PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1618949
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1618949
The global pumps market is expected to grow significantly from an estimated USD 61.32 billion in 2024 to USD 79.01 billion by 2029, at a CAGR of 5.2% during the forecast period. The global pump market is expected to grow well, as a result of accelerating industrialization and urbanization coupled with a strong rise in investment in infrastructure around the world. This growth is led by growing demand across such sectors as water and wastewater, oil and gas, chemicals, power generation, and construction. Energy-efficient and smart technologies in pumps can be driven further by environmental regulations and sustainability goals supporting overall market growth. Advances in digitalization and IoT-enabled pumps are opening new avenues for monitoring and optimizing pump performance, thus reducing operational costs and enhancing reliability.
Scope of the Report | |
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Years Considered for the Study | 2020-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Billion) |
Segments | Pumps Market by type, operation, end user, and region. |
Regions covered | North America, Europe, Asia Pacific, Middle East & Africa and South America |
"Reciprocating pumps segment, by type, is expected to hold third largest market share during forecast period"
Reciprocating pumps are the third largest segment in the global pumps market because they can better handle high-pressure and low-flow applications, which make them useful in all oil and gas, petrochemicals, and chemical processing industries. They are extremely efficient for applications that demand the control of fluid, as well as in applications requiring the handling of viscous fluids, abrasive slurries, and even those of solids-laden liquids. Centrifugal or rotary pumps struggle to handle these frequently in an efficient manner. Demand for reciprocating pumps comes in high because these are more prominent in areas where heavy industrial processes are developed, and robust, reliable designs make them the first priority for applications where downtime and equipment failure must be kept to a minimum.
"South Amrica is expected to hold the least market share during forecast period."
South America is the fifth and smallest market share in the global pumps market, mainly due to various structural and economic challenges. Since industrialization is not as pronounced as it is in more developed regions, demand is relatively low across industries such as manufacturing and energy. Economic instability, along with low investments in infrastructure, has further constrained the growth of those sectors that largely depend on more sophisticated systems involving pumps. Countries like Brazil and Argentina have some industrial activities, but industrial and urban development are slower than in regions like Asia Pacific or North America.
By Company Type: Tier 1- 30%, Tier 2- 55%, and Tier 3- 15%
By Designation: C-level Executives - 30%, Director Level- 20%, and Others- 50%
By Region: North America - 18%, Europe - 8%, Asia Pacific - 60%, South America - 4%, Middle East & Africa - 10%
Note: Other designations include sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined based on their total revenue as of 2023. Tier 1: USD 1 billion and above, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: <USD 500 million.
The global pumps market is dominated by key players that hold a wide regional presence and offer a diverse range of products. Leading companies in the pumps market include Grundfos Holding A/S (Denmark), Xylem (US), Flowserve Corporation (US), KSB Limited (India), Sulzer Ltd (Switzerland) among others. These players focus on strategies such as product innovations, acquisitions, agreements, partnerships, and expansions to strengthen their market position. New product launches, coupled with strategic investments in power infrastructure, water and wastewater management, and energy-efficient technologies, are key approaches adopted by these companies to maintain competitive advantages in the evolving market landscape.
The report defines, describes, and forecasts the pumps market by type, operation, end user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report comprehensively reviews the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, and services; key strategies; Contracts, partnerships, agreements. new product launches, acquisitions, and recent developments associated with the pumps market. Competitive analysis of upcoming startups in the pumps market ecosystem is covered in this report.
The report will help the market leaders/new entrants pumps market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.