Global Pump Market to Surge to $90.11 Billion by 2028, Driven by Energy-Efficient Technologies
DUBLIN, Sept. 20, 2023 /PRNewswire/ -- The "Pumps Market - Global Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global pump market is poised for remarkable growth, with projections indicating that it will surge to $90.11 billion by 2028 from $70.62 billion in 2023, reflecting a substantial CAGR of 11.39% during the forecast period from 2022 to 2028. Several key drivers and trends are propelling this expansion, making the pump market increasingly important for various industries.
Key Market Trends and Drivers
Adoption of Electric Air-Source Heat Pumps: Electric air-source heat pumps are gaining prominence for their energy efficiency and cost-effectiveness in heating and cooling applications, especially in moderate climates. They contribute to reducing greenhouse gas emissions and offer an eco-friendly alternative to traditional fossil fuel-based systems. Governments worldwide are incentivizing the adoption of electric air-source heat pumps through tax credits, grants, and low-interest loans, which significantly lowers the installation costs.
Strong Replacement Demand: The replacement sector is driving the demand for aftermarket pump parts and services. The global pump market is witnessing increased sales of modern and efficient water pumps, particularly in applications like agriculture. The shift from diesel pumps to electric pumps is another significant trend, along with upgrading industrial water and sanitation systems, further boosting pump demand.
Industry Restraints
The pump market is characterized by intense competition due to the presence of numerous large players. Competing companies offer various groundwater and fuel pumping systems, making the industry highly competitive. Varying financial resources among industry players intensify competition, and key competitive factors include pricing, service quality, innovation, timely delivery, and product consistency. Many manufacturers rely on distributors and independent representatives to reach customers, emphasizing the importance of building strong channel networks.
Segmentation Insights
Product Types:
- Centrifugal Pumps: Dominating the global pump market, centrifugal pumps are widely used for pumping water, thin liquids, and slurries across various industries. They are subdivided into single-stage and multi-stage pumps.
- Reciprocating Pumps: Piston and diaphragm pumps are prominent within the reciprocating pump category, with piston pumps holding a significant market share.
- Rotary Pumps: Among rotary pumps, gear pumps lead the market, contributing to its growth.
End-User Segmentation:
- Industrial: Industrial applications accounted for a substantial portion of the global pump market in 2022.
- Agricultural: Agriculture is a key sector driving pump demand, particularly for water-related applications.
- Commercial: The commercial sector represents another significant end-user category.
- Residential: Pump demand in the residential segment is also notable.
Geographical Analysis
Asia-Pacific (APAC) leads the global pump market, driven by high capital spending and construction growth. North America, Europe, Middle East & Africa, and Latin America also contribute significantly to the market, offering unique opportunities and challenges.
Vendor Landscape
The global pump market boasts a highly competitive landscape, with both public and private companies vying for market share. Key competitive factors include efficiency, reliability, service capabilities, pricing, and product availability. Major industry players include Alfa Laval, Baker Hughes, CIRCOR, DESMI, Flowserve, Franklin Electric, Kirloskar Brothers, KSB, Nikkiso, SPX FLOW, Sulzer, Torishima, Weir, WILO, and Xylem, among others.
Other Prominent Vendors
Arian Pumps, AR North America, Bosch Rexroth, CP Pumpen AG, Dover, Ebara, Global Pump, Grundfos, Haight Pumps, HERMETIC-Pumpen, IDEXCorp, Iwaki America, Jetox Motor Pumps, Klaus Union, Kracht, Leitritz Group, Masdaf, Naniwa Pump, Netzsch, Norm Hydrophore Pump, Pentair, PUMPPORT, Roper Pumps, Roth Pump, Ruhrpumpen, Ryan Herco Flow Solutions, Sahinler Submersible Pump, Samsun Makina Sanayi, Seepex, Seko, Sempa, Sumak Pump, Summit Pump, Tark, TEIKOKU ELECTRIC, Vansan Water Technologies, Vaughan, Vestapump, and Zoeller.
Key Questions Answered
- How large is the pump market?
- What is the expected growth rate for the global pump market?
- What trends are driving the pump market?
- Which region holds the largest market share for pumps?
- Who are the key players in the global pump market?
Market Dynamics
Opportunities & Trends
- Rising Demand for Water & Wastewater Treatment Plants
- Increased Infrastructure Projects in Developing Economies
- Rise in Number of Modular Construction Projects
- Demand for Energy-Efficient Pumps
- Advent of Intelligent & Smart Pumps
- Adoption of Electric Air-Source Heat Pumps
Growth Enablers
- Strong Replacement Demand
- Demand for Efficient & Advanced Pump Technology
- Launch of Wastewater Treatment Schemes in the Middle East
- Rising Demand for Pumps in the Automotive Industry
Restraints
- Volatility in Oil & Gas Prices
- Fluctuations in Raw Material Prices
- Competitive & Fragmented Market Environment
For more information about this report visit https://www.researchandmarkets.com/r/mlvbpv
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
SOURCE Research and Markets
Share this article