Pump Market Overview, 2024-29

The global pump market stands as a vital cornerstone of industrial and societal progress, orchestrating the seamless movement of fluids across a myriad of sectors and applications. Its significance reverberates across industries ranging from oil and gas to water management and mining to manufacturing. Fueled by the imperatives of urbanisation, industrialization, and infrastructural expansion, the demand for pumps continues to surge worldwide. These sophisticated machines, ranging from centrifugal to positive displacement pumps, play an indispensable role in processes as diverse as water supply, wastewater treatment, chemical processing, and agricultural irrigation.

However, the dynamics of the global pump market extend beyond mere functionality; it is a nexus of innovation, competition, and sustainability. Technological advancements, such as the integration of IoT and digitalization, are reshaping the landscape, enhancing efficiency, reliability, and predictive maintenance capabilities. Yet, amidst the relentless drive for innovation, challenges such as volatile raw material prices and environmental concerns loom large, prompting industry players to navigate a delicate balance between profitability and sustainability. Trends towards urbanisation, especially in emerging economies, result in higher expenditures for the construction of infrastructure. Demand is fueled by the fact that pumps are necessary parts of sewage treatment facilities, water supply systems, and other urban infrastructure projects.

According to the report “Global Pump Market Outlook, 2029”, the market is anticipated to cross USD 95 Billion by 2029, increasing from USD 72.81 Billion in 2023. The market is expected to grow with 5.54% CAGR by 2024-29. Efficient water management systems are necessary due to growing worries about pollution and water shortages. Pumps are essential to the extraction, delivery, and treatment of water; as such, they are in high demand in industries that depend heavily on water, agriculture, and municipal water supplies.

The necessity for industries to guarantee the continuous operation of pump systems drives the need for aftermarket services, including maintenance, repair, and the provision of replacement components. The need for aftermarket services increases as equipment uptime becomes increasingly important, boosting demand for pumps overall. Furthermore, pump manufacturers are increasingly incorporating smart technologies into their products to enhance functionality, efficiency, and reliability. Smart pump systems leverage sensors, connectivity, and data analytics to monitor pump performance in real-time, detect anomalies, and optimise operation. These systems enable predictive maintenance, remote monitoring, and control, improving asset management and reducing downtime. Furthermore, pump manufacturers are leveraging data analytics and machine learning algorithms to analyse pump performance data and identify patterns indicative of impending failures or inefficiencies. By applying predictive maintenance algorithms, operators can anticipate maintenance needs, schedule repairs proactively, and avoid unplanned downtime. Predictive maintenance strategies enhance equipment reliability, extend asset lifespans, and optimise maintenance costs.

Market Drivers

• Industrial Expansion: The need for pumps is fueled by industrial development in a number of industries, including manufacturing, chemicals, oil and gas, and pharmaceuticals. The requirement for fluid transfer, circulation, and processing grows more pressing as industries expand and change, which fuels the need for dependable and effective pumping solutions. Pumps are essential to industrial operations because they make it easier to transfer liquids, slurries, and gases for a variety of uses, including transportation, mixing, extraction, and refining. The need for sophisticated pump technologies is growing as a result of industries' ongoing efforts to maximise productivity, decrease downtime, and increase operational efficiency. This puts the pump market in a vital position to support industrial growth and development.
• Urbanisation and Infrastructure Development: The worldwide pump market is significantly influenced by urbanisation and infrastructural development, especially in emerging nations where urbanisation is expanding quickly. The need for vital infrastructure, such as irrigation networks, wastewater treatment facilities, water supply systems, and building HVAC systems, increases as cities expand. Pumps are essential parts of these infrastructure projects since they are used in applications such as climate control, flood control, sewage treatment, and water distribution. The need for pumps is further increased by government and private sector infrastructure developments, which necessitate a dependable and effective pumping infrastructure to meet the demands of expanding urban populations and industries. Essentially, the pump market is shaped by the expansion of infrastructure and urbanisation, which also drives the global need for pumping solutions.

Market Challenges

• Environmental regulations: Environmental regulations pose significant challenges for the global pump market as governments worldwide implement stricter standards to mitigate environmental impact and promote sustainability. Compliance with regulations related to energy efficiency, emissions, and environmental protection requires pump manufacturers to invest in research and development to develop compliant products and technologies. Meeting regulatory requirements often involves redesigning pumps, incorporating energy-efficient features, and implementing stringent testing and certification processes, which can increase manufacturing costs and lead times. Additionally, navigating a complex regulatory landscape across different regions and jurisdictions adds further complexity for pump manufacturers, requiring them to stay abreast of evolving regulations and adapt their strategies accordingly.
• Market fragmentation: Market fragmentation presents challenges for pump manufacturers, as the industry comprises numerous small and medium-sized companies alongside large multinational corporations. This fragmentation leads to inconsistencies in product quality, pricing strategies, and customer service levels, making it challenging for buyers to evaluate and compare offerings effectively. Moreover, intense competition among market players exacerbates pricing pressures, leading to margin compression and reduced profitability. For smaller manufacturers, market fragmentation can pose additional hurdles in terms of accessing capital, technology, and distribution channels, hindering their ability to compete effectively with larger rivals. Overall, market fragmentation complicates the pump market landscape, requiring companies to differentiate themselves through innovation, quality, and value-added services to gain a competitive edge and sustain growth.

Based on the product types, they are segmented into centrifugal pumps, positive displacement pumps, and others. In terms of the centrifugal pump, it is bifurcated into an axial flow pump, a radial flow pump, and a mixed flow pump.

Positive displacement pumps contribute a significant market share. A vast variety of fluids, including viscous, abrasive, and shear-sensitive liquids, may be handled by positive displacement pumps due to their extreme versatility. Because of their adaptability, they may be used in a wide range of sectors and applications, such as chemicals, food and beverage, oil and gas, and pharmaceuticals. Positive displacement pumps excel at handling high-pressure applications, making them suitable for processes such as hydraulic systems, pressure boosting, and injection molding. Their ability to generate high pressure reliably and consistently is valued across various industries.

Growing industrialization and infrastructure development in emerging markets are driving demand for positive displacement pumps. These regions require reliable pumping solutions for various applications, including water and wastewater treatment, construction, and manufacturing, further fueling market growth. Furthermore, the radial flow pump is a growing market. Compared to other pump types, radial flow pumps usually have fewer moving components, which means less downtime and easier maintenance. End customers find these pumps to be a cost-effective option due to their sturdy build and dependable performance, which reduce operating expenses during the pump's lifespan. Radial flow pumps are relatively easy to install and operate, requiring minimal setup and maintenance. Their compact design and standardised components make them suitable for a wide range of installations, including confined spaces or retrofitting existing systems, further enhancing their appeal to end-users.

Based on the positive displacement pump, it is segmented into reciprocating, rotary, and others. According to the report, the applications are segmented into agriculture, building and construction, waste and wastewater, power generation, oil and gas, chemicals, and others.

Rotary is growing with the highest growth rate by forecast year. Rotating pumps are renowned for their durable design, dependable operation, extended service life, and little downtime. Because they require less maintenance and have fewer moving parts, rotary pumps are becoming more and more popular with end customers because they operate dependably in harsh industrial settings. Rotary pumps can adapt to a wide range of operating conditions, including temperature variations, pressure changes, and fluid viscosities. This adaptability makes them suitable for diverse applications across different industries, from high-pressure pumping in oil and gas to precise metering in pharmaceutical manufacturing.

Furthermore, continuous advancements in materials and pump design have further enhanced the performance and efficiency of rotary pumps. Innovations such as improved sealing technologies, corrosion-resistant materials, and enhanced hydraulic designs have expanded the capabilities and applications of rotary pumps, driving their growing market presence worldwide. In terms of end-user building and construction, which significantly contribute to the market, rapid urbanisation and population growth worldwide are driving demand for new infrastructure projects, including residential buildings, commercial complexes, industrial facilities, and public infrastructure such as roads, bridges, and airports. These projects require reliable pumping solutions for various applications, including water supply, sewage handling, HVAC systems, and firefighting systems. Building codes and regulations require the installation of fire protection systems in commercial and residential buildings to safeguard occupants and property from fire hazards. Fire pumps are critical components of these systems, providing high-pressure water flow to sprinkler systems, hydrants, and standpipes for fire suppression and firefighting purposes. The integration of smart building technologies, including IoT-enabled sensors, building automation systems, and data analytics platforms, is transforming the construction industry. Smart pumps equipped with sensors and connectivity capabilities enable real-time monitoring, remote control, and predictive maintenance, enhancing operational efficiency and performance optimisation in buildings and infrastructure.

