Global Pump Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2022-2028- Increasing investment in the advancement of wastewater facilities and the oil and gas sector are some of the major factors driving the growth of the pump market.
The Global Pump Market is valued at USD 53.56 Billion in 2021 and is expected to reach USD 78.79 Billion by 2028 with a CAGR of 5.67% over the forecast period.
A pump is a device that transfers fluids (liquids or gases), or sometimes slurries, by mechanical action, typically converting electrical energy into hydraulic energy. Pumps can be categorized into three major groups according to the method they use to move the fluid: direct lift, displacement, and gravity pumps. The pump can use many kinds of power (energy) to run, such as electricity, manpower, and even wind power. These energy sources can range in size from a medical microscope to a large industrial pumping system for a water supply system for pumping processes or industrial pumps used to transfer coolant in machineries. Those kinds of industrial pumps have to be resistant to the corrosion effect while they are in the pumping process. The advancements in pump technology have resulted in increasing the reliability of the pumps, enhancing basic process tasks, and providing a long-term reduction in everyday operating processes. These advanced pumps are mostly used in industries such as agriculture, industrial wastewater, power, and chemicals. The Egyptians are credited with creating the Shadoof, the first pump that was ever created by humans, thousands of years ago, in the year 2000 BC.
The COVID-19 has positively impacted the global pump market; smaller players and organizations with a relatively weak financial position were shut down, thus reducing the total industrial manufacturing capacity, and consolidating the consumer sectors. And stringent government regulations and policies to reduce carbon emissions are likely to have a negative impact on the oil and gas industry. The decline is caused mainly by delays in project construction activities and supply chain disruptions, thereby reducing demand for pumps across the world. Thus, this has negatively impacted sales of products in the global market.
The global pump market is segmented into product type, application, end users, and region. Based on product type, pump is segmented into centrifugal pump and positive displacement pump. Based on application, pump is segmented into mining, building & construction, oil & gas, industrial, municipal and others. Based on end users, pump is segmented into oil and gas, power generation, water and wastewater, chemical and end-use industries.
The regions covered in this Global Pump Market Report are Asia-Pacific, North America, Europe, and the Rest of the World. Based on a country level, the market is subdivided into the U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, Southeast Asia, Middle East Asia (UAE, Saudi Arabia, and Egypt), GCC, Africa, etc.
Some of the major companies in Pump Market include -
The oil and gas industries, apart from being a source for the majority of primary energy consumption, also help in providing raw materials for various industries, such as petrochemicals, solvents, and fertilizers. With the growing population and rapid urbanization, the demand for these is likely to increase, requiring the refineries to set up new plants or undergo expansion. The increase in demand is likely to drive the market during the forecast period. The steady demand for oil and gas due to industrial and commercial development, which is persistently depleting shallow water and onshore oil and gas reserves, is compelling companies to focus on Deepwater exploration, which is driving the pump market. With technological advancements and improved pumping performance due to increased shale gas production, the use of subsea pumps, tools, and equipment for oil and gas production has increased. There are around 5,000 oil and gas companies in India and 1,60,000 oil and gas companies in the world. For example, the world consumes almost 35,442,913,090 barrels of oil as of the year 2019, equivalent to 97,103,871 barrels per day. Oil consumption per person is 5 barrels per year, or 0.5 gallons per capita per day. From this data, it can be assumed that the demand for crude oil will increase in the market in the coming period as well. As a result, this is likely to increase the pump market as well.
Increasing demand for water and wastewater treatment plants is driving the growth of the pump market. Most human and industrial activities that use water produce wastewater. As the overall demand for water grows, the quantity of wastewater produced, and its pollution load are continuously increasing worldwide. As an outcome, governments across the world have introduced strict policies and regulations regarding wastewater treatment for both the municipal and industrial sectors. With increased focus on reducing operating costs, equipment rental is gaining traction as a viable and cost-effective alternative to purchase. As a result, pump manufacturers are developing effective strategies to respond to such trends and meet the specific needs of various end users. In addition to growing their product portfolio, many market players are focusing on the optimization of pumping systems and increasing production speed, which can save energy and reduce the total cost of ownership without compromising on the performance parameters. According to the United Nations University Institute of Water, Environment, and Health, in 2020, high-income countries will treat about 74% of the industrial and municipal wastewater they generate, and this ratio will drop to 43% in upper-middle-income countries. This has led to the rise of such government campaigns in different countries. Due to this, there is a possibility of a large increase in the market due to such government glory in the coming time.
