Pump Market

Pump Market Outlook (2024 to 2034)

The global pump market is estimated at US$ 60.12 billion in 2024 and is projected to reach a size of US$ 91.77 billion by 2034-end, advancing at a CAGR of 4.3% between 2024 and 2034. Pumps serve dual functions, raising fluid pressure and/or accelerating fluid discharge, which is why they are widely used in several industries for various purposes.

Escalating global infrastructure projects and exploration of fresh water sources, driven by urbanization, have led to a swift acceptance of pumps. Moreover, a shift toward prioritizing the longevity of contemporary pumps over investing in new product research has impacted the sales of pumps and their parts.

Manufacturers continue to prioritize the production of centrifugal pumps for water and wastewater treatment, given the category's substantial recent sales growth. These pumps offer exceptionally high flow rates and cater to a broad spectrum of liquid pumping needs compared to positive displacement pumps. Additionally, centrifugal pumps are witnessing continuous innovation and increased investment.

With various entities emphasizing the threat of water scarcity, wastewater treatment has become a crucial aspect of sustainable development goals. Recognizing the escalating significance of water and wastewater treatment globally, pump market participants are channeling their efforts toward exploring the potential of their products in these critical applications. Moreover, heightened governmental investments in water and wastewater treatment activities are poised to benefit pump manufacturers significantly.

Key Market Growth Drivers

• The surging oil and gas sector has prompted the planning of several offshore deepwater projects globally, which is predicted to drive global pump market growth over the coming years.

• Emergence of technological advancements offering alternative options like solar pumps is projected to impede market growth during this period.

• Pump manufacturing has witnessed a fusion of 3D printing technology and computer modeling, leading to revolutionary progress in the design, repair, and replacement of pumps. Consequently, this has stimulated the market share of pumps.

Report Attributes	Details
Pump Market Size (2024E)	US$ 60.12 Billion
Forecasted Market Value (2034F)	US$ 91.77 Billion
Global Market Growth Rate (2024 to 2034)	4.3% CAGR
North America Market Share (2034F)	31.5%
East Asia Market Growth Rate (2024 to 2034)	2.5% CAGR
Market Share of Centrifugal Pumps (2024E)	58.1%
Agriculture & Irrigation Segment Market Share (2024E)	20.2%
Key Companies Profiled	Ingersoll Rand The Weir Group PLC Motion & Control Enterprises Vaughan Company KSB SE & Co. KGaA Pentair Grundfos Holding A/S

Why are Sales of Pumps Constantly Increasing across the World?

"Expansive Applications of Industrial Pumps and Regulatory Impact on Wastewater Treatment"

Pumps find extensive applications across multiple sectors like oil and gas, agriculture, metal & mining, water and wastewater treatment, textiles, chemicals, construction, and manufacturing. Within the oil & gas sector, industrial pumps play an essential role in every phase of oil & gas production, facilitating the movement of process fluids from one point to another.

Increasingly stringent regulations surrounding wastewater treatment are driving the need for industrial pumps. Governments worldwide are introducing new laws and directives concerning wastewater discharge. Effluent guidelines, governing the standards for wastewater released into surface waters and municipal sewage treatment plants, characterize these regulatory measures.

“Availability of Pumps of Varying Scales in Household and Industrial Settings”

Pumps utilize mechanical force to move fluids and liquids. They are classified based on their mechanisms, yet they all work by using energy to transfer fluids via mechanical action. These devices can operate manually or with external energy sources like engines, electric motors, or wind power.

Available in a diverse range of sizes, pumps span from small residential units to large-scale industrial versions. The predominant presence of centrifugal pumps within commercially available pumps serves as the primary classification factor.

Pumps facilitate fluid transfer. They vary in functioning mechanisms while sharing the fundamental principle of utilizing energy for fluid movement. They operate through manual force or external energy sources like engines, electric motors, or wind power. Available in a spectrum of sizes, from household to industrial scales, pumps are primarily classified by the prevalence of centrifugal pumps within them.

What Challenges are Manufacturers of Pumps Facing?

“Cost Implications and Environmental Concerns Creating Financial Burden for Manufacturers”

High initial costs associated with advanced, energy-efficient pumps can act as a barrier to adoption for some industries or regions. The investment required to upgrade existing systems might hinder widespread implementation.

As sustainability becomes a priority, pumps that are not energy-efficient or have a higher environmental impact might face challenges in market acceptance due to an increased focus on green technologies.

“Market Fragmentation Creating Confusion Besides Regulatory Compliance”

The pump market is fragmented with various manufacturers offering diverse products. This sometimes creates confusion among consumers regarding the best choice, slowing down decision-making processes.

Stringent regulations or compliance standards within certain industries can pose challenges for pump manufacturers to ensure their products meet these requirements, leading to additional costs or development time.

