The world market size of industrial pumps is expected to grow rapidly and hit $81.87 billion by 2028. This represents a CAGR 3.9%, which is largely driven by growing demand from chemical, gas, oil, wastewater, and water industries on account of fast population growth on the globe. Industrial pumps are also intensively used in areas such as boiler feeds and HVAC. Here are more insights into the industrial market trends for industrial pumps.

Important Highlights on Industrial Pumps

Rapid technological advancements have resulted in the improvements of the reliability of industrial pumps across the globe. Therefore, the pumps are able to operate more effectively, cutting down associated costs in industrial operations. Technological advances have further made it possible to improve pump reliability and durability.

Pump manufacturers have also intensified their focus on designing devices that promote low-cost manufacturing processes. This focus is expected to further boost the market between 2021 and 2028.

In 2020, the chemical industry, one of the biggest consumers of industrial pumps, slowed down because of containment measures that different governments implemented to contain the spread of COVID-19. This was made worse by the decline of crude oil prices, construction-related project delays, and uncertainty. Now that the COVID-19 pandemic is finally getting wrestled down, the demand for pumps is expected to continue on an uptrend.

Application Insights and Trends

In 2020, water and wastewater-related applications contributed about 24.7% of the pump market. The most notable of these was the submerged pumps, which are used in multiple industrial platforms. Now, the fast-rising number of manufacturing facilities, as more countries put focus on developing industrial capacity, is expected to push up the demand for industrial pumps further.

Between 2021 and 2028, the oil and gas industry is expected to hit a CAGR of 3.6% because of the growing demand for crude oil to support domestic transport, production centers, and global logistics. Again, the oil and gas industry is expected to shoot up the oil exploration efforts, offshore and onshore, pushing up the demand for pumps that can work under high underwater pressure.

The displacement pumps segment is expected to grow at the fastest CAGR rate, 4.2%, between 2021 and 2028. Unlike other types of pumps, displacement models can run at lower speeds, making them less prone to damages related to slurries and oils. This is why they are the most preferred models in the gas and oil industries compared to centrifugal pumps.

Reciprocating pumps, which are very common in many industrial applications, are preferred because of their impressive suction characteristics. The fact that they have fewer parts means their maintenance-related cost is also low. These pumps have applications in almost all areas of fluids, including slurries, acids, and high-grade fluids.

Regional Insights

In 2020, Asia-Pacific held the largest market share for the global pump revenue. The expectation is that the market will continue increasing because of the rapid growth being reported in the end-use industries, such as wastewater, oil & gas, and chemicals. Also, the rising demand for reusing water in industries, especially in the emerging economies, is likely to see a sharp rise in the pump markets in Asia-Pacific.

Like Asia-Pacific, North America is also anticipated to experience significant growth because of the rapid tech advances. Also, the growing demand for gas and oil from other sectors, including heating & cooling, and commercial transportation in the area, is likely to intensify the demand for pumps.

In Europe, the market is likely to expand at a lower rate of 3.5% compared to that of North America and Asia-Pacific. The growth in Europe is expected to be driven by stringent regulations for cutting down water and air pollution. Also, the rising number of water and wastewater-related installations is expected to push the market for pumps up further.

These insights on trends and forecasts show that the 2021-2028 period is likely to see huge growth in demand and use of pumps across the globe. Although large industrial users are expected to be the biggest market drivers, institutional and domestic uses will also significantly define the shift.