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Market Overview:
The Pumps Market size is estimated to reach $143.6 billion by 2030, growing at a CAGR of 5% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Pumps Market – By Type (Centrifugal Pumps, Positive Displacement Pumps), By Classification (Axial Flow Pump, Semi Axial Flow Pump, Double Suction Volute Pump, Single Suction Volute Pump, Multi Stage Turbine Pump), By Pump Type (Residential Pumps, Agricultural Pumps, Special Purpose Pumps, Solar Pumps), By Application (Water Supply, Agriculture, Sewer System, Drainage, Power Station, Oil and Gas), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”
Rising agricultural demand and rapid industrialization are fueling the growth of the Pumps industry during the forecast period.
Asia Pacific Dominated the Market in 2023:
Asia-Pacific (APAC) held the largest Pumps market share in 2023, accounting for 44%, fueled by industrialization, urbanization, and growing water demand. China and India lead the region, supported by rapid economic development and infrastructure expansion. For instance, according to the Trade Economics, India’s industrial output surged 11.7% YoY in October 2023, reflecting increased fluid-handling needs. Similarly, according to the China State Council Information, China’s infrastructure investment grew, with road and waterway projects reaching 512 billion yuan ($76 billion) in 2022. Rising demand for municipal water treatment and industrial applications strengthens regional growth. With intensifying environmental concerns and infrastructure projects, APAC is poised to remain a key driver of global pump demand.
Pumps Market: Key Takeaways
Expanding Agricultural Applications:
The United Nations Sustainable Development Goals (SDGs) emphasize sustainable agriculture for global food security, amplifying the demand for agricultural pumps. Growing farmland and cultivation require diverse pumping solutions, benefiting market vendors. The Food and Agriculture Organization’s Future of Food and Agriculture Report highlights sustainability as a key agricultural focus, reinforcing pump adoption. Additionally, irrigation systems, livestock water supply, and aquaculture expansion further propel market growth. Government initiatives offering subsidies for efficient irrigation solutions stimulate demand in developing regions. With water conservation gaining importance, advanced pump technologies are crucial in meeting agricultural sector needs, ensuring sustained market expansion.
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Surging Real Estate Developments:
Global population growth is fueling real estate expansion, significantly impacting the Pumps market. Ongoing residential, commercial, and industrial construction projects require water distribution, sanitation, and fire protection systems, driving pump adoption. Commercial infrastructures, including malls and corporate buildings, incorporate water circulation and HVAC systems reliant on pumps. Moreover, smart buildings and green construction trends emphasize efficient water management, boosting demand for energy-efficient pump solutions. Governments and private entities are investing in large-scale urban infrastructure projects, further strengthening market growth. As real estate developments intensify, demand for advanced pumping solutions will continue rising, reinforcing the industry’s expansion trajectory.
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Recent Developments:
• In June 2023, Xylem unveiled its latest innovation, the Godwin high-pressure dewatering pump, tailored to improve efficiency and lower operational costs in construction and mining sectors. Focused on reducing downtime, this pump is designed to boost productivity and reliability, meeting the high demands of these industries.
• In September 2022, Sulzer introduced five innovative dewatering pump models designed for drainage and sludge management in mining and civil engineering projects. These new pumps enhance water removal efficiency, which is crucial for maintaining project flow, highlighting Sulzer's ongoing commitment to technological advancement and industry support.
• In March 2022, Alfa Laval launched the AC65 brazed plate heat exchanger, specifically designed for residential heat pump applications. Debuting at their first online net-zero event, this product represents a significant step forward in energy efficiency and circular economy solutions. Manufactured in Italy, the AC65 addresses the growing need for advanced heat exchangers in the expanding heat pump market.
Pumps Market: Competitive Landscape
Key companies profiled in the Pumps Market are Flowserve Corporation, Alfa Laval, Grundfos, Xylem, Crane Pumps & Systems, General Electric Company, Ingersoll Rand, Weir Group, Sulzer, SPX Flow, Inc. and others.
About IndustryARC™:
IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.
IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.
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Mr. Venkat Reddy
IndustryARC
Email: [email protected]
USA: (+1) 518-282-4727
Web: https://www.industryarc.com
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