The global pump market is expected to grow at a CAGR of 4.15% from 2022 to 2028.

MARKET TRENDS & OPPORTUNITIES. Adoption of Electric Air-Source Heat Pumps. Electric air-source heat pumps are known for their energy efficiency and can be a cost-effective heating and cooling option for homes and buildings in moderate climates.

New York, Aug. 31, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pumps Market - Global Outlook & Forecast 2023-2028" - https://www.reportlinker.com/p06291074/?utm_source=GNW
They can also help reduce greenhouse gas emissions and are considered a more environmentally friendly alternative to traditional heating and cooling systems that rely on fossil fuels. Electric air-source heat pumps are highly efficient because they move heat rather than generate it. They extract heat from the outdoor air and transfer it indoors to provide warmth, and in the summer, they can reverse the process to provide cooling. Many governments worldwide offer incentives and rebates to encourage industries to adopt electric air-source heat pumps and simultaneously contribute to the global pump market growth. These incentives can include tax credits, grants, or low-interest loans, which can significantly reduce the upfront cost of installing a heat pump.

Strong Replacement Demand

The demand from the replacement sector increases the reach of aftermarket parts and services. The pump market in China and India contributes significantly to their GDPs. Replacing old pumps and pumping systems in agricultural applications is projected to fuel the sale of modern and efficient water pumps. Replacing diesel pumps with electric pumps is another significant aspect that will positively affect the global pump market. Regional vendors and distributors operating in the water pump aftermarket focus on capitalizing on this ongoing trend. Moreover, replacing current industrial water and sanitation systems will increase the pump demand.

*INDUSTRY RESTRAINTS*

Competitive & Fragmented Market Environment

The pump market is highly competitive owing to the presence of several large players. The industry faces competition from companies that sell groundwater and fuel pumping systems. End-user demand, industry consolidation, and new product capabilities of market competitors lead to a highly competitive industry environment. In addition, some industry competitors have substantially greater financial resources than others, enhancing industry competition. Key competitive factors in the global pump market include price, service, continued product innovation, timeliness of delivery, and consistency of product quality. Many manufacturers sell pumps through distributors and independent representatives and depend on building relations and partnering with solid channel networks in the global pump market.

*SEGMENTATION INSIGHTS

INSIGHTS BY PRODUCT*

The global pump market by product segment mainly includes centrifugal, reciprocating, and rotary pumps. Amongst these, the global pump market is dominated by the demand for centrifugal pumps compared to other pumps. Centrifugal pumps are the most widely used pumps, and they are the most sought-after equipment used for pumping water, thin liquids, and slurries in almost every industry. Positive displacement pumps also witness high demand in various applications where centrifugal pumps cannot be used efficiently. The pump market by product is further segmented into centrifugal (single-stage, multi-stage), reciprocating (piston and diaphragm), and rotary (gear, lobe, peristaltic, vane, others). Apart from centrifugal pumps, demand for reciprocating and rotary pumps is also expected to grow significantly between 2023 and 2028.

Segmentation by Product

• Centrifugal
• Reciprocating
• Rotary

*INSIGHT BY CENTRIFUGAL PUMP*

The global centrifugal pump market was dominated by single-stage pumps in 2022. Centrifugal pumps are the most used in electricity, manufacturing, petrochemical, fertilizer, pharmaceutical, water, mining, pulp and paper, and general industry applications. The single-stage pump is mainly used in low-to-moderate total dynamic heads (TDHs) pumping services. The concept of the single-stage pump is widely known and has proven extremely efficient. In many sectors, including agricultural, municipal (water and wastewater facilities), industrial, power generation facilities, petroleum, mining, chemical, pharmaceutical, and many others, these pumps are popular and commonly used to transport liquid from one place to another.

Segmentation by Centrifugal Pump

• Single-stage
• Multi-stage

*INSIGHT BY RECIPROCATING PUMPS*

Reciprocating piston pumps dominated the global pump market with a share of around 66% in 2022 and are expected to retain the dominance during the forecast period. Piston pumps are used to transfer liquids or compressed gases. Also, these pumps can operate over a large spectrum of pressures, and high-pressure activity is accomplished without a powerful influence on the flow rate. Raise pumps and force pumps are the two main types of piston pumps. Piston pumps are currently more automated and smarter with the advancement of technologies and enable complex and high-standard projects. Piston pumps are used in many sectors and are simple industrial devices. The adoption of process automation, substantial growth in the Middle East and Africa manufacturing sectors, increased demand for green energy, upgradation of existing machinery and equipment in factories, and technical upgrades in the construction of axial piston pumps and engines are the key factors that drive the demand for piston pumps globally.

