According to a new report published by Allied Market Research, titled, “Industrial Pumps Market by Type, Position, Driving Force, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030,”
The global industrial pumps market size is expected to reach $86.3 billion in 2030 from $55.8 billion in 2020, growing at a CAGR of 4.3% from 2021 to 2030. In 2020, Asia-Pacific dominated the market, in terms of revenue, accounting for 43.10% share of the global industrial pumps market.
Industrial pumps are electro-mechanical or mechanical devices used for control of gases, liquid, slurries, and others through pipes and tubes in industries. Different kinds of industrial pumps perform various functions such as shut on/off, pressure control, and other regulation purposes. Moreover, industrial pumps are manufactured using carbon steel, cast iron, stainless steel, and various other metal alloys for attaining high efficiency. Furthermore, the high automation and control in industrial pumps improve their functioning in hazardous applications such as oil & gas, chemical processing, nuclear power generation plants, and others. In addition, the implementation of automation technologies has assisted in reducing the wastage of liquids passing through the pipes, resulting in reduction of costs. Various industries adopt automation and control technologies by upgrading their pre-installed industrial pumps, which, in turn, drives the industrial pumps market growth.
Moreover, the focus on increasing the production of oil & gas in North America has created a high demand for industrial pumps in the region. In addition, increase in growth of metal & mining activities is the one of the key factors, which drives the growth of the global industrial pumps market.
The COVID-19 pandemic has negatively affected the industrial pumps market mainly due to the halt in international trade, prolonged lockdowns, and ceased manufacturing processes. In addition, the major end-user manufacturing companies located in countries, such as the U.S., Germany, the UK, and others, are also facing financial impacts due to halt in production, which hindered the growth of the industrial pumps market in 2020.
The global industrial pumps market is segmented into type, position, driving force, end user, and region. By position, the market is categorized into submersible and non-submersible. Non-submersible segment generated the highest revenue in 2020. Depending on driving force, it is segregated into engine-driven and electrical-driven. Electrical driven segment generated the highest revenue in 2020. On the basis of end user, it is differentiated into oil & gas, chemicals, power generation, water & wastewater, and general industry. General industry segment generated the highest revenue in 2020. On the basis of type, it is differentiated into centrifugal, reciprocating, rotary, and others. Centrifugal segment generated the highest revenue in 2020.
The global industrial pumps market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Russia, and the rest of Europe), Asia-Pacific (China, India, Japan, Australia, and the rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific is expected to hold the largest market share throughout the study period, and is expected to grow at the fastest rate.
KEY FINDINGS OF THE STUDY
- By position, the Non-submersible segment dominated the global industrial pumps market share in 2020.
- By type, the centrifugal segment dominated the global industrial pumps market share in 2020.
- On the basis of driving force, the electrical driven segment is expected to generate high revenue, globally.
- Depending on end user, the general industry segment garnered major share of the industrial pumps market in 2020.
- Region-wise, Asia-Pacific dominated the market in 2020 and is expected to witness high growth rate during the forecast period.
The key market players profiled in the report include Flowserve Corporation, the Weir Group plc, Grundfos, KSB, ITT Inc, Sulzer, EBARA Corporation, Xylem, SPX Flow Corporation, and Baker Hughes.