The global Industrial Pumps Market is estimated to grow at a CAGR of 5.9% by the completion of the year 2025 and the scope of the market is expected to touch US$ 88.4 billion. Increasing demand from the oil & gas and the water & wastewater treatment industry owing to eruption of populace and industrial development throughout the world is expected to boost the industrial pump industry above the period of forecast.
Speedy suburbanization, growing economy, the development in substructure, and technical progress are the most important factors driving the demand for fuels. This has given rise to the progress of the subdivisions like power and oil & gas. These reasons are sequentially estimated to boost the development of the market. The application of the industrial pumps in the subdivision of water & wastewater treatment has grabbed the biggest share owing to its extensive practice in a number of end-use activities. Furthermore, strict guidelines regarding the effectiveness of the energy for industrial pumps of diverse categories are likely to motivate the progress of the subdivision.
The global market for Industrial Pumps could be segmented by Application, Product, and the Region. By the type of Application, it can be segmented into Water & Wastewater, Chemicals, Power Generation, Construction, Oil & Gas, and others. By the type of Product, it can be segmented into Diaphragm, Reciprocating, Rotary and Centrifugal.
Asia Pacific is estimated to lead the market due to the amazing development in end-use businesses which comprise water & wastewater treatment and oil & gas. Asia Pacific was responsible for the principal income share of 46.8% during the year 2018. Growth of population together with increasing zones in geographies like India and China is expected to go on a strategic dynamic feature in the market above the period of forecast.
The Europe was the subsequent biggest provincial market with reference to income. This is evident from the fact that 19.2% share was held during the year 2018 due to the increasing demand for industrial pumps from a number of important end-user industries, comprising the applications in foodstuff & beverage, chemicals, and petrochemicals.
Strict guidelines intended for decreasing the pollution of water on a home level are likely to perform an important part in growing the demand for the treatment of water in the metropolitan as well as industrialized segments. Thus is motivating the demand for industrial pumps above the period of forecast.
During the year 2018, the North American region held the third largest share of the market. Demand in the region is expected to be motivated by important segments of the application, comprising oil & gas, water & wastewater treatment and the construction. Technical progressions with regards to greater performance of pumping arrangements are likely to compel the development of the market in North America above the period of forecast.
Some of the important companies in the Industrial Pumps Market are Iwaki America Inc., SPX Flow Inc., ITT Corporation, Colfax Corporation, Vaughan Company Inc., Roper Technologies Inc., Flowserve Corporation, and A.R. North America, Inc. Additionally notable companies are Clyde Union, Inc., Baker Hughes, Inc., Ebara Corp, Sulzer Ltd., Flowserve Corp., Schlumberger Ltd., Weir Group plc, Grundfos A/S, and KSB AG.