The industrial pump market was valued at $55,828 million in 2020. The global industrial pump market is forecast to grow at a compound annual growth rate of 4.1% during the forecast period from 2021-2027.
Industrial pumps are used to control, regulate, and direct gasses, liquids, vapors, and slurries in a process industry. A wide range of metals such as cast iron, stainless steel, carbon steel, and other high-performing alloys are used to produce them, including those used in water and wastewater treatment, oil & power, food & beverage, chemicals, and more.
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Industrial pumps are composed mainly of three main parts: the main body, the stem, and the seat, which are developed using various materials, such as polymers, rubber, metals, and many others, so that there is no liquid spillage. The main difference between pumps is their operating mechanisms.
Factors Affecting the Global Industrial Pump Market
The rise in the adoption of industrial pumps in petrochemicals, chemicals, medical, and pharmaceutical industries fuels the growth of the global industrial pumps market.
The rise in demand for food from developing nations, such as Brazil, India, and others, boosts the agriculture industry, which, in turn, fuels the growth of the food & beverages processing industry. It is further expected to drive the demand for industrial pumps, thereby fostering the growth of the industrial pumps industry.
Tariffs aim to increase revenue from imports and have negatively impacted global trade for industrial pumps. The industrial pumps market is anticipated to suffer from the tariff on steel, as steel is used heavily in manufacturing industrial pumps on a large scale.
The market for industrial pumps is expected to be restrained by fluctuations in raw material prices.
The global industrial pumps market is expected to benefit from technological innovations in industrial pumps.
Covid-19 Impact on the Global Industrial Pump Market
Covid-19 has halted the production and sales of various products in the industrial pumps industry, primarily because of the prolonged lockdown in major global countries, including the U.S., Italy, U.K., and others. Due to this, the industrial pumps market’s growth was significantly hindered in 2020.
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Regional Analysis of the Global Industrial Pump Market
The Asia-Pacific region is forecast to hold the largest share of the market over the study period and grow at the fastest rate.
The growing demand for industrial pumps in North America encourages the importation of industrial pumps from other countries, thus driving the growth of the industrial pumps market. Furthermore, the food and beverage processing industries in developed countries like the U.S., Germany, and France are largely saturated.
Key Players in the Global Industrial Pump Market
Various leading competitors in the global industrial pump market include:
Aim of the Report: The Global Industrial Pump Market
The global industrial pump market is segmented by Position, Driving Forces, Type, End-User, and Region.
Segmentation based on Driving Forces
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Middle East & Africa (MEA)
What are the key findings of the report?
This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
The report offers the current state of the market and future prospects for various geographical regions.
This report provides both qualitative and quantitative information about the competitive landscape of the market.
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