The global pump market size was valued at USD 60.21 billion in 2020 and is anticipated to progress USD 125.95 billion at a CAGR of 5.19% over the forecast period.Increasing utilization of pumps in numerous applications including chemicals and water & wastewater treatment is anticipated to drive the market over the forecast period.
Rising technological advancements are anticipated to drive the demand for pumps in the coming years. Increasing product demand from various end-use sectors coupled with advanced production facilities is anticipated to boost the market growth over the forecast period. Rising investments for infrastructure development in multiples regions are also likely to have a significant impact on the product demand over the forecast period.
Based on product, the market has been segmented into centrifugal pumps, positive displacement pumps, and others. Centrifugal pump is further segmented into axial flow, radial flow, and mixed flow. This segment is anticipated to dominate the market over the forecast period.
Axial flow pump segment is expected to emerge as the largest and fastest-growing type of centrifugal pump, registering a CAGR of 5.5% from 2019 to 2025. Rising demand for axial flow pumps in water & wastewater application segment is likely to boost the growth of this segment over the forecast period.
Based on application, pumps market has been segmented into oil & gas, chemicals, food & beverage, power, pharmaceutical, water & wastewater, and others. Water & wastewater expected to emerge as the dominant application segment over the forecast period owing to its wide-scale utilization in numerous end-use industries. The segment is expected to ascend at the fastest CAGR of 5.7% from 2019 to 2025.
Oil & gas segment is expected to move ahead at a CAGR of 5.6% in terms of revenue over the forecast period. The global demand for crude oil is witnessing an increase in order to facilitate production centres, overseas logistics, and domestic transport. This is expected to boost offshore and onshore exploration activities, in turn, contributing to the demand for pumps in oil & gas industry.
The Pump market is segmented on the basis of product, application and region. On the basis of product Centrifugal Pump, Positive Displacement Pump, Others. On the basis of application Oil & Gas, Chemicals, Food & Beverage, Power, Pharmaceutical, Water & Wastewater, Others.
Asia Pacific is expected to emerge as a significant market for pumps on account of tremendous growth in end-use industries including water & wastewater treatment and oil & gas. Rising need for reusable water is one of the major concerns in the emerging economies, such as China and India, in the region. This is expected to have a positive impact on the market for pumps over the forecast period.
North America held a significant market share in 2020. The market for pumps in North America is anticipated to grow at a steady rate over the forecast period, driven by key application sectors including water & wastewater treatment, chemical, and oil & gas.
The major market share is jointly held by giants such as Flowserve Corporation, Grundfos Holding A/S, Sulzer Ltd, Ingersoll-Rand, and Xylem Inc.
Report : Pump Market - By Product (Centrifugal Pump, Positive Displacement Pump, Others), By Application (Oil & Gas, Chemicals, Food & Beverage, Power, Pharmaceutical, Water & Wastewater, Others) and By Region (North America, Asia Pacific, Europe, Middle East & Africa and Latin America) - Industry Analysis, Opportunity and Forecast 2020 To 2027