The global pump market size was valued at $62 billion in 2019 and is expected to reach $86 billion by 2025, growing at a CAGR of 5.7%. The industry is expected to witness truncated growth on account of the outbreak of the COVID-19 pandemic. The pump sale in the APAC region is expected to have steady growth, with the increasing expenditure on infrastructural development projects, and investment is likely to aid market growth. Several Asia Pacific countries, including China and India, are expected to witness remarkable gains with expansion in agriculture, industrial, and building services sectors during the forecast period. In 2019, the US was the third-largest pumps market due to its strong manufacturing firms, wastewater treatment plants, and well-established oil and gas industries. Although growth modalities in major industries such as oil & gas, maritime, pulp & paper, and metals and mining have temporarily suppressed in 2020 on account of the pandemic, the demand for freshwater supplies and sanitation are expected to influence the market in developing countries.
- Oil and gas, water and wastewater, chemicals and petrochemicals, and mining end-user industries are expected to drive the demand for the pump.
- Advances in pumping technology are likely to hinder the demand for conventional models during the forecast period.
- The recovery in oil prices and the increasing volume of onshore and offshore fields, reaching maturity, exploration, and construction activities are projected to contribute to the mining industry's market growth.
- The centrifugal pumps market is expected to observe an incremental growth of over $16 billion by 2025.
- The industrial pumps market is likely to observe an incremental growth of over $20 billion by 2025 as refineries are expected to undergo major improvements.
GLOBAL PUMP MARKET SEGMENTATION
This research report includes a detailed segmentation by
- Product Type
INSIGHTS BY PRODUCT TYPE
The global centrifugal pumps market is expected to reach over $56 billion by 2025. Although the product centrifugal devices are experiencing increased applications across end-user sectors, they are particularly useful for low viscosity and thin materials such as liquids or wastewater. They have a high demand in China, India, Vietnam, and other Asian countries in the power plants sector. High demand from the water and wastewater industry in North America and APAC is expected to augur well for the centrifugal segment's growth. Single Stage, Multistage, Submersible, and Turbine are the major revenue contributors to the centrifugal market.
The reciprocating pumps market size is likely to grow at a CAGR of close to 5% during 2019–2025. The demand is particularly from the oil and gas industry, where multinational companies are engaged in long-term ties with supportive companies worldwide. These are used in the industry, as the workload ranges from moderate to high strength. Operations such as hydraulic extraction, drilling, cementing of oil and gas fields, and reciprocating devices perform matrix treatments. The hydraulic pumps market is going to witness significant growth during the forecast period. With growing exploration activities worldwide, the rejuvenated oil & gas industry is expected to be the largest end-use segment of reciprocating devices.
INSIGHTS BY END-USER
The pump's demand is expected from end-user industries such as oil and gas, water and wastewater, chemicals and petrochemicals, and the mining industry. The recovery in crude oil prices and the increasing volume of onshore and offshore fields, including development, evaluation, and construction activities, will lead to an expansion in the oil & gas sector. The expansion is expected to contribute to deep-water offshore enterprises' development for deeper offshore areas, thereby increasing demand for centrifugal, particularly the submersible pump.
The combination of pumping technology and 3D printing technology has benefitted for better and faster production as pump fabrication is being combined with digital modeling. 3D printing technology has allowed suppliers to produce components and products faster. The technology has shortened the output time of products in the assembly line, which now takes days of running time from weeks.
The heat pumps and valve manufacturers are exploring the growing need to develop energy-efficient and cost-competitive products to explore 3D printing technology's advantages. This has helped push production, servicing, and replacement to a cutting edge, fueling the demand, and dominate the market opportunities. However, technological advances in conventional pumping alternative technology, such as solar devices, are likely to hinder the demand during the expected period. Agricultural and commercial pump products are likely to play an important part in revenue generation.
The following application segments are likely to increase the revenue growth of the global industrial pumps market by end-users:
- Oil & Gas: The outlook of the oil and gas industry heavily depends on mature markets' growth and developing geographies, and changes in the regulatory environment.
- Water & Wastewater: The water and wastewater segment is driven by the demand for freshwater, including water treatment and re-use, desalination, and flood protection requirements.
- Food & Beverage: The application of pumping technology in the food & beverage segment is increasing account of the expansion of new market capabilities and increased measures for sustainability and competitiveness, innovation in consumer goods, and food protection.
- Chemical: The global pumps market is expected to remain fluctuating during the forecast period, owing to the global economic scenario and the growth in chemical expenditure in developing countries.
- Power: The power segment is expected to grow due to low and predictable coal prices, partly due to the high global demand for natural gas, low capital investments, and the willingness to sustain clean energy.
- Mining: The continuing mining expansion is expected to increase the pump demand with strong mining
- Pharmaceutical: The production in generic pharmaceutical plants by global companies facilitates the growth of the pump industry.
INSIGHTS BY GEOGRAPHY
Improving economic conditions in the APAC region are projected to generate enormous opportunities for pump manufacturers. In developing countries, high competition from low-cost suppliers and the extreme impact of the recent recession are major barriers to the pumping industry development in the region. The Chinese pumps market is expected to grow at a healthy rate during the forecast period due to several countries' developments. The demand has been growing as several markets grow in the country with higher investment. The rising demand for aerosol products has increased the demand for pumps in Japan. India's pump market is highly fragmented and competitive, with a large number of small and medium-sized companies aiming to increase the market share. Madhya Pradesh, Maharashtra, Tamil Nadu, Karnataka, and Andhra Pradesh are the major markets of agricultural pumping systems in India.
INSIGHTS BY VENDORS
The global pump market is highly competitive, and the major key competitive factors are differentiating product line and efficiency, product reliability, service capabilities, and cost-efficiency. Vendors are actively investing in R&D to develop fundamental technology to establish competitiveness. They are differentiating themselves by enhancing product development, focusing on aftersales services, and increased operational efficiency. Through technological upgrades, a high level of competitive capability, particularly in energy efficiency and digitalization, is expected to boost the market's competitive landscape.
The global pumps market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Single Stage
- Oil & Gas
- Water & Wastewater
- Food & Beverage
- Public Utilities
- North America
- South Korea
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa