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Report Overview: Industrial Pump MarketThe global industrial pump market size was valued at USD 51.5 billion in 2020 and is expected to expand at a CAGR of 4.8% over the forecast period 2021-2027. Growing spending on infrastructural development in various economies across the globe is expected to augment the demand for industrial pumps over the forecast period. Adoption of these industrial pumping systems is likely to increase in several end-use industries such as chemicals and petrochemicals due to their resistivity towards different hazardous chemicals and durability. Furthermore, increased deliverable pressure pertaining to time is anticipated to propel the demand for industrial pumps. In North America, the U.S. accounted for a significant share in terms of revenue in 2019 owing to substantial exploration activities in both offshore and onshore unconventional oil and gas sectors. In addition, replacement of existing industrial water and wastewater infrastructure in the economy is expected to augment the product demand. The industrial pump market is highly price-sensitive majorly on account of rising competition from the low-cost product manufacturers in Asia Pacific. Volatility in the prices is anticipated to be one of the major restraining factors in the market over the forecast period. The degree of consolidation is likely to witness a rise in the market on account of increasing pressure on the profit margins of the product manufacturers. Furthermore, growing awareness about compliance with several environmental regulations stated by the regional governments is anticipated to limit the demand for industrial pumping systems. Fluctuation in the component prices of industrial pumps due to surging demand from the end-use industries is expected to affect the capital investment over the forecast period. Surging investment in strategic activities such as mergers and acquisitions by the market leaders to advance low-cost manufacturing processes is anticipated to bolster the demand for industrial pumping systems.
Product Insights: Industrial Pump MarketCentrifugal industrial pumps lead the market and accounted for 62.1% share of the global revenue in 2019. Demand for centrifugal industrial pumps is expected to increase on account of the boom of hydraulic fracturing in the oil and gas industry in developed nations, including the U.S. and Canada. The need for upgrading the aging infrastructure is expected to increase the demand for industrial pumping systems over the forecast period. Positive displacement industrial pumps segment is anticipated to expand at the fastest CAGR over the forecast period. Reciprocating industrial pumps are likely to witness significant growth in the forthcoming years owing to the increasing replacement of the existing pumps with newer industrial pumps to achieve better energy efficiency. Growing preference of the end users to replace the entire pump rather than individual parts owing to lack of skilled maintenance personnel is anticipated to bolster the product demand. Rising significance of hydraulic systems as a power source over the pneumatic control equipment is anticipated to boost the application of rotary industrial pumps. In addition, rotatory industrial pumps are likely to witness increased demand owing to rising consumer confidence and spending across various end-use industries. Growing need for replacing the existing industrial pumps in the chemical and pharmaceutical processing and oil and gas industries is expected to generate the demand for rotary industrial pumps. Furthermore, rising demand for high-pressure pumping systems in various industries, such as oil and gas, water and wastewater treatment, and chemical processing is further likely to boost the reciprocating industrial pumps segment growth.
Application Insights: Industrial Pump MarketThe water and wastewater treatment application segment lead the market, accounting for a share of 24.5% in terms of revenue in 2019. Population growth, industrial development, increasing emphasis on wastewater treatment, international commitments and targets, and government policies are some of the key factors responsible for the segment growth. The oil and gas application segment is anticipated to exhibit a CAGR of 5.1% over the forecast period. Increasing global crude oil demand to facilitate overseas logistics, production centers, and domestic transports is likely to enhance the offshore and onshore exploration activities. The aforementioned factors are thereby anticipated to promote product demand over the forecast period.
Regional Insights: Industrial Pump MarketAsia Pacific lead the global market and accounted for 47.2% of the overall share in terms of revenue in 2019. This is attributed to significant growth in various end-use industries, including water and wastewater treatment, construction, and oil and gas. Rising investments in China in the construction of indirect and direct liquefaction plants that require industrial pumps to move treatment chemicals, water, and other products is expected to fuel the product demand. Growing need for reusable water is one of the major concerns in emerging economies, including China and India, thereby augmenting the demand for industrial pumps. Europe is estimated to expand at a CAGR of 4.5% from 2020 to 2027 owing to amplified usage of high-pressure industrial pumps in economies, such as Germany and the U.K., for controlling water flow rates. Furthermore, rising spending on infrastructure development in the region is likely to propel the product demand. North America is expected to witness significant growth over the forecast period. This growth is attributed to growing penetration of petrochemical production facilities across emerging markets on account of government initiatives and overseas investments. This, in turn, is expected to play an essential role in driving the demand for industrial pumps.
Industrial Pump Market Share Insights: Industrial Pump MarketThe market is moderately concentrated due to the presence of large as well as small-scale manufacturers across the globe. Major players in the market include
Manufacturers are making continuous investments in the research and development in order to maintain their market share. They are also taking up strategies such as new product development and acquisition of small and medium scale enterprises to improve market penetration and gain an edge over their competitors. This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. Trusted Business Insights has segmented the global industrial pump market report on the basis of product, application, and region:
- A.R. North America, Inc.
- SPX Flow Inc.
- Vaughan Company Inc.
- Colfax Corporation
- ITT Corporation
- Flowserve Corporation
- Iwaki America Inc.
Product Outlook (Revenue, USD Million, 2016 - 2027)
- Centrifugal Pump
- Axial Flow
- Radial Flow
- Mixed Flow
- Positive Displacement Pump
Application Outlook (Revenue, USD Million, 2016 - 2027)
- Oil & Gas
- Water & Wastewater
Table of Contents Chapter 1. Methodology and Scope 1.1. Research Methodology 1.2. Research Scope & Assumption 1.3. Information Procurement 1.3.1. Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum) 1.3.2. IFF Internal Database 1.3.3. Secondary Sources & Third-Party Perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data Analysis Models 1.5. Mark | read more...