Pumps Market size to surpass $84.2 Bn by 2027
Pumps Market size is slated to exceed USD 84.2 billion by 2027; according to a new research report by Global Market Insights Inc.
Global Market Insights Inc. has recently added a new report on the pumps market which estimates the market valuation for pumps market will cross US $84.2 billion by 2027. The product demand will grow at a significant rate due to the rising activities of water & wastewater treatment, oil & gas exploration and production, and general industries in developing nations.
The global pumps market will account for moderate growth from 2021-2027. Pumps are useful to transport fluids or slurries over a wide range of pressures and temperatures. The rising need for vast end-user industries, such as wastewater treatment, mining, and building & construction, will augment product demand. The rapidly growing population and industries in developing regions, such as Asia and Africa, have created a thriving market environment.
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Many industries heavily require water resources to process their products and are largely dependent on water & wastewater treatment facilities. Capacity expansion will further foster the product demand in the upcoming years. Market players are experiencing challenges such as high maintenance and operational costs of the product. Furthermore, the ongoing COVID-19 pandemic has severely hampered the market growth, incurring loss of revenue.
The portable pumps demand will grow at a CAGR of 2.9% in terms of volume through 2027. Portable pumps are also offering self-priming that increase applications. The demand for technologically advanced and efficient lightweight pumps from mining and oil & gas industries will augment portable pump demand.
The submersible pumps market is set to register more than USD 30.7 billion by 2027. Submersible pumps hold a decent share in the overall pump market owing to the significant usage of single stage pumps for sewage pumping, drainage, and general industrial pumping systems. Multistage submersible pumps are specifically placed down to the borehole and most typically applied for residential, commercial, and industrial water extraction, water, and oil wells. These are widely used for seawater handling, water well and deep well drilling, firefighting, offshore drilling rigs, desalination of sea water, and irrigation systems.
Electric-driven pumps can easily be applied for automatic operation over a predetermined pressure. For instance, self-priming electric-driven pumps can allow pumping of abrasive and corrosive chemicals over a period of time through easy maintenance and inspection process. Among technologies, the centrifugal pumps segment dominates the market share owing to the capacity of handling high flows and demand will grow at a decent CAGR of 2.8% by 2027.
The booming energy demand will drive the oil & gas industry, which is expected to drive the growth of the pumps market by 2027. Technological development allows oil & gas industries to operate unexplored areas through deep-water drilling in North America and Europe, which will propel the product demand. Oil & gas segment's market revenue will cross USD 11.7 billion by 2027.
Europe's pumps market is developed with strong presence of global end-user industries. Emerging oil & gas exploration activities in the North Sea will drive product demand. Europe accounted around a 15% revenue share in 2020.
The numerous players participating in the global pumps market include Grundfos, Ebara Corp., Sulzer Ltd., Xylem Inc., Flowserve Corporation, Gorman-Rupp Company, Schlumberger, Roper Pump Company, Atlas Copco, Multiquip, Magnum Pumps, Generac, Wacker Neuson, Kirloskar Brother Limited, Hayes Pump, Inc., Yuken, etc.
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Some of the major findings in the pumps market report include:
- Need for energy-efficient pumps will create new market opportunities.
- Rising product demand from increasing power generation facilities will fuel the market growth.
- The submersible pumps segment is witnessing strong demand across the globe.
- Market leaders are continuously engaging themselves in several strategies including research & innovations, merger & acquisition, and capacity expansion.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Pumps market industry 3600 synopsis, 2016 - 2026
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Position trends
2.1.4 Driving force trends
2.1.5 Technology trends
2.1.6 Application trends
2.1.7 Regional trends
Chapter 3 Pumps Industry Insights
3.1 Industry segmentation
3.2 Industry size and forecast, 2016 - 2026
3.2.1 COVID-19 impact on industry landscape
3.3 Industry ecosystem analysis
3.3.1 Raw material analysis
3.3.1.1 COVID-19 impact on raw material supply
3.3.2 Manufacturing trends
3.3.3 Profit margin
3.3.4 Value addition
3.3.5 Distribution channel analysis
3.3.6 Value chain disruption analysis (COVID-19 impact)
3.3.7 Vendor matrix
3.3.7.1 List of key raw material suppliers
3.3.7.2 List of key manufacturers/distributors
3.3.7.3 List of key/potential customers
3.4 Innovation & sustainability
3.4.1 Patent analysis
3.4.2 Technology landscape
3.4.3 Production process
3.4.4 Comparison of manufacturing techniques
3.4.5 Future trends
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.1.1 Global drivers
3.5.1.1.1 Growth in global oil and gas industry
3.5.1.2 Regional drivers
3.5.1.2.1 Increasing oil and gas exploration activities in North America
3.5.1.2.2 Growth in oil & gas industry in Middle East
3.5.1.2.3 Rapid industrial growth in Asia Pacific
3.5.1.2.4 Pharmaceutical industry growth in North America and Europe
3.5.1.2.5 Growing mining activities in Asia pacific region
3.5.1.2.6 Emerging application of submersible pumps in wastewater treatment
3.5.2 Industry pitfalls & challenges
3.5.2.1 Maintenance and operational costs involved with pump application
3.5.2.2 Failure of submersible motor
3.6 Regulatory landscape
3.6.1 U.S.
3.6.2 Europe
3.6.3 China
3.7 Growth potential analysis
3.8 Regional price trends
3.8.1 Cost structure analysis
3.8.1.1 R&D cost
3.8.1.2 Manufacturing & equipment cost
3.8.1.3 Raw material cost
3.8.1.4 Distribution cost
3.8.1.5 Operating cost
3.8.1.6 Miscellaneous cost
3.8.2 Price by product
3.8.3 Price by application
3.8.4 COVID-19 impact on pricing
3.9 Competitive landscape, 2019
3.9.1 Global market share analysis, 2019
3.9.2 Brand analysis
3.9.3 Key stakeholders
3.9.4 Strategic dashboard
3.10 Porter's analysis
3.10.1 Supplier power
3.10.2 Buyer power
3.10.3 Threat of new entrants
3.10.4 Threat of substitutes
3.10.5 Industry rivalry
3.11 PESTEL analysis
3.12 COVID-19 impact on submersible pump by application
3.12.1 Mining
3.12.2 Agricultural
3.12.3 Building & Construction
3.12.4 Oil & Gas
3.12.5 Industrial
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Original Source: Pumps Market Revenue to Hit $84.2 Bn by 2027; Global Market Insights Inc.
