The global pumps market size is anticipated to reach USD 77.07 billion by 2030 and is projected to grow at a CAGR of 4.4% from 2024 to 2030. The market is driven by rising industrial growth, increasing water & wastewater treatment needs, growing demand in the oil & gas sector, and advancements in technology enhancing pump efficiency. In addition, infrastructure development, agricultural activities, and a focus on renewable energy sources contribute to the market's expansion.
Water & wastewater treatment is expected to register a significant growth rate across the forecast period owing to the urbanization, population growth, and rise in manufacturing activities in the industrialized nations. Growing requirements of centrifugal pumps on account of providing properties such as ideal capability of raising pressure inside pump casing, high flow rate deliverability, and high transmission velocity are expected to promote the product’s importance. Moreover, pump stations are particularly needed in wastewater treatment plants where gravity flow is not feasible.
According to the United Nations World Water Development Report, approximately 2 billion people do not have access to clean & safe drinking water globally, and roughly 3.6 billion people, or 46% of the world's population, do not have access to basic sanitation facilities. This is projected to augment the usage of recycled water for direct delivery to end consumers, thus augmenting the demand for wastewater treatment systems and subsequently increasing the demand for pumps over the forecast period.
The oil & gas sector also significantly impacts the market. As exploration and extraction activities intensify, pumps are essential for transporting crude oil and other fluids throughout the production and refining processes. The demand for pumps in this sector remains robust, contributing to the overall market growth. Furthermore, the increasing demand for crude oil to facilitate production centers, overseas logistics, and domestic transport is expected to heighten offshore and onshore exploration activities in the coming years. The above-mentioned trends are expected to promote the requirement of pumps that are capable of handling subsea pressures and providing utility functions.
Agricultural activities, including irrigation and crop spraying, are additional driving factors. Pumps are integral to agricultural processes, ensuring the efficient distribution of water for crops. The modernization of agriculture and the adoption of precision farming techniques further amplify the role of pumps in the agriculture sector. Moreover, technological advancements in the field of irrigation and farming especially in emerging countries, and government funding in farming are some of the key factors for agriculture industry growth. In addition, pumps are used for several purposes which include irrigation, dewatering of crops, reuse, aquatic weed control, fish farming, and water management.
Advancements in pump technology play a pivotal role in shaping the market landscape. Ongoing research and development efforts lead to the creation of more energy-efficient and reliable pump systems. Intelligent pumping solutions, predictive maintenance capabilities, and digitalization further enhance the efficiency and performance of pumps, driving their adoption across various industries. Moreover, the increasing focus on renewable energy sources, such as solar & wind power, creates opportunities for the market. Pumps are utilized in various renewable energy applications, including the transfer of fluids in solar thermal systems and circulation of heat transfer in fluids in geothermal power generation.
Manufacturers are seeking product launches, mergers & acquisitions, and expansions to produce new products. For instance, in November 2023, Waterco Limited acquired Davey Water Products from GUD Holdings Limited in a 42.5 million deal. This acquisition will allow the company to expand its product portfolio and geographical presence.
Water & wastewater treatment is expected to register a significant growth rate across the forecast period owing to the urbanization, population growth, and rise in manufacturing activities in the industrialized nations. Growing requirements of centrifugal pumps on account of providing properties such as ideal capability of raising pressure inside pump casing, high flow rate deliverability, and high transmission velocity are expected to promote the product’s importance. Moreover, pump stations are particularly needed in wastewater treatment plants where gravity flow is not feasible.
According to the United Nations World Water Development Report, approximately 2 billion people do not have access to clean & safe drinking water globally, and roughly 3.6 billion people, or 46% of the world's population, do not have access to basic sanitation facilities. This is projected to augment the usage of recycled water for direct delivery to end consumers, thus augmenting the demand for wastewater treatment systems and subsequently increasing the demand for pumps over the forecast period.
The oil & gas sector also significantly impacts the market. As exploration and extraction activities intensify, pumps are essential for transporting crude oil and other fluids throughout the production and refining processes. The demand for pumps in this sector remains robust, contributing to the overall market growth. Furthermore, the increasing demand for crude oil to facilitate production centers, overseas logistics, and domestic transport is expected to heighten offshore and onshore exploration activities in the coming years. The above-mentioned trends are expected to promote the requirement of pumps that are capable of handling subsea pressures and providing utility functions.
