Pumps Market Dynamics: Competitive Landscape, Trends, and Future Prospects

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The global pumps market was valued at USD 57.66 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2030. Pumps are vital devices used for two primary functions: to increase the pressure of fluids and to move them at a higher flow rate. These functions are critical in numerous industries. For example, in sectors like oil and gas exploration, pumps are essential for boosting fluid pressure, while in infrastructure applications like Horizontal Directional Drilling (HDD) manufacturing, pumps are used to precisely measure and move reagents and reactants during synthesis processes. As the oil and gas sector continues to expand, the demand for pumps is expected to grow steadily during the forecast period.

In addition to oil and gas, the demand for pumps is increasing in other sectors that require efficient fluid management, such as construction. The growing investments in agriculture, ongoing urban development, and the increasing need for wastewater treatment solutions are all factors contributing to the rising demand for pumps. Moreover, advancements in pump technologies and the growth of key industries such as water and wastewater treatment, infrastructure applications like HDD, and agriculture are expected to further drive the market forward. As these sectors continue to expand and modernize, the pumps market is anticipated to experience significant growth, driven by both technological innovation and the rising need for fluid management solutions.

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Frequently Asked Questions (FAQ) – Pumps Market

1. What is the current size of the global pumps market?

The global pumps market was valued at USD 57.66 billion in 2023 and is expected to reach USD 77.07 billion by 2030, growing at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2030.

2. What are the primary functions of pumps in various industries?

Pumps serve two main functions:

• Boosting fluid pressure: Increasing the pressure of fluids to facilitate their movement through systems.

• Moving fluids at higher flow rates: Transporting fluids efficiently across various applications.

In industries such as oil & gas exploration and Horizontal Directional Drilling (HDD) manufacturing, pumps are essential for elevating fluid pressure and precisely metering reagents and reactants during synthesis processes.

3. Which sectors are driving the demand for pumps?

The demand for pumps is increasing due to:

• Oil & Gas Exploration: Ongoing exploration activities require pumps for processes like crude oil transfer and enhanced oil recovery.

• Infrastructure Development: Urbanization and construction projects necessitate efficient fluid management.

• Agriculture: Growing investments in irrigation and livestock feeding systems boost pump requirements.

• Water & Wastewater Treatment: Urbanization and industrialization increase the need for effective water treatment solutions.

4. What are the key types of pumps in the market?

The primary types of pumps are:

• Centrifugal Pumps: Dominated the market with a 66.94% share in 2023. They are widely used in residential, commercial, and industrial applications due to their ability to handle high flow rates.

• Positive Displacement Pumps: Expected to witness a CAGR of 5.0% over the forecast period, these pumps are effective for high-viscosity fluids and provide consistent flow rates regardless of changes in viscosity. 

5. Which regions are leading in the pumps market?

In 2023:

• Asia Pacific: Held the largest market share at 44.9%, driven by industrial growth and capital expenditure in sectors like chemicals, power generation, agriculture, and water treatment.

• North America: Accounted for 17.6% of the global market share.

• Russia: Projected to register the highest CAGR from 2024 to 2030.

6. Who are the key players in the pumps market?

Notable companies operating in the pumps market include:

• SLB

• Ingersoll Rand

• The Weir Group PLC

• Vaughan Company

• KSB SE & Co. KGaA

• Pentair

• Grundfos Holding A/S

• Xylem

• Flowserve Corporation

• ITT Inc.

• EBARA Corporation

• IWAKI Co., Ltd.

• Sulzer Ltd

• SPX FLOW, Inc.

Order a free sample PDF of the Pumps Market Intelligence Study, published by Grand View Research.

 

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