Pumps Market Share 2020 Emerging Technologies, Growth, Trends by Forecast 2023
Pumps Market Overview:
Pump refers to a mechanical device which moves liquids or compressed gases through suction or pressure. They are extensively used across diverse industry verticals for a myriad of applications. Market Research Future (MRFR's) recent report on the global Pumps Market consists of meaningful insights which are derived through a thorough analysis of pertinent factors impacting the market. MRFR's analysis projects a CAGR of 4.70% in the pumps market over the forecast period of 2018-2023.
The demand for pumps is likely to increase on a global scale in developed nations, a favorable environment for fixed investment spending is prompting manufacturers to invest in up gradation of capabilities. In the developing countries, the pumps market is growing due to heightened investment in water infrastructure to facilitate access to drinking water and sanitation. Moreover, in the developed countries, aging water infrastructure provides modest growth opportunities for the pumps market.
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Accelerated oil production has also provided favorable opportunities for the growth of the market. Mining industry too generates a considerable amount of the demand for pumps. Moreover, with the rise in disposable income in emerging economies, the global pumps market is likely to benefit from increased spending on goods such as fuel, chemicals, and food & beverage. Positive displacement pumps have witnessed high demand in recent years due to the expansion of process manufacturing activities. Other factors substantiating the market growth include demand for pumps from the aftermarket segment. Rising manufacturing activity in harsh environments such as those in the chemical industry can also be credited for the growth of the pumps market. Other substantiating the growth of the market includes growing urbanization in emerging economies, infrastructure developments across the globe, and rising demand from the construction industry. The governments in multiple countries have enacted regulations for sustainable water systems which induce demand for pumps.
Segmentation
The global Pumps market has been segmented on the basis of type and end-user.
By type, the pumps market has been segmented into positive displacement and dynamic pumps. The dynamic pump segment is leading the market on account of its widespread application in water and wastewater treatment plants.
By end-user, the pumps market has been segmented into oil & gas, water & wastewater, power generation, chemicals, pharmaceutical, food beverage, and others. The water & wastewater segment is anticipated to capture the highest CAGR over the forecast period. Growing awareness regarding the reuse of water across the globe. Moreover, the industrial sector consumes massive volumes of water due to which waste water treatment becomes necessary.
Regional Analysis
Region-wise, the pumps market has been segmented into North America, South America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
In 2017, the largest share of the market was held by APAC. The pumps market is flourishing in the region due to rapid infrastructural activities in the region, which generates high demand for pumps. Additionally, rising urbanization in the region has raised the demand for useable water, which has consequently driven the waste water treatment industry, a primary end user of the pumps market. Moreover, growing scarcity of water has increased the level of awareness regarding sustainable water systems. Moreover, supportive government plans and growing demand from the construction industry is substantiating the growth of the market in the region. The APAC market is anticipated to be the fastest-growing market for pumps.
Competitive Landscape
Ingersoll-Rand (Ireland), ITT Corporation (US), The Weir Group (UK), Danfoss (Denmark), Wilo AG (Germany), Grundfos (Denmark), KSB (Germany), Sulzer (Switzerland), Flowserve (US), Nikkiso Co Ltd (Japan), Ebara Corp (Japan), Roper Industries (US), and Schlumberger (US) are the key players in the pumps market.
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