Agricultural activities, including irrigation and crop spraying, are additional driving factors. Pumps are integral to agricultural processes, ensuring the efficient distribution of water for crops. The modernization of agriculture and the adoption of precision farming techniques further amplify the role of pumps in the agriculture sector. Moreover, technological advancements in the field of irrigation and farming especially in emerging countries, and government funding in farming are some of the key factors for agriculture industry growth. In addition, pumps are used for several purposes which include irrigation, dewatering of crops, reuse, aquatic weed control, fish farming, and water management.
Advancements in pump technology play a pivotal role in shaping the market landscape. Ongoing research and development efforts lead to the creation of more energy-efficient and reliable pump systems. Intelligent pumping solutions, predictive maintenance capabilities, and digitalization further enhance the efficiency and performance of pumps, driving their adoption across various industries. Moreover, the increasing focus on renewable energy sources, such as solar & wind power, creates opportunities for the market. Pumps are utilized in various renewable energy applications, including the transfer of fluids in solar thermal systems and circulation of heat transfer in fluids in geothermal power generation.
Manufacturers are seeking product launches, mergers & acquisitions, and expansions to produce new products. For instance, in November 2023, Waterco Limited acquired Davey Water Products from GUD Holdings Limited in a 42.5 million deal. This acquisition will allow the company to expand its product portfolio and geographical presence.
Pumps Market Report Highlights
- The centrifugal pumps type segment led the market and held 66.94% share of the global market in 2023. The rising residential and commercial infrastructure coupled with the expansion of the manufacturing industry globally is expected to drive the demand for centrifugal pumps across the globe. The rapid spending on agricultural equipment by major developing countries is also anticipated to bolster product demand. The demand for centrifugal pumps for pumping solvents, water, oils, organics, bases, acids, and any thin liquids is escalating in industrial, agricultural, and domestic applications
- Positive displacement pumps type segment is anticipated to witness a CAGR of 5.0% over the forecast period. The market is anticipated to experience growth due to an increasing number of newly established chemical processing plants, coupled with a rising emphasis on wastewater treatment to eliminate harmful effluents. Furthermore, positive displacement pumps are particularly effective with high-viscosity fluids. They provide a consistent flow rate regardless of changes in viscosity, making them suitable for applications involving thick or sticky liquids
- Chemical end-use segment is expected to witness a CAGR of 5.7% over the forecast period. Pumps are crucial in handling viscous fluids with varying viscosities, making them versatile solutions for pumping polymers, resins, and other specialty chemicals. The robust design of pumps enhances their durability and efficiency, making them indispensable components in the safe and precise handling of chemicals throughout the chemical industry
- Agriculture end-use segment led the market and held 44.9% of the global market share in 2023. Pumps used for irrigation are centrifugal, submersible, deep-well turbine, and propeller pumps. Other agricultural applications where pumps are used are liquid manure systems and liquid feeding systems. Liquid feeding pumps ensure that all animals are fed with the right quantity of mixed feed pulp
- Asia Pacific region is expected to witness a CAGR of 5.2% over the forecast period. The increasing energy demand, coupled with ongoing oil & gas exploration activities in countries such as China and India, requires the use of pumps for processes such as crude oil transfer, well stimulation, and enhanced oil recovery. Furthermore, rapid industrialization in the developing economies of Asia Pacific coupled with rising investments in manufacturing, commercial, and industrial projects has contributed to the overall growth of the market in the region
The leading players in the Pumps market include:
- 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.
Why should you buy this report?
- Comprehensive Market Analysis: Gain detailed insights into the global market across major regions and segments.
- Competitive Landscape: Explore the market presence of key players worldwide.
- Future Trends: Discover the pivotal trends and drivers shaping the future of the global market.
- Actionable Recommendations: Utilize insights to uncover new revenue streams and guide strategic business decisions.
This report addresses:
- Market intelligence to enable effective decision-making
- Market estimates and forecasts from 2018 to 2030
- Growth opportunities and trend analyses
- Segment and regional revenue forecasts for market assessment
- Competition strategy and market share analysis
- Product innovation listing for you to stay ahead of the curve
- COVID-19's impact and how to sustain in these fast-evolving markets
Table of Contents
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Pumps Market: Variables, Trends & Scope
Chapter 4 Pumps Market: Type Estimates & Trend Analysis
Chapter 5 Pumps Market: End Use Estimates & Trend Analysis
Chapter 6 Pumps Market: Region Estimates & Trend Analysis
Chapter 7 Pumps Market: Competitive Landscape
List of Tables
List of Figures
Companies Mentioned
The leading players in the Pumps market include:- 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.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | September 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 57.66 Billion |
| Forecasted Market Value ( USD | $ 77.07 Billion |
| Compound Annual Growth Rate | 4.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
