Global Pump Market to Grow at a CAGR of over 5% From 2021-2027
According to the latest Arizton's market research report, the global pump market size to reach USD 91 billion in 2027, growing at a CAGR of 5% from 2021-2027.
Global Pump Market Growth
Speciality pumps and pumps with advanced technology such as remote monitoring facilities is expected to witness growth in the global pump market. With the implementation of IoT, big data, and artificial intelligence, the pump manufacturers are undertaking a digital revolution in the industry. The infrastructural expansion is increasing the sales of pumps in the emerging countries at a higher pace. The strong demand from replacement market in countries such as the US, China, and others are expected to significantly contribute to the global pump market.
Increasing of Mergers and Acquisitions
The leading players in the global pump market is leveraging M&A activities to capitalize opportunities in new and untapped regions. The global players such as Wilo, Sulzar, and others have entered M&As to enhance their market opportunities by further establishing their brand presence across unexplored regions. The market concentration is expected to grow in the future as the international players are trying to grow inorganically by acquiring leading regional players. This is anticipated to help them expand their service portfolio and geographical reach in the global pump market.
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Global Pump Market – Geographic Analysis
Europe is a one of the major markets for pumps, and the European market offers many opportunities for pump exporters. The rise of oil & gas ventures and expanded consumption across the European agriculture sector will continue to boost the growth of the global pump market. The global pump market in Latin America is expected to be driven by industrial end-use sectors such as mining, oil & gas, construction, wastewater and water and others, agricultural, and commercial application use of pumps. Brazil and Mexico are expected to offer significant growth possibilities for market vendors, owing to the development in industrial use of pumps in the region during the forecast period.
Competition Overview
Vendors in the global pump market is actively investing in R&D to develop fundamental technology to establish competitiveness by enhancing core product technology. The ability to use product portfolio, solutions, and services to meet customer needs is a competitive strength in the global pump market. Vendors are creating value by optimizing the selection of pump for the customers’ specific application and providing technical expertise on product and service capabilities. Vendors have increased their distribution through well-established channels and their reputation for quality that is significantly enhancing their global pump market position.
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