Industrial Pumps Market: Current Analysis and Forecast (2022-2028)
Emphasis on Type (Reciprocating, Centrifugal, Rotary, and Other); Operation (Hydraulic, Electrical, and Air Driven); Application (Chemical, Oil & Gas, Power Generation, General Industry, Water & Wastewater, and Other); and Region/Country
Global Industrial Pumps Market is expected to grow at a significant rate of around 6% during the forecast period. Industrial pumps are the machine that transfigures the mechanical energy that it absorbs from the thermal, electrical, or any other kind of motor. It transforms it into a fluid as hydraulic energy which allows the transportation of fuel from one place to another. The market for industrial pumps has recently experienced strong demand as a result of the increasing adoption from a number of industries, including agriculture, construction, municipal, sewage & waste, among others. Additionally, the integration of industry 4.0 compels businesses to upgrade their infrastructure, which is anticipated to support demand for industrial pumps during the projection period. The need is also expected to be driven by the usage of industrial pumps in numerous applications, including fluid management for large volumes, chemical processing, pressured fluid/water, and water movement.
Flowserve Corporation, Grundfos Holding A/S, KSB SE & Co. KGaA, Iwaki Co. Ltd., SPX Flow, Sulzer Ltd., Xylem, Ingersoll-Rand, Pentair, and Atlas Copco AB are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst application, water & wastewater category to witness significant share during the forecast period”
Based on application, the market is segmented into chemical, oil & gas, power generation, general industry, water & wastewater, and other. The water & wastewater segment is expected to register significant market growth during the forecast period due to the increasing demand for water treatment facilities to meet the increasing demand for drinkable water around the world. Additionally, several kinds of industrial pumps, such as high-pressure pumps, submersible water pumps, agitator pumps, and circulation pumps among others, are deployed in water and wastewater treatment facilities to collect wastewater from various locations and transport it to the treatment facility, where it is then redirected for end use.
“Amongst operation, the electrical segment to hold a significant CAGR in the market in 2020”
On the basis of operation, the market is segmented into hydraulic, electrical, and air driven. The electrical segment is expected to witness significant CAGR during the forecast period owing to its ability to handle both liquid and solid as well as to increase production across the industries. Electric pumps are also more effective and require less servicing. The electrical segment is also estimated to assist market expansion during the forecast period as it imposes less exposure to breakdown and malfunction along with lower operational costs than its counterpart. Furthermore, the increasing demand for electrical pumps in different industries including mining, oil & gas exploration, and water treatment industries among others owing to the system design and reduced fueled pressure is expected to propel the demand for the electricity-driven segment.
Industrial Pumps Market Report Coverage
“Asia-Pacific to hold a significant share in the market”
In 2020, Asia-Pacific held a significant share of the global industrial pump market. This is mainly attributed to rapid industrialization and economic expansion. Also, the growth in the manufacturing sector, oil & gas industries, and increasing demand for usable water among others will support the market growth. Additionally, the industrial pumps market will experience growth due to mergers and acquisitions, new product launches, and decreasing production and labor costs in the region. Additionally, it is expected that rising R&D expenditures, mergers & collaboration between the leading players along with the new product launch, and investments in infrastructure will fuel market expansion throughout the course of the projection period. For instance, in January 2022, Sulzer group diversified its product portfolio of clean water pumps with the launch of the SKS and SES ranges products that are suitable to use in water treatment facilities, municipalities, and commercial & irrigation systems.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global industrial pumps market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Industrial Pumps Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global industrial pumps market were the three major steps undertaken to create and analyze the adoption of industrial pumps in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global industrial pumps market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the industrial pumps market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the industrial pumps market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, operation, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the industrial pumps market. Further, we conducted factor analysis using dependent and independent variables such as various types, operations, and applications of industrial pumps. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the industrial pumps market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global industrial pumps market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the industrial pumps market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global industrial pumps market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global industrial pumps market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, operation, and application in the global industrial pumps market.
The main objective of the Global Industrial Pumps Market Study
The current & future market trends of the global industrial pumps market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the industrial pumps market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type, operation, and application.
- Define and analysis of the regulatory framework for the industrial pumps
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the industrial pumps market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the industrial pumps market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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