Country-wise Insights

The global market was predominantly led by North America, with Canada and the United States accounting for the majority of the demand. Following closely is the Asia Pacific region, which is emerging as a rapidly growing market.

Why are Pump Suppliers Enjoying High Returns in the United States?

“Extensive Application of Pumps in Oil & Gas Extraction”

Attribute	United States
Market Value (2024E)	US$ 12 Billion
Growth Rate (2024 to 2034)	4.6% CAGR
Projected Value (2034F)	US$ 18.7 Billion

North America is poised to maintain its dominance in the global pump market through 2034. The oil and gas sector is one of the major consumers of pumps across the region, as they are extensively used in the production and extraction of oil and gas. The country’s oil and gas industry heavily relies on pumps for extraction, transportation, and refining processes.

Fluctuations in global oil prices, environmental regulations, and technological advancements greatly impact the demand for pumps in this sector. This sector demands pumps for various applications such as dewatering, slurry handling, and material transfer. The growing number of infrastructure and mining projects boosts demand for pumps.

What is Driving Pump Sales in China?

“Rapid Development of Energy Generation Infrastructure”

Attribute	China
Market Value (2024E)	US$ 13.4 Billion
Growth Rate (2024 to 2034)	2.8% CAGR
Projected Value (2034F)	US$ 17.7 Billion

Asia Pacific stands as a significant contributor to global agricultural output as a primary agricultural hub driving regional GDP growth. Given the extensive use of industrial pumps across various agricultural applications, from irrigation to fluid transfer, the pump market is poised for growth in this region throughout the forecast period.

China's ongoing infrastructure projects, including construction, water supply systems, and wastewater treatment plants, create significant demand for pumps. The need for efficient water management and flood control systems further drives the pump market.

Pumps are critical in China's energy industry, particularly in power generation, oil and gas extraction, and refining. Demand for pumps in these sectors fluctuates with energy consumption trends, government policies, and global energy prices.

Category-wise Insights

Which Product Type is Forecasted to Gain a Prominent Market Share?

“Centrifugal Pumps Generating Significant Revenue Due to Widespread Use in Wastewater Treatment”

Attribute	Centrifugal Pumps
Segment Value (2024E)	US$ 35 Billion
Growth Rate (2024 to 2034)	4.3% CAGR
Projected Value (2034F)	US$ 52.3 Billion

Centrifugal pumps find extensive use in sectors like wastewater treatment and chemicals. Within wastewater treatment, they play a pivotal role in sewage transfer, sludge handling, and effluent treatment. With a growing emphasis on environmental preservation and stricter regulations governing wastewater management, the demand for centrifugal pumps in this field is projected to surge.

• The Bank of America's 2020 report highlighted India's ambitious water infrastructure program, the Jal Jeevan Mission, aiming to invest US$ 270 billion over the next 15 years.

High-discharge power generation pumps are integral in plants, ensuring water flow for steam generation and cooling towers. As capital investments in these industries rise, the forecast suggests an increased demand for centrifugal pumps.

Which Application is a Key Market Growth Contributor?

“Pumps Most Widely Used for Agriculture & Irrigation Purposes”

Attribute	Agriculture & Irrigation
Segment Value (2024E)	US$ 12 Billion
Growth Rate (2024 to 2034)	4.4% CAGR
Projected Value (2034F)	US$ 18.5 Billion

Agricultural prosperity centers on efficient water distribution. Pumps play a pivotal role by providing the necessary pressure to transport water from sources like wells, rivers, or reservoirs to fields for irrigation. Pump market trends are primarily propelled by pumps' ability to ensure a consistent and ample water supply. Additionally, these pumps, engineered for high discharge rates, are crucial in sustaining water distribution in arid regions.

To modernize agriculture, significant investments from the Chinese and Indian governments are directed towards establishing robust irrigation systems. With a heightened emphasis on agricultural development, demand for pumps in this sector is poised to exhibit significant growth in the coming years.

Competitive Landscape

The market for pump products and services is highly competitive, with a focus on serving the large installed base of pumps. These products, due to their operating conditions, require regular maintenance, repairs, and the need for replacement parts. When choosing a supplier, customers place importance on factors such as timely distribution, reliability, and the availability of service centers.

• In February 2023, Motion & Control Enterprises completed the acquisition of Precision Pump & Valve, a distributor specializing in safety relief and control valves, pumps, and associated equipment. The company delivers tailored solutions catering to the oil and gas, petrochemical, and chemical processing industries.

Segmentation of Pump Market Research

• By Type :

  • Centrifugal
  • Positive Displacement

• By Application :

  • Agriculture & Irrigation
  • Water & Wastewater
  • Building & Construction
  • Oil & Gas
  • Mining
  • Power Generation
  • Chemicals

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa