Industrial Pumps Global Market Opportunities and Strategies to 2033

This report describes and explains the industrial pumps market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global industrial pumps market reached a value of nearly $82.6 billion in 2023, having grown at a compound annual growth rate (CAGR) of 4.1% since 2018. The market is expected to grow from $82.6 billion in 2023 to $103.4 billion in 2028 at a rate of 4.6%. The market is then expected to grow at a CAGR of 5.2% from 2028 and reach $133.3 billion in 2033.

Growth in the historic period resulted from Increasing focus on renewable energy, increasing industrialization and strong economic growth in emerging markets. Factor that negatively affected growth in the historic period was political uncertainties and geopolitical tensions.

Going forward, the increasing construction activities, rapid urbanization, growth in the oil and gas industry and rising demand for energy-efficient pumps will drive the growth. Factors that could hinder the growth of the industrial pumps market in the future include stringent government regulations and increasing raw material costs.

The industrial pumps market is segmented by product into dynamic pump and positive displacement pump. The dynamic pump market was the largest segment of the industrial pumps market segmented by product, accounting for 68.05% or $56.2 billion of the total in 2023. Going forward, the positive displacement pumps segment is expected to be the fastest growing segment in the industrial pumps market segmented by product, at a CAGR of 5.35% during 2023-2028.

The industrial pumps market is segmented by position into submersible and non-submersible. The non-submersible market was the largest segment of the industrial pumps market segmented by position, accounting for 67.01% or $55.4 billion of the total in 2023. Going forward, the submersible segment is expected to be the fastest growing segment in the industrial pumps market segmented by position, at a CAGR of 4.77% during 2023-2028.

The industrial pumps market is segmented by driving force into engine driven or electrical driven. The electrical driven market was the largest segment of the industrial pumps market segmented by driving force, accounting for 82.80% or $68.4 billion of the total in 2023. Going forward, the electrical driven segment is expected to be the fastest growing segment in the industrial pumps market segmented by driving force, at a CAGR of 4.73% during 2023-2028.

The industrial pumps market is segmented by application into oil and gas, chemicals, construction, power generation, water and wastewater and other applications. The water and wastewater market was the largest segment of the industrial pumps market segmented by application, accounting for 24.00% or $19.8 billion of the total in 2023. Going forward, the other applications segment is expected to be the fastest growing segment in the industrial pumps market segmented by application, at a CAGR of 5.28% during 2023-2028.

Asia Pacific was the largest region in the industrial pumps market, accounting for 44.76% or $37 billion of the total in 2023. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the industrial pumps market will be Asia Pacific and Eastern Europe where growth will be at CAGRs of 5.54% and 4.79% respectively. These will be followed by Western Europe and North America where the markets are expected to grow at CAGRs of 4.51% and 3.49% respectively.

The global industrial pumps market is fairly fragmented, with large number of players operating in the market. The top ten competitors in the market made up to 12.91% of the total market in 2022. The market fragmentation can be attributed to the presence of large number of small players in different geographies. Prominent players are acquiring the products and entering into partnerships with the other companies to consolidate their market positions across the globe, while others are distributing products. Flowserve Corporation was the largest competitor with a 2.08% share of the market, followed by KSB SE &Co. KGaA with 1.93%, Ebara Corporation with 1.72%, Wilo SE with 1.57%, Grundfos Holding A/S with 1.23%, The Weir Group PLC with 1.12%, Danfoss A/S with 1.01%, Sulzer Ltd. with 0.92%, Schlumberger Limited with 0.83% and IDEX Corporation with 0.50%.

The top opportunities in the industrial pumps market segmented by product will arise in the dynamic pumps segment, which will gain $12.9 billion of global annual sales by 2028. The top opportunities in the industrial pumps market segmented by position will arise in the non-submersible segment, which will gain $13.6 billion of global annual sales by 2028. The top opportunities in the industrial pumps market segmented by driving force will arise in the electrical driven segment, which will gain $17.8 billion of global annual sales by 2028. The top opportunities in the industrial pumps market segmented by application will arise in the water and wastewater segment, which will gain $5.3 billion of global annual sales by 2028. The industrial pumps market size will gain the most in China at $7.9 billion.

Market-trend-based strategies for the industrial pumps market include focus on the launch of innovative products, focus on collaborations and sales partnerships to strengthen market position, focus on expanding facilities to strengthen their product portfolio and market position, focus on developing new-generation pumps, focus on advancements in compact and versatile submersible greywater pumps and focus on strategic mergers and acquisitions.

Player-adopted strategies in the industrial pumps market include focus on expanding capabilities in diversification, digitization, and disciplined capital allocation, focus on expanding its capabilities in various sectors and markets, focus on achieving topline growth centered on the building and industrial equipment market, focus on sustainable and profitable expansion, emphasizing regional customer need, and on innovation and continuous product development, market expansion globally, sustainability initiatives.

To take advantage of the opportunities, the analyst recommends the industrial pumps companies to focus on innovating with end-suction pumps, focus on facility expansion for enhanced market presence, focus on developing new-generation pumps, focus on advancements in submersible greywater pumps, focus on positive displacement pumps segment, expand in emerging markets, continue to focus on developed markets, focus on strategic collaborations, provide competitively priced offerings, continue to use B2B promotions, participate in trade shows and events and focus on power generation and water & wastewater application segments.