The industrial pumps market was valued at $61.63 billion in 2021.
Industrial pumps regulate and control different liquids and gases across major industries like oil, power, chemicals, food, beverage, water, and wastewater.
While the market experienced a short-term drop in demand during the COVID-19 outbreak and lockdown, it is currently regaining its pre-COVID rates.
The future increase in demand for oil, gas, and power is projected to also drive the growth of the industrial pump market by 4.9% CAGR from 2022 to 2030.
Let’s check some of the main pump industry statistics and trends in 2022, including the key players and factors that shape the industry.
The Industrial Pump Market: 10 Key Statistics and Trends
Here are 10 key industrial pump trends:
Forecasted Market Growth and Size by 2030
At the forecasted rate of 4.9% growth, the industrial pump market will grow to $93 billion by 2030.
Here are some of the major pump industry statistics of some of the fastest-growing pump segments: · Rotary pump market trends: The rotary pump market was valued at 4,883.9 million in 2020, and it’s expected to reach $5,855.2 million by 2026 (at a rate of 3.09% CAGR.) · Infusion pump market trends: In 2021, the infusion pump market was valued at $10,539.46 million, and it’s projected to grow by 5.4% CAGR by 2027 (or around $14,426.09 million.) · Heat pump market trends: In 2021, the heat pump market was estimated at $1 billion, and it’s forecasted to expand at a 5% CAGR by 2028.
Largest Market Share – Centrifugal Pumps
The centrifugal pumps trends in 2022 show that the market is steadily expanding. In 2021, centrifugal pumps had the largest market share (65%) in the pump industry. Their revenue is going to cross $54.78 billion by 2027.
Higher Demand for Submersible Pumps
Submersible pumps are increasingly used for drainage, irrigation, and sewage water management. This will result in a substantial submersible pump segment growth – it’s forecasted to reach $30.7 billion by 2027.
Stationary Pumps Lead the Market
Stationary pumps have a key role in industrial and building wastewater treatment and sewage management operations. The demand for stationary pumps is also growing steadily in one of the biggest markets – the Asia-Pacific.
All these factors contribute to the stationary pump market share growth, projected to be 80% in 2027.
Development of the Engine-Driven Pump Market
The engine-driven pump market is projected to grow at a 2.6% CAGR by 2027. These portable pumps are mostly used in rural areas and construction sites. They can safely transfer fluids and chemicals and come at various power and pressure capacities.
Dominance of the Asia-Pacific Market
The Asia-Pacific region had over 50% global industrial pump market share in 2020. That’s due to the region’s increasing population and industrial development. Other factors that drive growth there are:
- The development of water reuse systems
- The increase of new pharmaceutical and chemical companies in India and China
The market’s revenue is projected to reach $43 billion by 2027.
Focus on New Product Development
New product development and the implementation of advanced manufacturing technologies stimulate the pump market growth.
Many key pump manufacturers have a global presence and invest heavily in innovations. For example, KBL developed a new energy-efficient, low-maintenance SP pump integrated with I4 motor in 2020.
Growth in the Water and Wastewater Management Industry
The water and wastewater treatment segments had a 20% revenue share in 2021. Applications in this area are forecasted to increase as demand for water worldwide increases.
Such pumps handle vital operations and systems like:
- Clean water systems
- Sewage systems
- Grey water recycling
- Steam generation
Key Players in the Industrial Pumps Market
Some of the major industrial pump manufacturers are:
- Ebara International Corporation (United States)
- Grundfos Holding AS (Denmark)
- Schlumberger Ltd (United States)
- Flowserve Corporation (United States)
- KSB SE & Co KGaA (Germany)
- Grundfos (Denmark)
- Xylem Inc. (United States)
- Sulzer Ltd (Switzerland)
- Weir Group PLC (United Kingdom)
- ITT Inc. (United States)
Factors Driving the Industrial Pumps Market
Some of the main factors that drive the pump market development are:
- Investments in the water and wastewater industries
- The rising demand for fuel
- Technological advancements in the industrial pumps manufacturing
Industrial Pumps Trends 2022: Key Takeaways
As global industries keep progressing at a steady pace, the demand for industrial pumps will keep increasing. Additionally, more and more companies rely on pumps to maintain their everyday operations.
So, if your business falls under this category, it is crucial to ensure the smooth operation of your pump unit. If you doubt a more serious repair is needed, check our industrial pump repair guide or contact Houston Pump and Gear’s industrial pump repair experts.
Houston Pump and Gear is a leading industrial pump repair provider that serves clients from all over the US, Canada, and Mexico. So, do not hesitate to call us and get your free quote!