Based on the report, the major regions covered in the report include North America, Europe, Asia Pacific, South America, the Middle East, and Africa.

North America significantly contributes to the market. North America, particularly the United States, has a highly developed industrial sector encompassing a wide range of industries such as oil and gas, chemicals, manufacturing, and mining. These industries require pumps for various applications, including fluid transfer, circulation, processing, and dewatering, driving significant demand for pumping solutions. North America has robust infrastructure development programmes driven by government investments in transportation, water and wastewater management, energy, and construction projects.

These infrastructure initiatives require pumps for water supply, sewage handling, HVAC systems, and fire protection, contributing to the growth of the pump market in the region. North America is a hub for technological innovation and research in the pump industry. Pump manufacturers in the region invest heavily in research and development to develop advanced pump technologies, such as smart pumps, IoT integration, and digitalization, which offer enhanced efficiency, reliability, and performance. These innovations drive market growth and attract customers seeking cutting-edge pumping solutions. The United States is a leader in shale gas production, thanks to advancements in hydraulic fracturing (fracking) technology. Shale gas extraction requires extensive pumping operations for water injection, hydraulic fracturing fluid delivery, and wastewater management, creating substantial demand for pumps in the oil and gas industry.

The global pump market is extremely competitive, with numerous public and private companies. Efficiency, product reliability and availability, service capabilities, price, and other characteristics are all important competitive considerations. In terms of industry, the primary rival for aftermarket services in the oil and gas and chemical sectors is typically the consumer's in-house capacity. The nuclear power generation business faces fierce aftermarket competition for standardized equipment due to universal criteria that allow for easier replacement or repair of existing items.

The vast installed base of pumps is a crucial competitive factor in the sale of aftermarket products and services, as the nature of the products and the conditions under which they perform need constant maintenance, repair, and replacement. When choosing an aftermarket provider, customers consider distribution speed, consistency, and service center location. Local marketing initiatives have played an important role in regional markets since consumers have traditionally relied on local providers rather than competitors. Local markets have seen increased rivalry for aftermarket products that are highly developed and individualized. Customers often want to reduce the number of vendors they buy from, hence reducing the scale and variety of their supply chain. Although supplier reduction initiatives are likely to affect suppliers' core businesses, they have effectively re-established long-term supply agreements with numerous clients.

• In July 2023, Grundfos Holding A/S acquired Metasphere a leading smart sewer solutions provider. This acquisition is expected to help the company improve its product offerings within pumps and hydraulic segment.
• In May 2023, nineteen new sizes were added to the MegaCPK pumps series by KSB SE & Co. KGaA. Given that clients can select from 55 sizes for pumps with more than 78 hydraulic systems, this product extension is anticipated to enhance the company's product mix for the chemical market.
• February 2023: Motion & Control Enterprises completed the acquisition of Precision Pump & Valve, an established distributor specializing in safety relief and control valves, pumps, and associated equipment. Precision Pump & Valve is renowned for providing tailored solutions to the oil and gas, petrochemical, and chemical processing markets.
• July 2022: BASF and MAN Energy Solutions joined forces to initiate the construction of an industrial-scale heat pump located at the BASF site in Ludwigshafen. This groundbreaking project aimed to make significant strides in reducing greenhouse gas emissions, fostering the adoption of low-CO2 technology in chemical manufacturing, and curbing natural gas usage at the site.

Considered in this report

• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report

• Pump market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product

• Centrifugal Pump
• Positive Displacement Pump
• Others

By Centrifugal Pump

• Axial Flow Pump
• Radial Flow Pump
• Mixed Flow Pump

By Positive Displacement Pump

• Reciprocating
• Rotary
• Others

By Application

• Agriculture
• Building & Construction
• Waste & Wastewater
• Power Generation
• Oil & Gas
• Chemical
• Others

The approach of the report:

This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases.

After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Pump industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.


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