New Delhi, May 16, 2024 (GLOBE NEWSWIRE) -- The global industrial pumps market is experiencing significant growth, with projections indicating an increase from US$ 69.74 billion in 2023 to US$ 130.39 billion by 2032, at a CAGR of 7.2% from 2024 to 2032.
The market growth is fueled by the rising adoption of industrial pumps in various sectors, including petrochemicals, chemicals, medical, and pharmaceutical industries. The oil & gas industry remains the largest consumer of these pumps globally. The Asia-Pacific region is expected to maintain the largest market share and grow at the fastest rate throughout the study period. Centrifugal pumps hold a significant market share due to their ability to handle both hazardous and sensitive fluids. Positive displacement pumps are also expected to see substantial growth in the years to come. As per Astute Analytica, these pumps are heavily being used for oil & gas, chemicals, construction, power generation, water & wastewater, and other application.
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Today, several factors are propelling the industrial pumps market. The rising demand for oil, gas, and power is a significant driver. Technological advancements have made deepwater and ultra-deepwater exploration more feasible and cost-effective, leading to increased oil production. Investments in water and wastewater industries, the rising demand for fuel, and technological innovations in pump manufacturing are also driving the market. However, the industrial pumps market faces challenges such as fluctuations in raw material prices and the impact of tariffs on imports, which can affect manufacturing costs. Nevertheless, technological innovation presents lucrative opportunities for market growth. The adoption of IoT for pump performance optimization and the expansion of pump applications in renewable energy are trends that are expected to contribute to market expansion.
Key Findings in Global Industrial Pumps Market
| Market Forecast (2032) | US$ 130.39 Billion |
| CAGR | 7.2% (2024-2032) |
| Largest Region (2023) | Asia Pacific (50.3%) |
| By Type | Dynamic Pumps (77.5%) |
| By Stage Type | Single Stage (56.9%) |
| By Propulsion | Electric Driven (82.8%) |
| By Position | Non-Submersible Type (60.3%) |
| By Application | Special Fluid Movement (54.7%) |
| By Industry | Oil & Industry (28.1%) |
| Top Trends |
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| Top Drivers |
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| Top Challenges |
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Oil and Gas Industry Dominates the Industrial Pumps Market with 28.1% Revenue Contribution Due to Rapid Expansion of Extraction and Transportation Activities
The oil and gas industry begins with the crucial stages of extraction and drilling, where raw materials are sourced from beneath the earth's surface. In 2023, the approval of at least 20 fields paved the way for the extraction of eight billion barrels of oil equivalent (boe). Looking towards the end of the decade, companies have set their sights on sanctioning nearly four times that amount, targeting 31.2 billion boe across 64 additional fields. Additionally, 19 new fields containing roughly 7.7 billion boe were discovered in the same year. Despite warnings from the International Energy Agency in 2021, oil and gas producers pressed forward, sanctioning at least 16 billion boe across 45 projects and discovering at least 20.3 billion boe across 50 projects.
During the extraction and drilling phases, centrifugal pumps emerge as the most prevalent type of industrial pump in the oil and gas industry. Their design makes them well-suited for handling filthy or low-viscosity liquids, ensuring efficient and reliable operations during these stages. On the other hand, positive displacement pumps are specifically engineered to transport highly viscous liquids, operating at a lower flow rate but with significantly higher pressure. Their application is essential for the successful extraction process, giving a boost to the industrial pumps market.
Efficient transportation of oil and gas after extraction is crucial, and pumps play a key role. Gear pumps, suited for clean fluids with narrow tolerances, are frequently used for this purpose. Additionally, booster pumps are essential for both liquids and gases, as they can elevate pressure of already pressurized gases, facilitating their transportation. Once delivered for processing, refineries rely on various pumps for different tasks. High-pressure, high-flow petrochemical pumps handle treatment and refinement, while diaphragm pumps pull oil into refinery chambers. Finally, metering pumps ensure consistent and accurate flow rates by delivering precise amounts of liquids within a specific timeframe. Their reliability and precision are vital for successful processing.
Unleashing Dominance, the Pressing Demand for Single-Stage Industrial Pumps Contribute Over 56.9% Revenue
The demand for single-stage industrial pumps is experiencing significant growth, driven by several key factors. The global centrifugal industrial pumps market, which includes single-stage pumps, is projected to reach a valuation of USD $75.16 billion by 2032, growing at CAGR of 7.9% from 2024 to 2032. This growth signifies the increasing demand for these pumps across various industries.
Different regions contribute to the demand for single-stage centrifugal pumps. The Asia Pacific region is expected to be the largest and fastest-growing market, with countries like India and China showing CAGRs of over 9% and 8.2%, respectively. The industrial sector, including the oil and gas industry, plays a crucial role in driving the demand for single-stage centrifugal pumps. The oil and gas segment holds a significant market share, with the industrial sector accounting for nearly 60% of centrifugal pump sales in 2023. The demand in the oil and gas industry is set to grow, particularly in economies such as China, the U.S., the Middle East, and Africa.
