Pumps Market Size, Share, Trends & Growth Opportunity [2031]

Report Description

Pumps Market Outlook 2031.

The global pumps market size was USD 82.08 Billion in 2022 and is likely to reach USD 106.60 Billion by 2031, expanding at a CAGR of 4% during 2023–2031. The market growth is attributed to the increasing adoption of air-source heat pumps and the increasing demand for smart and IoT-based pumps.

High demand for smart and IoT-based pumps is expected to drive the pumps market in the coming years. The pump monitoring system that is based on IoT comprises a network of interconnected devices that monitor and analyze the performance of pumps in real time. The system gathers data from sensors attached to the pumps and transmits it to a centralized system that identifies faults and maintenance requirements, and optimizes the performance of the pumps. An IoT-based pump monitoring system identifies leaks, prevents environmental disasters in the oil & gas industry, and maintains high water quality and compliance with regulations during water treatment.

• In August 2022, KIRLOSKAR BROTHERS LIMITED (KBL) launched an innovative version of KirloSmart, an IoT-based pump monitoring system. KirloSmart is a unique hardware-software technology that is established by KBL that allows the user to remotely monitor and troubleshoot the pump on a real-time basis without any manual intervention, and take corrective measures to stop any breakdown, thereby ensuring optional performance of the pump.

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The market report finds that the COVID-19 pandemic hindered the pumps market, due to the strict regulations imposed by the government. Several manufacturing companies halted operations during the pandemic, owing to the imposition of social distancing and halt in import and export activities, which affected the market. However, several end-user industries such as oil & gas, chemical, and water & wastewater treatment registered significant growth during the pandemic, which is expected to boost the market.

Impact of Artificial Intelligence on Pumps Market

Artificial intelligence (AI) technologies are projected to boost the pumps market during the forecast period. AI is used in the pumping industry to optimize the operation and maintenance of pumping systems. Machine learning (ML) predictive maintenance is a subcategory of AI technology that offers predictive maintenance and is now being adopted by industrial operators. AI enables operator 2.0 with intelligent recommendations and is driven by ML. Smart pumping enables OEMs to enhance the features and capabilities of their offering, especially remote condition monitoring, diagnostic, and serviceability, while operators realize savings in downtime and energy use. This, in turn, is expected to increase the demand for pumps in the coming years.

Pumps Market Dynamics

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Major Drivers

High demand for water & wastewater treatment plants is expected to boost the pumps market during the forecast period. Treatment of wastewater improves the efficiency of water usage and meets the water demand for both industrial and municipal sectors. Several types of pumps are used in wastewater treatment plants to convey liquids such as sewage from one place to another. The specific type of pump used depends on the application requirements, such as pressure, flow rate, and viscosity of the liquid being pumped.

• In June 2022, Moleaer announced the closing of its USD 40 million Series C financing round led by funds managed by Apollo and joined by Husqvarna, a strategic partner, and existing investors. This financing round brings Moleaer’s total funding raised to USD 61 million.

Existing Restraints

High initial and maintenance cost is anticipated to hamper the pumps market. Pumps are expensive to purchase and install, particularly in large-scale applications. These pumps require regular maintenance to ensure that they are functioning properly.

Emerging Opportunities

Technological advancements and product launches are expected to create lucrative opportunities for the market players. Advancements in pump technology have increased fundamental process operations, improved pump dependability, and provided long-term reductions in routine operating procedures. These advanced pumps are used in several end-user industries, such as power, agriculture, oil & gas, chemicals, and water & wastewater, which increases the demand for the pumps.

• In June 2023, Graco Inc. launched QUANTM, a next-generation electric-operated double diaphragm pump. The QUANTM pump features a revolutionary new electric motor design that is up to 8X more effective than a standard pneumatic pump. This new innovative pump is appropriate for nearly any fluid transfer application and supports multiple hygienic and industrial applications, including water treatment, chemical processing, and others.

Scope of Pumps Market Report

The market report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.

Pumps Market Segment Insights

Product Type Segment Analysis

Based on product type, the pumps market is divided into centrifugal pumps, positive displacement pumps, and others. The centrifugal pumps segment is further divided into radial flow, axial flow, and mixed flow. The positive displacement pumps segment is further divided into rotary pump, reciprocating pump, and others.

The centrifugal pumps segment is expected to expand at a significant pace during the projection period, as they are used for high flows. The axial flow pumps segment is anticipated to register robust growth during the forecast period, due to the high demand for high-power pumps in water & wastewater and flood dewatering treatment applications. Radial and axial pumps provide high efficiencies and have low pulsation, hence these pumps are used for low or medium flow rate.

• In February 2023, CPC Pumps International Inc. launched its first-ever BB5 pump centrifugal pump, which is individually tailored to meet the specific requirements of every customer.  The development of the BB5 creates opportunities in the market.

The positive displacement pumps segment is projected to hold a key share of the market in the coming years, due to their wide viscosity handling, accurate predictable flow, and consistent pressure. The segment growth is further attributed to the increasing preference for positive displacement (PD) pumps in the oil & gas industry. PD pumps are designed to ensure forward pumping action. Manufacturers are using several technologies to develop innovative pumping solutions and these are equipped with precision control and efficiency by using electronic sensors and other digital software, which is expected to boost the segment.

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End-user Segment Analysis

On the basis of end-user, the global market is segregated into water & wastewater, agriculture, oil & gas, power generation, and others. The water & wastewater segment is projected to expand at a considerable CAGR during the forecast period, owing to the rising need for pump stations and rapid urbanization. The segment growth is further attributed to the increasing concerns about the environmental impact of wastewater, water scarcity, strict government regulations, and the declining costs of water treatment plants.

The oil & gas segment is anticipated to account for a major market share in the coming years, as they help to transfer process fluids from one point to another. Several types of pumps are used in the oil & gas industry, such as centrifugal pumps, progressive cavity pumps, reciprocating plunger pumps, and others. Rising use of shale gas in energy and manufacturing industries and increasing shale gas exploration activities, owing to technological advancements such as horizontal & hydraulic drilling, are expected to boost the segment.

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Regional Analysis

In terms of region, the global pumps market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the projection period, owing to the rising investments in industrial and commercial projects and rapid urbanization in developing countries. Emerging countries such as China are increasing investment in petrochemical, chemical, and construction industries. Several companies are focusing on launching manufacturing plants in China, due to the increasingly favorable policies, which is expected to boost the market.

The market in Europe is anticipated to expand at a rapid pace in the coming years, due to the increasing offshore exploration and production activities. The regional market growth is further attributed to the increasing demand for water treatment in the industrial and municipal sectors. Imposition of strict regulations to restrict the discharge of untreated water into water reservoirs is increasing the demand for water & wastewater treatment equipment in the market.

• In September 2022, LANXESS a Germany-based specialty chemicals company, commissioned a new wastewater treatment plant at its Belgium Kallo/Antwerp site. The specialty chemicals company invested around EUR 12 million in the plant, which has a treatment ability of around 260,000 liters of wastewater per hour.

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