Categories: Market Research

Industrial Pumps Market 2024 – Trend Analysis, Industry Growth, Key Players, Growth Opportunities And Outlook By 2033

The Industrial Pumps Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Industrial Pumps Global Market Report 2024, The industrial pumps market size has grown strongly in recent years. It will grow from $64.82 billion in 2023 to $68.81 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to emergence of hygiene and food safety standards, expansion of agriculture and irrigation, urbanization and construction boom, chemical and petrochemical sector growth.

The industrial pumps market size is expected to see strong growth in the next few years. It will grow to $87.15 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to adoption of IoT for pump performance optimization, market expansion in developing regions, expansion of pump applications in oil and gas, growing role of pumps in renewable energy, rise in demand for industrial processing pumps. Major trends in the forecast period include industry 4.0 integration, energy efficiency initiatives, strategic partnership, smart pump technologies, customization and modular designs.

An increase in construction activities is expected to propel the industrial pumps market growth going forward. Construction activities refer to the installation and assembling activities associated with land-disturbing activities to develop infrastructure and structures. Industrial pumps are used in construction to remove the excess water on the site accumulated due to high water tables or heavy rain, so an increase in construction activities will propel the market. For instance, according to Marsh, a US-based professional services firm, the residential construction activity was the fastest growing sector globally at 7.1% in 2021, and further construction of infrastructure grew at a rate of 6.8% in 2021. Therefore, an increase in construction activities is driving the growth of the industrial pumps market.

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The industrial pumps market covered in this report is segmented –

1) By Product: Centrifugal Pump, Positive Displacement Pump, Other Products

2) By Position: Submersible, Non-Submersible

3) By Driving Force: Engine Driven, Electrical Driven

4) By Application: Oil And Gas, Chemicals, Construction, Power Generation, Water And Wastewater, Other Applications

Major companies operating in the industrial pumps market are developing innovative products with advanced technologies such as submersible recirculation, to provider reliable services to customers. A submersible recirculation pump is a specific type of pump designed to operate completely submerged in a liquid and continuously move it within a closed loop or system. For instance, in January 2023, Sulzer, Switzerland- based industrial engineering and manufacturing firm launched an updated submersible recirculation pump with improved efficiency and performance, called the XRCP recirculation pump. The recently released line of XRCP recirculation pumps features design enhancements that resulted in a 20% boost in hydraulic efficiency. Design improvements that have increased motor efficiency, dependability, and optional condition monitoring capabilities are included in the XRCP pump line. The recirculation of activated sludge in denitrification processes is one of the many uses for this pump.

The industrial pumps market report table of contents includes: