Pumps Market to Record 5.20% Y-O-Y Growth Rate in 2022 |Centrifugal Pumps Segment to be Significant for Revenue Generation | 17000+ Technavio Reports
NEW YORK, Jan. 20, 2022 /PRNewswire/ -- The pumps market share growth by the centrifugal pumps segment will be significant for revenue generation. Centrifugal pumps are the most preferred choice in the process and discrete industries. These pumps work on the rotational motion of the impeller, which is fitted inside the pump. The demand for these pumps is expected to continue growing during the forecast period as many investments have been made in these industrial sectors, leading to their increased use.
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Pumps Market Report Highlights:
- Market growth 2021-2026: USD 22.14 billion
- Growth momentum & CAGR: Accelerate at a CAGR of 5.73%
- YoY growth rate: 5.20%
- Performing market contribution: APAC at 50%
- Geography: APAC, Europe, North America, South America, and MEA
Pumps Market 2022-2026: Segmentation
- Product
- Centrifugal Pumps
- Specialty Pumps
- Positive Displacement Pumps
- End-user
- Oil And Gas
- Water And Wastewater
- Chemical
- Building
- Others
- Geography
- APAC
- Europe
- North America
- South America
- MEA
Regional Market Analysis
With 50% of the growth originating from APAC, this region will record a fast growth rate during the forecast period. China and Germany are the key markets for the pumps market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
- APAC would be registering strong economic growth during the forecast period. Besides China and India, countries such as Bangladesh, the Philippines, Vietnam, and Indonesia register high growth rates. The demand for chemical products is increasing in the region to address the rising need of different industries, such as pharmaceuticals, food and beverage, construction, and water and wastewater, which require a large volume of chemical products. Therefore, several regional and multinational chemical companies are setting up their manufacturing facilities in APAC.
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Key Vendors and Vendor Strategies
Alfa Laval AB, Danfoss AS, Dover Corp., Flowserve Corp., General Electric Co., Grundfos Holding AS, Ingersoll Rand Inc., Robert Bosch GmbH, Sulzer Ltd., and The Weir Group Plc are a few of the key vendors in the Pumps Market.
The vendors in the market are constantly focusing on broadening their product portfolio through expanding their product offerings. Additionally, vendors are focusing on expanding their presence in new regions.
Few vendors with key offerings:
- Alfa Laval AB - The company offers pumps that are used for evaporation, high-pressure, self-priming, and high-purity applications, under the brand name Alfa Laval.
- Danfoss AS - The company offers pumps that can be used in almost any application for land-based, offshore, or marine, under the brand name of Danfoss.
- Dover Corp - The company offers pumps that are made of cast iron frame and cylinder construction where there are separately cast cylinders with deep radial fins for improved cooling, under the brand name of Dover.
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Key Market Drivers
Our analysts have extensively outlined the information on the key market drivers and their impact on the Pumps Market.
- Rising focus on improving energy efficiency in industries:
- The rising focus on improving energy efficiency in industries is one of the key factors driving the Pumps market share growth. One of the major consumers of energy-intensive equipment is the pulp and paper chemical industry. The use of pumps in industries helps in reducing carbon emissions in industrial facilities, helping industries to achieve their energy efficiency targets. Meanwhile, the increasing emphasis on energy efficiency and reduction of emissions has led to a shift toward energy-saving concepts including cost-effective computer-based control systems, which can monitor and control mechanical and electrical equipment such as ventilation systems.
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Related Reports -
Industrial Pumps Market -The industrial pumps market share should rise by USD 20.03 billion from 2022 to 2026 at a CAGR of 5.85%. Download a free sample now!
Screw Pumps Market -The screw pumps market share is expected to increase by USD 1.05 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.43%.Download a free sample now!
Pumps Market Scope | |
Report Coverage | Details |
Page number | 120 |
Base year | 2021 |
Forecast period | 2022-2026 |
Growth momentum & CAGR | Accelerate at a CAGR of 5.73% |
Market growth 2022-2026 | USD 22.14 billion |
Market structure | Fragmented |
YoY growth (%) | 5.20 |
Regional analysis | APAC, Europe, North America, South America, and MEA |
Performing market contribution | APAC at 50% |
Key consumer countries | China, US, Russian Federation, Japan, and Germany |
Competitive landscape | Leading companies, competitive strategies, consumer engagement scope |
Companies profiled | Alfa Laval AB, Danfoss AS, Dover Corp., Flowserve Corp., General Electric Co., Grundfos Holding AS, Ingersoll Rand Inc., Robert Bosch GmbH, Sulzer Ltd., and The Weir Group Plc |
Market Dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period, |
Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized |
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