The United States occupies an important position in the industrial pumps market in the North American region and asserts its dominance on a global scale. According to forecasts, the market within the United States is poised to maintain a strong growth trajectory, with an annual growth rate of 5.4% expected to continue until 2034.
NEWARK, Del., April 15, 2024 (Globe Newswire) — The global industrial pumps market is expected to develop at a CAGR of 5.3% until 2034. By 2024, the market is expected to be valued at over USD 68 billion. It is estimated that by 2034, the amount will reach 113.5 billion US dollars.
Key drivers of this growth include industrialization in developing countries, stringent wastewater treatment regulations, and advances in pump technology. Demand for pumps is increasing in various sectors such as manufacturing, construction, mining, and oil and gas. Efficiency, reliability, and customization are key factors in these areas.
Manufacturers are leveraging emerging markets and advanced pump technologies, such as energy-efficient pumps and smart pump systems, to grow sales globally. Water conservation and energy efficiency also drive demand for pumps in water supply, wastewater treatment, and other applications. However, the industrial pump market faces several challenges, including economic fluctuations, high initial costs, and regulatory compliance. These factors can influence investment decisions and put a strain on budgets, especially for small and medium-sized enterprises (SMEs).
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Market competitiveness is also a challenge, with many manufacturers offering different types of pumps and technologies. Despite these challenges, leading pump manufacturers are leveraging their unique strengths to significantly contribute to market growth.
Key points from market research
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Centrifugal pumps dominate the industrial pumps market with an estimated CAGR of 5.1% until 2034.
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Online is the leading distribution channel for the industrial pump industry, expanding at a CAGR of 4.9% through 2034.
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Industrial pump sales in the United States are estimated to grow at a CAGR of 5.4% through 2034.
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The Korean industrial pump market is projected to grow at a CAGR of 6.2% until 2034.
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Demand for industrial pumps in the UK is expected to grow at a CAGR of 6.4% until 2034.
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Demand for industrial pumps in Japan is expected to surge at a CAGR of 6.7% until 2034.
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China's industrial pumps market is expected to develop at a CAGR of 5.6% until 2034.
“The water and wastewater treatment market is expected to grow due to increasing industrialization, infrastructure development, and rising global demand. Emerging economies in Asia Pacific and Latin America are expected to grow significantly due to investments in manufacturing, construction, and water management. Advances in energy-efficient pumps and smart pump systems will further accelerate market expansion as the industry prioritizes efficiency and sustainability. To tell Nikhil Kaitwade (Vice President, Future Market Insights, Inc.).
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market drivers
The surge in industrialization in emerging economies continues to be the main catalyst driving demand for industrial pumps in various sectors such as manufacturing, construction, and mining.
The increasing emphasis on water conservation, coupled with strict regulations governing wastewater treatment, is driving strong demand for industrial pumps used in water supplies, wastewater treatment, and desalination plants.
The oil and gas industry, particularly the expansion of offshore exploration and production activities, is increasing sales of industrial pumps used in various operations such as crude oil transportation, refining, and petrochemical processing.
Continuous advancements in pump technology play a pivotal role in driving market growth as it brings improvements in performance, reliability, and cost-effectiveness. These innovations allow industries to increase efficiency and productivity, which in turn drives the adoption of industrial pumps in a variety of applications and sectors.
competitive environment
The industrial pumps market is growing due to strategic initiatives such as innovation, expansion into emerging markets, and improved product offerings. Leading companies such as Grundfos, KSB Group, Xylem Inc., Sulzer Ltd, and Flowserve Corporation are investing in research and development to enhance pump technology to improve performance, reliability, and energy efficiency. Leading companies are also focusing on global expansion through acquisitions, partnerships, and distribution agreements to access new markets. Manufacturers are contributing significantly to the growth of the industrial pump market.
Recent developments:
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In January 2024, SPX FLOW launched the Universal 2nd (U2ND) positive displacement pump series under the Waukesha Cherry-Burrell (WCB) brand in response to the needs of industrial users.
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In November 2023, DXP Enterprises, Inc. acquired Alliance Pump & Mechanical Service, Inc., a prominent municipal and industrial pump sales, service and repair company.
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In August 2023, Atlas Copco acquired dehydration pump manufacturer Sykes Group Pty Ltd, complementing its portfolio.
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market segmentation
By product:
By distribution channel:
By application:
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oil and gas
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chemicals
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construction
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power generation
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water and wastewater
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others
By region:
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Asia Pacific
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Europe
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North America
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middle east and africa
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latin america
author:
Nikhil Kaitwade (Vice President, Future Market Insights, Inc.) has over 10 years of experience in market research and business consulting. He has successfully completed over 1,500 of his client assignments, primarily in the automotive, chemical, industrial equipment, oil and gas, and service industries.
His core competencies center around developing research methodologies, proprietary analytical frameworks, creating statistical data models for price analysis, competitive mapping, and market feasibility analysis. His expertise also extends widely beyond analysis, advising clients on identifying growth potential, investment/sale decisions, and market entry decisions in established and niche market segments. Masu.
Nikhil holds an MBA degree in Marketing and IT and a postgraduate degree in Mechanical Engineering. Nikhil has authored several publications and has been cited in journals such as EMS Now, EPR Magazine, and EE Times.
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