The growing construction industry is also witnessing significant growth in the pump market. Over the past few years, it has been observed that the number of construction projects on the market is increasing. And in such places, there is a huge need for pumps to provide sewage as well as clean water. Between now and 2050, the construction industry must erect 13,000 structures a day to accommodate the 7 billion people who are predicted to live in cities. The industry makes up about 12% of the global GDP. The global construction industry grew about 6.37 percent in 2021. Due to this, part of the growth in the construction market also goes to the pump market.
However, the manufacturing of pumps has witnessed the combination of 3D printing technology combined with computer modeling. This has led to cutting-edge development in pump design, repair, and replacement, which, in turn, drives the pump market and provides opportunities for the market in the future.
Moreover, the industrial pump emits the carbon from the pumps which occur during their operations. This can lead to actions on the industry by the environmental bodies present within the country. Thus, these will restraint the hindering growth of pumps.
Geographically, Asia-Pacific is likely to dominate the global pump market. Most of the countries in the Asia-Pacific region are in a growing phase, and the high rate of population growth has led to an increased requirement for water supply. From 2000 to 2021, India attracted FDI investment of about USD 763.83 billion. In 2021, FDI investment in the petroleum, natural gas, and mining industries was approximately USD 81.97 billion. Thus, high investments, policies, and various industries are expected to propel the pump market in the region during the forecast period. Based on the above-mentioned factors, Asia-Pacific is likely to dominate the pump market.
North America is likely to have the second-largest share to grow in the global pump market during the forecast period. Water pump market growth in the area is likely to be driven by increased domestic activities in emerging economies such as Canada and the United States. Furthermore, the North American water pumps market is expected to be driven by expanding government wastewater recycling schemes in the United States over the forecasted period.
In March 2022, Atlas Copco announced that Geveke BV and its subsidiaries, as well as LEWA GmbH and its subsidiaries, will be acquired by Atlas Copco. LEWA is a prominent manufacturer of diaphragm metering pumps, process pumps, and positive displacement pumps. Atlas Copco announced that it has agreed to acquire LEWA GmbH and subsidiaries and Geveke B.V. and subsidiaries. Geveke distributes engineers and compressors for advanced and complex process pump installations. Geveke has very strong engineering capability, providing complete industrial pump solutions from concept to commissioning. Atlas Copco´s Power and Flow division designs, manufactures, and markets a comprehensive range of dewatering pumps and energy systems, along with associated accessories and connectivity solutions. The products are used in an inclusive range of industries, including construction, industrial, mining, dewatering, and rental.
In June 2021, the Verder Group, a Dutch company involved in the distribution and manufacturing of pumps and laboratory equipment, announced the achievement of the Jabsco rotary lobe pump product line from Xylem. Jabsco is a very well-known and established name in the market with a highly loyal customer base and adding the lobe pump product line will strengthen its position as a hygienic pump specialist. The acquisition is likely to strengthen Verder's group offering in the pharmaceutical and food and beverage markets. Expanding the portfolio, adding extra footprint in the market, increasing the level of hygienic knowledge, and intensifying the focus on the hygienic market will allow Verder to further increase penetration in these expanding markets.
|Historical data||2018 - 2021|
|Forecast Period||2022 - 2028|
|Market Size in 2021:||USD 53.56 Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 78.79 Billion|
|Tables, Charts & Figures:||175|
|Companies||IIT Inc., Flowserve Corporation, Ksb Company, Sulzer, GRUNDFOS, Elliott Group, Ebara Corp, Weir Oil and Gas, Baker Hughes, Schlumberger, Clyde Union Pumps, Titan Manufacturing Inc., Dover Corporation, Colfax Corporation, and Lwaki America.|
|Segments Covered||By Product Type, By Application|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|