Pump Market: Global Industry Size, Analysis, Trends and Growth Opportunities, 2025

The global pump market size is projected to reach USD 132.7 billion by 2025, accelerating at a CAGR of 5.5%

As per the report by Grand View Research, Inc., the global Pump Market is poised to rise to a valuation of USD 132.7 billion by 2025 at a CAGR of 5.5 %. Increasing expenditure by the governments of numerous economies for the growth of water and wastewater infrastructure is expected to propel the market growth in the forecast period. Rising worldwide demand for crude oil to simplify manufacturing centers, domestic transport, and overseas logistics is anticipated to contribute to the onshore and offshore examination thereby propelling the demand for pumps over the forthcoming period.

Rising industrial activities in developing countries is the foremost factor propelling the growth of the market across the globe. Pumps usage in oil and gas, building and construction, municipal, industrial, and other domestic activities will propel the market growth over the coming years. Advancing technologies in oil and gas exploration on account of their increasing demand in numerous end-use sectors will positively impact the product demand. On the other hand, high operation, maintenance, and manufacturing costs linked with the product are anticipated to hinder the market growth in the coming years.

Press Release: Pump Market Size Worth $132.7 Billion By 2025

The U.S. Department of Energy (DOE) released energy conservation standards for pumps in 2016. It declared that the new standards, which are economically justified and technologically practicable, would lead to significant conservation of energy. Pump manufacturers are required to comply and adhere to these new standards by 2020. Given the above-mentioned standards, extremely effective pumps are anticipated to be accessible in the forecast period, which will be a key driving factor for the development of the market.

Asia Pacific is anticipated to emerge as a substantial market for pumps owing to the massive development in the end-use industry comprising water and wastewater treatment and oil and gas industry. In addition, increasing need for reusable water is a significant factor in developing countries such as India and China, which is anticipated to have an optimistic impact on the market over the years to come.

North America held a substantial share of the market in 2018 and is expected to grow at a stable rate over the years to come. It is driven by major application segments comprising water and wastewater treatment, oil and gas, and chemicals.

The global pump market is extremely fragmented with the occurrence of a huge number of contributors across the value chain while the key market share is cooperatively held by giants. Companies resort to the strategy of mergers and acquisition in order to gain a competitive edge in the market. Some of the key manufacturers in the pump market are Flowserve Corporation, Xylem Inc; EBARA CORPORATION, ITT INC.; Grundfos Holding A/S, Pentair plc; Sulzer Ltd, and KSB SE & Co. KGaA.