New Delhi, May 16, 2024 – The global industrial pumps market is on a significant growth trajectory, with projections suggesting a rise from US$ 69.74 billion in 2023 to US$ 130.39 billion by 2032, at a CAGR of 7.2% from 2024 to 2032.
The market’s expansion is being driven by the increasing adoption of industrial pumps in various sectors such as petrochemicals, chemicals, medical, and pharmaceutical industries. The oil & gas industry remains the largest consumer of these pumps globally, with the Asia-Pacific region expected to hold the largest market share and grow at the fastest rate during the study period. Centrifugal pumps are leading the market due to their versatility in handling hazardous and sensitive fluids, while positive displacement pumps are also projected to witness substantial growth in the coming years. These pumps find applications in various sectors including oil & gas, chemicals, construction, power generation, and water & wastewater.
Several factors are propelling the industrial pumps market, including the rising demand for oil, gas, and power, technological advancements enabling deepwater exploration, investments in water and wastewater industries, and innovations in pump manufacturing. Despite facing challenges such as fluctuating raw material prices and tariff impacts on imports, the market is expected to benefit from technological innovations like the adoption of IoT for pump performance optimization and the expansion of pump applications in renewable energy.
The oil and gas industry dominates the industrial pumps market, contributing 28.1% of revenue due to rapid expansion in extraction and transportation activities. Centrifugal pumps are widely used during extraction and drilling phases, while positive displacement pumps play a crucial role in transporting highly viscous liquids. Efficient transportation of oil and gas post-extraction is facilitated by gear pumps and booster pumps, with refineries relying on various pumps for different operations.
The demand for single-stage industrial pumps is on the rise, driven by factors like increasing demand across industries. The global centrifugal industrial pumps market is projected to reach USD $75.16 billion by 2032, with the Asia-Pacific region leading the growth. The oil and gas industry, agriculture, and water & wastewater applications are key contributors to the demand for single-stage centrifugal pumps.
Asia Pacific controls 50% of the market share, driven by booming construction and oil & gas industries. China is expected to dominate upcoming oil and gas projects in the region, with significant growth anticipated in the sector. The region’s construction industry is also on the rise, fueled by urbanization and infrastructure projects like China’s Belt and Road Initiative.
The global industrial pumps market is dominated by key players such as Grundfos Pumps Corporation, Xylem, EBARA Corporation, Sulzer, ITT Inc., and Flowserve Corporation. These companies are focusing on partnerships, agreements, and acquisitions to expand their market reach and offerings.
In conclusion, the industrial pumps market is poised for significant growth, driven by various industries and regions. The adoption of advanced technologies and the focus on sustainability are expected to propel market expansion in the coming years.