Industrial Pumps Market Growth, Opportunities and Forecast To 2028

The global industrial pumps market size was valued at USD 60.21 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 3.9% from 2021 to 2028

The global Industrial Pumps Market size is expected to reach USD 81.87 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 3.9% from 2021 to 2028. Rising product demand from the water and wastewater, oil and gas, and chemical industries on account of the rapid population growth and industrialization across the globe is anticipated to drive the market.

Rapid technological advancements have resulted in augmenting the reliability of the pumps, enhancing basic process tasks, and providing a long-term reduction in everyday operating processes. These rising advancements have also resulted in the reduced energy consumption, enhanced pump performance, and reliability, thereby augmenting the product penetration.

Rising investments by the key pump manufacturers to develop low-cost manufacturing processes and advanced technology that focuses on higher productivity are anticipated to boost market growth over the forecast period. Furthermore, increasing expenditure on the development of infrastructure in various countries is expected to have a positive impact on market growth.

The investments in the chemical industry slowed down in 2020 on account of the containment measures implemented by various governments to limit the spread of COVID-19, coupled with the declining crude oil prices. In addition, the delay in the construction of approved chemical projects caused due to the intensifying COVID-19 situation globally is likely to hamper the market growth.

Related Press Release @ Industrial Pumps Market Report

Industrial Pumps Market Report Highlights

• The centrifugal pump product segment held the largest revenue share in 2020 owing to its characteristics, including high flow rate deliverability, the capability of raising pressure inside pump casing, and high transmission velocity
• The water and wastewater application segment accounted for the largest share of 24.7% in 2020 owing to the rising demand for lift and sewage pumps attributed to the expanding industrial platforms and accumulation of wastewater in large volumes
• Asia Pacific accounted for the largest share of 44.9% in 2020 on account of the increasing investments in manufacturing projects, coupled with the expanding chemical and power generation industry in the region
• The market in India is expected to expand at a CAGR of 5.1% from 2021 to 2028 owing to the presence of a robust chemical industry, coupled with the rapid growth of the manufacturing sector