group PLC
Vaughan Company, Inc.
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