Dublin, Sept. 07, 2023 (GLOBE NEWSWIRE) -- The "Industrial Pumps Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global industrial pumps market size reached US$ 64.0 Billion in 2022. Looking forward, the market is set to reach US$ 87.3 Billion by 2028, exhibiting a growth rate (CAGR) of 5.9% during 2023-2028.
Industrial pumps are mechanical equipment used to move fluid, such as oil, sludge, slurry, chemicals, petroleum, and wastewater, from one location to another. They are currently available in different shapes, sizes, and configurations based on liquid applications and materials used during their manufacturing.
For instance, centrifugal pumps are used in chemical plants for moving low viscosity liquids. Moreover, positive displacement (PD) pumps are preferred in automotive transmission systems to move high viscosity fluids. They can also be utilized in process operations that require high hydraulic pressure.
Industrial Pumps Market Trends:
Rising exploration activities in the oil and gas sector due to the escalating energy demand represent one of the main factors driving the market growth.
Additionally, the growing emphasis on upgrading existing wastewater treatment plants is contributing to the market growth. This can also be attributed to the limited availability of potable water, growing environmental concerns, and the rising awareness about the harmful impacts of drinking contaminated water.
Apart from this, industrial pumps are utilized in different sizes and shapes in the power industry for circulation, boiler feed, and sludge handling. Moreover, rapid urbanization and increasing infrastructure development are other factors influencing the market positively.
Furthermore, the leading players are adopting innovative strategies and focusing on mergers and acquisitions (M&A) with small and medium-sized enterprises (SMEs) to expand their product portfolio and gain an edge over their competitors. This is anticipated to bolster the market growth in the coming years.
Key Questions Answered in This Report
- What was the size of the global industrial pumps market in 2022?
- What is the expected growth rate of the global industrial pumps market during 2023-2028?
- What are the key factors driving the global industrial pumps market?
- What has been the impact of COVID-19 on the global industrial pumps market?
- What is the breakup of the global industrial pumps market based on the product?
- What is the breakup of the global industrial pumps market based on the distribution channel?
- What is the breakup of the global industrial pumps market based on the application?
- What are the key regions in the global industrial pumps market?
- Who are the key players/companies in the global industrial pumps market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 148 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $64 Billion |
| Forecasted Market Value (USD) by 2028 | $87.3 Billion |
| Compound Annual Growth Rate | 5.3% |
| Regions Covered | Global |
Competitive Landscape
- Denka Corporation
- Lanxess
- Showa Denko
- Tosoh
- Zenith Rubber
- GK GmbH Endlosband
- Pidilite Industries Ltd.
- Covestro AG
- Asahi Kasei Corporation
Breakup by Product:
- Centrifugal Pump
- Axial Flow Pump
- Radial Flow Pump
- Mixed Flow Pump
- Positive Displacement Pump
- Reciprocating
- Rotary
Breakup by Distribution Channel:
- Online
- Offline
Breakup by Application:
- Oil and Gas
- Chemicals
- Construction
- Power Generation
- Water and Wastewater
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/99lwpa
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