The agricultural sector is another major contributor to the demand for single-stage industrial centrifugal pumps market. It held the largest revenue share of 26.3% in the radial flow pump market in 2023. The growth in the agricultural sector, especially in populous regions like Asia Pacific, propels the demand for these pumps. Water and wastewater applications are also driving the demand for single-stage centrifugal pumps. They are projected to hold over a third of the overall market share by 2032-end.
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Asia Pacific Controls 50% Market Share Fueled by Booming Construction and Oil & Gas Industries
The Asia Pacific region is a burgeoning industrial pumps market, buoyed by rapid growth across several key industries. The construction industry in the region is experiencing a significant boom, with China and India at the forefront. The regional construction market is projected to expand at a CAGR of 4.2% from 2024 to 2032, driven by escalating urbanization that is expected to result in the construction of 5 billion square meters of floor space annually by 2030. Infrastructure projects like China's Belt and Road Initiative further amplify the demand for construction materials and equipment, including industrial pumps.
In the oil & gas sector for industrial pumps, China is set to dominate the landscape of upcoming projects in the Asia-Pacific, with a 33% share of the total projects expected to commence by 2027. Approximately 2,040 oil and gas projects are slated to begin operations in the period from 2023 to 2027, with petrochemical projects leading the count. The trunk/transmission pipelines sector represents 37% of all projects, while LNG and oil storage make up 30% and 24% of the midstream project segment, respectively. Notably, China is forecasted to lead midstream projects, with around 89 projects accounting for 22% of the total anticipated to start operation in the region between 2023 and 2027. LNG regasification projects are particularly prominent, comprising 46% of the total midstream projects, as China increases natural gas imports to reduce carbon emissions.
Top 6 Players Controls More than 65% Market Share of Industrial Pumps Market
The global industrial pumps market is dominated by six key players: Grundfos Pumps Corporation, Xylem, EBARA Corporation, Sulzer, ITT Inc., and Flowserve Corporation. Grundfos Pumps Corporation leads the market with over 18% market share, followed closely by Xylem. These companies have established strong global presences and are focusing on partnerships, agreements, and acquisitions to further increase their market shares and expand their geographic reach.
Grundfos stands as a prominent manufacturer and supplier of advanced pumps, offering a wide range of products including circulator pumps, centrifugal pumps, submersible motors, and intelligent pump solutions. The company has a strong commitment to sustainable development and provides energy-efficient solutions that reduce water consumption and greenhouse gas emissions. Grundfos has made strategic acquisitions, such as Alldos (a German dosing pump manufacturer) in 2005, Peerless Pump Company (a US pump manufacturer) in 2007, EUROWATER (known as SILHORKO in Denmark) in 2020, and MECO in 2021, to strengthen its market position.
Xylem is another leading player in the global industrial pumps market, operating in more than 150 countries. Xylem's product portfolio includes pumps for water and wastewater applications, as well as HVAC, industrial, and other commercial uses. The company was spun off from ITT and is listed on the New York Stock Exchange.
- Opportunities for Market Players
The increasing installation of water recycling and water & wastewater treatment systems, especially in China and India, for desalination and cleaning wastewater generated by municipalities and other industries, is projected to boost demand for water pumps. Oil & gas, chemicals, food & beverage, and pharmaceuticals are the other major demand generators for water pumps across the globe.
The increase in new infrastructure in developing countries such as India and China is leading to the growth of the construction industry in APAC industrial pumps market. Governments in various developing countries, such as India, are investing heavily in the development of irrigational facilities and roadways, presenting significant opportunities for industrial pump manufacturers.
Global Industrial Pumps Market Key Players
- EBARA Corporation
- All Pumps Sales & Service
- Flowserve Corporation
- Gainesville Industrial Electric Co.
- Gemmecotti Srl
- Grundfos Pumps Corporation
- Inoxmim
- ITT Inc
- Koshin Ltd.
- Premier Fluid Systems Inc.
- Pump Engineering Company
- Sulzer
- The Weir Group plc
- Torishiima Pump Mfg. Co., Ltd
- Xylem
- Other Prominent players
Market Segmentation:
By Type
- Dynamic Pump
- Centrifugal pump
- Vertical Centrifugal Pump
- Horizontal Centrifugal Pump
- Submersible Pump
- Fire Hydrant Pump
- Positive Displacement Pump
- Diaphragm Pump
- Gear pump
- Piston Pump
- Lobe Pump
By Stage Type
- Single Stage Pump
- Two-Stage Pump
- Multi-Stage Pump
By Propulsion
- Engine- Driven
- Electric Driven Type
By Position
- Diving Type
- Non-Submersible Type
By Application
- General Fluid Movement
- Special Fluid Movement
By Industry
- Agriculture
- Construction
- Municipal
- Chemical & Materials
- Basic
- Advanced Chemicals
- Materials
- Oil and Gas
- Upstream
- Downstream (Refineries and Pipeline)
- Power Generation
- Metal & Mining
- Manufacturing
- Pharmaceutical
- Food and Beverage Processing
- Automotive
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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