Pumps Market Players: Schlumberger Ltd., Ingersoll Rand, Weir Group Plc, And Vaughan Company, Inc.
Pumps Industry Overview
The global pumps market size is expected to reach USD 119.39 billion by 2028, registering a CAGR of 3.2% over the forecast period, according to a new report by Grand View Research, Inc. Increasing investments in the exploration and production activities by the oil & gas companies across the globe are anticipated to have a positive impact on the market growth.
Technological advancements in pump manufacturing along with new product launches focused on enhanced performance, reliability, and reduced energy consumption are expected to boost market growth. Furthermore, the rising adoption of the Industrial Internet of Things (IIoT) is poised to transform the manufacturing environment by developing a digitally connected ecosystem.
The lack of access to water for drinking and sanitation, especially in the Asia Pacific region, is projected to augment the usage of recycled water for direct delivery to end consumers. This, in turn, is anticipated to augment the demand for wastewater treatment systems, thereby creating upswings for pumps used in water and wastewater treatment plants.
As the market is witnessing steady growth globally, players are setting up their manufacturing and distribution units across the world. The market is characterized by significant competition with multiple new players entering the market, along with the continuous exploration of new opportunities by the existing players to develop improved and innovative equipment.
Pumps Market Segmentation
Grand View Research has segmented the global pumps market on the basis of product type, application, and region:
Based on the Product Type Insights, the market is segmented into Centrifugal, and Positive Displacement.
- Centrifugal pump is further segmented into axial flow, radial flow, and mixed flow pumps. The market of axial flow pumpsis expected to show significant growth over the forecast period owing to the increasing demand for high-power pumps in flood dewatering and water & wastewater treatment applications. Axial and radial flow pumps provide superior efficiencies and have low pulsation due to which these pumps are used for a higher delivery head at a low or medium flow rate.
- The demand for positive displacement pumpsis estimated to witness growth at the fastest CAGR of 3.4%, in terms of revenue, from 2020 to 2028 owing to their efficient working at lower speed and consistent flow rates. Moreover, the preference for positive displacement pumps in the oil & gas industry is likely to complement segment growth.
Based on the Application Insights, the market is segmented into Agriculture, Construction & Building Services, Water & Wastewater, Power Generation, Oil & Gas, Chemical, and Others.
- The construction segment is also estimated to witness significant growth from 2020 to 2028. The rapid development of housing complexes and commercial buildings in prime cities would require proper systems for water availability, disposal of sewage, and treatment of wastewater. Moreover, heavy investments in public infrastructures, such as offices, hospitals, and housing societies, are expected to boost the demand for pumps in the construction industry.
- The demand for pumps in water & wastewater applications is expected to grow at a CAGR of 3.6% from 2020 to 2028. The increasing requirement of pump stations in wastewater treatment plants, where gravity flow is not feasible, coupled with high flow rate deliverability and high transmission velocity is likely to augment the market growth.
Pumps Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Manufacturers in the market are focusing on launching new, innovative products for various applications using advanced technology. For instance, in February 2020, Weir Mineral launched three Lewis pumps namely, Horizontal Process Pump, Axial Pump, and Vertical High-Pressure Molten Salt Pump. Several manufacturers had to suffer losses due to the pandemic owing to the volatility of raw material prices, supply chain disruptions, and poor cash flows. This accelerated the number of acquisitions and mergers in the industry with players, such as Ingersoll Rand and Grundfos, being the leaders. Some prominent players in the global pumps market include:
- Schlumberger Ltd.
- Ingersoll Rand
- Weir Group PLC
- Vaughan Company, Inc.
- KSB SE & Co. KGaA
- Pentair
- Grundfos Holding A/S
- Xylem
- Flowserve Corp.
- ITT Inc.
- EBARA International Corp.
- IWAKI Co., Ltd.
- Sulzer Ltd.
- SPX Flow
Order a free sample PDF of the Pumps Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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