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Global Industrial Pumps Market to Grow at a CAGR of 3.92% During 2021-2026, Aided by Rapid Urbanisation in Developing Nations

According to a new report by EMR titled, ‘Global Industrial Pumps Market Report and Forecast 2021-2026’, the market attained a value of about USD 60.2 billion in 2020. The industry is further expected to grow at a CAGR of 3.92% in the forecast period of 2021-2026 to reach a value of approximately USD 75.80 billion by 2026.

The global market for industrial pumps has the largest regional market in the Asia Pacific, primarily due to the noteworthy growth in crude oil refining capacity in the region. China’s ambition to expand its industrial infrastructure projects worldwide is a major contributor to this growth. India is another crucial market in developing manufacturing units all over the nation to reduce the burden of imports, which has witnessed a significant rise in the growth of heavy-duty machinery industry.

In the year 2020, the centrifugal pump segment accounted for the largest market share, based on product. Over the forecast period, the demand for the same is expected to expand owing to the boom in hydraulic fracturing in the oil and gas industry. Furthermore, the growing refining capacity has boosted the demand for centrifugal pumps, and this trend is expected to continue over the forecast period.

In November 2020, Grundfos Pumps India announced its plan to expand its product portfolio of energy efficiency pumps while offering IoT-based solutions. The expansion is being planned with an objective to provide intelligent management pumping solutions for enhanced efficiency in energy usage. In the year 2018, the US water company Xylem Inc. (NYSE: XYL) announced its plan to set up a second factory in India after it ran out of capacity in its existing plant in Vadodara, Gujarat. The plan to open a new plant is aimed to tackle the overwhelming demand for pumps and other infrastructural machines. Such developments in the industry are expected to augment the market growth.

Market Analysis by Product, Application, and Region:

  • The market, on the basis of product, can be divided into centrifugal pump, and positive displacement pump, among others.
  • The applications for industrial pumps include oil and gas, chemicals, construction, power, water and wastewater, among others.
  • The regional markets for industrial pumps include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The rising application of automation in industries is a significant driver for the market growth of industrial pumps.
  • The growth of the refinery industry and emerging factories all over the world guarantees healthy growth for industrial pumps in the coming years.
  • Technological developments to pursue convenience, efficiency, and profitability is another significant driver for the market growth.
  • Rapid urbanisation is a major factor that has propelled the demand for industrial pumps.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for industrial pumps for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the product, application, and regions of industrial pumps.
  • It assesses the regional price trends for the (2016-2020) and (2021-2026) periods.
  • The market report also analyses the trade data by covering the major importing and exporting countries.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global industrial pumps market are Grundfos Pumps Corporation, Xylem Inc., Trane Technologies plc, KSB SE & Co. KGaA, and     Iwaki America, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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