The growing demand for industrial pumps from the chemical and manufacturing market is fueling the growth of the Industrial Pumps market.
Market Size – USD 53.24 Billion in 2018, Market Growth - CAGR of 6.4%, Market Trends – Increase in infrastructural developments.
NEW YORK, April 02, 2019 (GLOBE NEWSWIRE) -- The global Industrial Pumps market is forecasted to reach USD 89.21 Billion by 2026, according to a new report by Reports and Data. Industrial pumps find their application in various sectors and help in mainly transferring liquid from one location to another.
New developments in micro disc pump technology have boosted the growth of this market. Rapid infrastructural development is another driving factor. APAC countries are witnessing rapid construction which in turn is boosting the market for industrial pumps. Demand for industrial pumps from process and manufacturing industries is another driving factor of the market. The rise in product energy pumps for the transportation and extraction of oil and natural gas is having a positive effect on the market. Increase in crude oil price is also boosting the demand for the market as it fuels the energy sector’s revenue.
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Growing construction, automotive and manufacturing industries are expected to raise the demand for industrial pumps in Asia Pacific regions. The Indian government has passed a policy for the promotion of FDI investment in the oil and gas sector. This will increase the production of petrochemicals and polymers in the country, hence propelling the demand in this region. Increased investment in desalination plants is also expected to increase the sale of industrial pumps.
Further key findings from the report suggest
- The Centrifugal Pumps holds a major share of the market and is segmented into Multi-stage Pump, Single-stage Pump, Submersible Pump, Sealless & Circular Pump, and Axial & Mixed Flow Pump.
- Centrifugal pumps will dominate the market for Industrial pumps. These pumps can handle varied pressure and have good load handling capabilities with comparatively low maintenance cost.
- Water and wastewater treatment plants have a market share of 17% in the year 2018 and are forecasted to hold 18% of the market share in the year 2026 with an annual growth rate of 7.2% throughout the forecast period.
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- The construction sector is forecasted to have the highest growth rate of 7.3% throughout the forecasted period. The rapid increase in construction among the APAC countries is pushing the demand for this market.
- Oil and Gas have a market share of 18% in the year 2018 and is forecasted to generate a revenue of USD 16.06 Billion in the year 2026 with an annual growth rate of 6.4% throughout the forecast period.
- Growth in process manufacturing activity will result in an increase in demand for positive displacement pumps.
- Positive Displacement pumps held a market share of 13% in the year 2018 and are forecasted to generate a revenue of USD 10.71 Billion in the year 2026 with an annual growth rate of 5.3% throughout the forecast period.
- With an increase in manufacturing activity, demand for aftermarket parts will benefit, majorly for the chemical industry as they have harsh environments.
- Increase in infrastructure sector in APAC countries like India, China and Japan are boosting the market of industrial pumps. The emergence of manufacturing industries and automotive is also propelling the demand in this region.
- Key participants include Flowserve Corporation, Grundfos Holdings A/S, KSB AG, ITT Inc., Sulzer Ltd., Ebara Corp., Weir Group plc, Schlumberger Ltd., Baker Hughes, Inc., and Clyde Union, Inc. among others.
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For the purpose of this report, Reports and Data have segmented global Industrial Pumps market on the basis of Type, Capacity, End Users and Region:
Type Outlook (Revenue, USD Million; 2018-2026)
- Centrifugal Pumps
- Reciprocating Pumps
- Rotary Pumps
- Diaphragm Pumps
- Positive Displacement Pumps
- Turbine Pumps
- ADI Process Pumps
- Booster Pumps
- Piston Pumps
Capacity Outlook (Revenue, USD Million; 2018-2026)
- Small Capacity Pumps
- Medium Capacity Pumps
- High Capacity Pumps
End Users Outlook (Revenue, USD Million; 2018-2026)
- Construction
- Water and wastewater
- Chemicals
- Oil & Gas
- Power
- Food & Beverage
- Others
Regional Outlook (Revenue, USD Million; 2018-2026)
- North America
- U.S.
- Europe
- Germany
- UK
- Asia Pacific
- China
- India
- South-east Asia
- Latin America
- Brazil
- MEA
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