The global industrial pump market is expected to develop with a projected CAGR of 5.3% through 2034. In 2024, the market is expected to cross a valuation of US$ 68.0 billion, and by 2034, it is estimated to touch US$ 113.5 billion.
The key drivers behind this growth include industrialization in developing economies, stringent wastewater treatment regulations, and advancements in pump technology. Various sectors, including manufacturing, construction, mining, and oil and gas, drive the demand for pumps. Efficiency, reliability, and customization are the key factors that are emphasized in these sectors.
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The market’s competitiveness also presents challenges, with numerous manufacturers offering various pump types and technologies. Despite these challenges, leading pump manufacturers contribute significantly to the market’s growth by leveraging their unique strengths.
Consumption Analysis
The industrial pump market in the United States holds sway over North America, poised for an annual growth rate of 5.4% until 2034.
Meanwhile, the United Kingdom leads the European charge in the global industrial pump market, forecasted to clock a robust annual growth rate of 6.4%.
In China, the market is expected to surge ahead with a commendable CAGR of 5.6% through 2034, showcasing its dominance in the global arena.
Likewise, Japan anticipates steady growth with a projected CAGR of 6.7% through 2034, underscoring its resilience and significance in the industrial pump market.
In South Korea, the market is set to thrive with a promising CAGR of 6.2% through 2034, indicative of its steadfast presence and growth potential in the global landscape.
Growth Factors
The surge of industrialization in emerging economies continues to be a primary catalyst propelling the demand for industrial pumps across diverse sectors such as manufacturing, construction, and mining.
The escalating emphasis on water conservation, coupled with stringent regulations governing wastewater treatment, is fostering a robust demand for industrial pumps utilized in water supply, sewage treatment, and desalination plants.
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Recent Developments:
- In January 2024, SPX FLOW launched the Universal 2nd (U2ND) Positive Displacement Pump Series under its Waukesha Cherry-Burrell (WCB) brand, catering to industrial users’ needs.
- In November 2023, DXP Enterprises, Inc. acquired Alliance Pump & Mechanical Service, Inc., a prominent player in municipal and industrial pump sales, service, and repair.
- In August 2023, Atlas Copco acquired Sykes Group Pty Ltd, a dewatering pump manufacturer, which complements its portfolio.
Market Segmentation
By Product:
- Centrifugal Pump
- Axial Flow Pump
- Radial Flow Pump
- Mixed Flow Pump
- Positive Displacement Pump
- Reciprocating
- Rotary
- Others
By Distribution Channel:
- Online
- Offline
By Application:
- Oil and Gas
- Chemicals
- Construction
- Power Generation
- Water and Wastewater
- Others
By Region:
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- Latin America
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