Pumps Market is Poised to Achieve Continuing Growth by End of 2027
Pumps market size is slated to exceed USD 84.2 billion by 2027; according to a new research report by GMI Inc. Industrial activities are anticipated to increase rapidly over the next decade owing to the rising population and economic development.
Pumps market size is slated to exceed USD 84.2 billion by 2027; according to a new research report by GMI Inc. Industrial activities are anticipated to increase rapidly over the next decade owing to the rising population and economic development. Leading industrial sectors, such as oil & gas, mining, general industries, and water & wastewater treatment, are considerably driving pump demand across the globe.
By 2027, the demand for freshwater is expected to be at an all-time high due to climate change and population growth. Thus, there will be a rise in the need for water and wastewater treatment facilities worldwide. Oils, solvents, and other fluids are frequently pumped using dynamic pumps, which can move fluids from low to high pressure ranges. There will be a rise in the demand for rotary pumps used in water management and treatment facilities. Water scarcity and increasing water pollution are forcing wastewater treatment facilities to expand their capacity. The number of treatment facilities will increase, which will increase filtration capacity, which will increase market revenue.
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Increasing extraction and sampling of specialty chemicals is likely to influence the pumps market share. Similarly, the rising adoption in mining, water & wastewater management, and pharma industries will showcase a steady growth of product demand.
The market is set to experience some hiccups during the forecast timeframe. High maintenance and operational costs along with considerable energy consumption by the product may affect the market growth. They are also associated with high installation charges. Damaged parts need to be fixed immediately as they can hamper the overall production facility. Lubrication of bearings, periodic oil replacement, and replacement of valves incur major operating expenses during the production process, which act as major hindrances in the pumps market.
Global operations and product sales have suffered as a result of the COVID-19 pandemic. The trade between nations has decreased as a result of almost universal partial or total lockdowns and restrictions. Manufacturing facility closures and a shortage of logistics supplies have caused an economic downturn. The production of pumps worldwide has also been reduced by the liquidity crisis and the labour shortage. But in 2022, the market will grow due to expanding vaccination programmes and the removal of restrictions.
Increasing adoption of portable pumps will boost the market
The portable pumps market is set to register growth rate of around 3.5% by volume till 2027 impelled by frequent applications in sewage cleaning, pumping & cleaning manholes, cutting or dressing water circulation in the stone industry, etc. These products are designed for tough applications, and portability is the key priority to the end-user.
Rising water treatment applications will drive submersible pumps demand
Non-submersible pumps demand is poised to capture more than 65% revenue share in 2027. These pumps are designed for handling clean water as they can maintain water pressure from a variety of sources including municipal and private water systems. Non-submersible pumps can be petrol driven, which allows to pump more water. They are suitable for all weather conditions, which will propel the overall demand for pumps.
Increasing application of positive displacement pumps to influence market revenue
The positive displacement pumps market is projected to grow at about 3.7% CAGR during 2021 to 2027. High accuracy during chemical dosing and extractions along with specified flowrate makes these pumps advantageous. Reciprocating and rotary pumps are precisely used in various applications including steam generators, production, injection, chemical feeding, etc., in an array of industries. Moreover, recovery of the oil & gas sector is fostering the demand for positive displacement pumps owing to emerging activities.
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Strong growth of electric-driven pumps to fuel the product demand
Electric-driven pumps market revenue is predicted to cross USD 20.6 billion by 2027. Electric-driven pumps will foresee growth at a significant pace through 2027 on account of growing awareness regarding environmental regulations on fuel-fired engines and increasing cost of diesel. Further, electric motors can adjust variable speed efficiently than a diesel engine, greatly increase efficiency, and can be controlled remotely, which are boosting the market share.
Rising general industries will augment industry statistics
General industries will showcase a prominent growth and are estimated to expand at 4% CAGR till 2027. Pumps find wide applications across various end-user industries due to their ability to transport various liquids at elevated temperature with different pressure ranges. They are widely used in petrochemicals, food & beverages, paints, cellulose, pharmaceutical, fertilizers, and sugar refining process, which will support the market outlook.
Oil & gas industry to spur the North America pumps market
The North America accounted for more than 15% demand share in 2020. The region is holding the largest reserves of oil & gas and is continuously spending on deep-sea petroleum exploration activities. Many oil refineries have high production rates, increasing the demand for pumps.
M&A strategies will increase market competition
Some of the top players in the pumps market include Grundfos, Ebara Corp., Sulzer Ltd., Xylem Inc., Flowserve Corporation, Gorman-Rupp Company, Schlumberger, Roper Pump Company, Atlas Copco, Multiquip, Magnum Pumps, Generac, Wacker Neuson, Kirloskar Brother Limited, Hayes Pump, Inc., Yuken, etc. In April 2019, The Elliott Group announced it has completed merger with Ebara International Corp. Merger & acquisition will reshape market competition.
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