Segmentation by Reciprocating Pump

• Piston
• Diaphragm

*INSIGHT BY ROTARY PUMPS*

The gear-type rotary pump dominated the global pump market during the forecast period. These are self-priming pumps that theoretically inject high-viscosity fluids. The rotary pump industry is driven by the increase in the need for energy systems across industries that are easy to operate and fuse with new technologies. Furthermore, the adoption of new technologies in agriculture to improve productivity will increase the demand for rotary pumps.

Segmentation by Rotary Pump

• Gear
• Lobe
• Peristaltic
• Vane
• Others

*INSIGHT BY END-USER*

The global pump market by end-users has been broadly classified into industrial, agricultural, commercial, and residential. There is demand for pumps from various end-user industries, such as oil, gas, water and wastewater, chemical, petrochemical, and mining industries. In 2022, the global pump market was dominated by industrial end users. Moreover, the recovery in oil prices and the high number of onshore and offshore fields, with development, evaluation, and construction activities, will lead to the expansion of the oil and gas sector. Strict government control and pollution reduction initiatives are expected to limit oil and gas demand and thus limit industry development throughout the forecast period. The oil and gas, chemical, mining, and other industries have a strong base in the Middle East.

Segmentation by End-user

• Industrial
• Agricultural
• Commercial
• Residential

*GEOGRAPHICAL ANALYSIS*
Increased infrastructure projects in developing economies and the rising number of modular construction projects drive the global pump market. Moreover, with the rising adoption of intelligent and smart pumps, the demand for advanced pumps and pump systems is expected to rise in various industries. The APAC pump market dominated the global industry during the forecast period. High capital spending and construction expenditure growth are prominent factors driving pump sales growth in APAC. Entry barriers for industry players are high in Europe due to competition based on the aggressive pricing of products. This, in turn, creates a challenge for players to maintain a good industry reputation. The European market offers many opportunities for pump exporters.

Segmentation by Geography

• APAC
o China
o Japan
o India
o Australia
o South Korea
o Indonesia
o Malaysia
o Others
• Europe
o Germany
o UK
o France
o Italy
o Spain
o Sweden
o Russia
o Netherlands
o Others
• North America
o US
o Canada
• Middle East & Africa
o Saudi Arabia
o Turkey
o UAE
o South Africa
o Others
• Latin America
o Brazil
o Mexico
o Argentina
o Others

*VENDOR LANDSCAPE*

The global pump market is highly competitive, with many public and private companies. Some of the key competitive factors include efficiency, product reliability and availability, service capabilities, price, and others. Concerning the industry, the major competitor for aftermarket services in the oil and gas and chemical industries tends to be the in-house capacities of consumers. Aftermarket competition for standardized products is aggressive in the nuclear power generation industry due to universal specifications for faster replacement or repair of the installed products.

Key Company Profiles

• Alfa Laval
• Baker Hughes
• CIRCOR
• DESMI
• Flowserve
• Franklin Electric
• Kirloskar Brothers
• KSB
• Nikkiso
• SPX FLOW
• Sulzer
• Torishima
• Weir
• WILO
• Xylem

Other Prominent Vendors

• Arian Pumps
• AR North America
• Bosch Rexroth
• CP Pumpen AG
• Dickow Pump Company
• Dover
• Ebara
• Global Pump
• Grundfos
• Haight Pumps
• HERMETIC-Pumpen
• IDEXCorp
• Iwaki America
• Jetox Motor Pumps
• Klaus Union
• Kracht
• Leitritz Group
• Masdaf
• Naniwa Pump
• Netzsch
• Norm Hydrophore Pump
• Pentair
• PUMPPORT
• Roper Pumps
• Roth Pump
• Ruhrpumpen
• Ryan Herco Flow Solutions
• Sahinler Submersible Pump
• Samsun Makina Sanayi
• Seepex
• Seko
• Sempa
• Sumak Pump
• Summit Pump
• Tark
• TEIKOKU ELECTRIC
• Vansan Water Technologies
• Vaughan
• Vestapump
• Zoeller

*KEY QUESTIONS ANSWERED:*

1. How big is the pump market?
2. What is the growth rate of the global pump market?
3. What are the growing trends in the pump market?
4. Which region holds the most significant global pump market share?
5. Who are the key players in the global pump market?
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