The market for pumps is expected to reach USD 61 billion by 2027

The intelligent pump systems have sensors and a VFD that can gather information about the pump parameters and predict possible faults.

The importance of the Pumps is increased by rising investments in infrastructure improvements and other crucial tasks like electricity generating and wastewater treatment. Additionally, the number of end-user applications has grown recently. Pumps need the energy to move fluid or produce kinetic energy; this energy can come from electricity, engines, wind power, manual labor, and various other energy sources, especially in industrial settings. As India sells for industrial purposes to nations like the US and Germany, which share around 14 percent and 12 percent, respectively, recent shipments have raised the overall Pumps Market Value. The pump market was valued at USD 40 billion in 2019 and is expected to reach USD 61 billion by 2027 according to Market Research Future report.

The Pump industry aimed to address the service-related difficulties raised since service crews cannot access places due to travel limitations in many parts of the world. As a result, a top pump monitoring system has developed technology that enables users to monitor pump parameters, measure the analytical field, and communicate data via interactive mobile apps and web portals. Even after COVID, this technology would be anticipated to dominate the industry, resulting in significant labor and transportation cost savings.

As a supplier of raw materials for numerous sectors, the chemical industry is one of the key drivers of industrial economic growth. Due to growing worries about team member safety and the environment, these goods are projected to be used more frequently in the chemical industry. Industrial pumps are necessary for various tasks in the construction sector, including dewatering, removing extra water to avoid waterlogging, the production of cement, dyeing procedures, producing roofing tiles, and collecting dust. Peristaltic pumps are utilized for cement slurry transport and chemical dosing in the construction industry.

Segmental analysis 

In 2019, centrifugal pumps held the market’s top spot and contributed a significant share of the total revenue. Due to their minimal maintenance requirements, these products are widely used in various applications, such as water supply, fire prevention systems, sewage disposal, food and beverage, and chemical industries. The accelerated building of residential and commercial infrastructure and the rise of the manufacturing industry are driving the expansion of the market for centrifugal pumps worldwide. Increased infrastructure spending is blamed for the expansion sped up urbanization. In the upcoming years, the market is anticipated to be driven by the demand for these products from the wastewater treatment sector.

Positive displacement pumps are anticipated to increase considerably throughout the projected period as reciprocating pumps become more popular because they are more efficient than centrifugal pumps and can be used for high-pressure output applications and precision dosing. The current sophisticated refining process, which involves high temperatures, high pressures, and the capability to handle volatile fluids, is the cause of the growing investment in specialized reciprocating pumps. Because of this, the favorable displacement pump market will probably expand over the forecast period, pushing this industry.

Regional analysis

Many emerging nations, like India, are aggressively seeking global alliances to access international markets. Through financial backing, India is promoting technical advancement and upgrading its small-scale enterprises to enter high-tech areas like aerospace and military. Additionally, numerous small pump producers are actively offering prices for high-quality substitutes to the pricey pumps on the market. The market value for pumps has recently increased due to such purchases and initiatives.

The US Pump sector has expanded due to the nation’s rapid infrastructure development. Additionally, more than USD 632 billion in investment is needed to operate the water, energy conservation systems, and wastewater treatment in the ensuing years. The country also plans to upgrade the water treatment equipment in outdated apartment buildings and business complexes. Therefore, the expansion of the Pump market is anticipated to be attributed to the nation’s expanding infrastructure development.

Asia-Pacific is actively involved in developing its nations, holds the largest market share, and is anticipated to grow its share during the projection period. In nations like China, India, and Brazil, the introduction of infrastructure development programs has expanded the activities related to electricity generation, construction, and water treatment. The Asia-Pacific region’s developing economies have experienced rapid industrialization, and there has been an increase in investment in manufacturing, commercial, and industrial developments. Additionally, it is projected that greater product penetration in various end-use industries, including agriculture, petrochemical, and HVAC, will support market expansion.

Japan has been concentrating on switching to renewable energy sources and natural gas. Companies like JERA have been concentrating on constructing gas-fired units to meet the nation’s increasing demand for pumps. Over the projected period, it is also anticipated that government laws focusing on energy efficiency and conservation will fuel the demand for efficient pumps. Fluid is typically moved by rotational kinetic energy in centrifugal pumps. The impeller accelerates as soon as the fluid enters the revolving axis. The new technology with the invented reverse turbine mode has enhanced the pump’s efficiency by 10% and its performance by 30%. Many market participants throughout the world have made extensive use of this enhanced technology.

The intelligent pump systems have sensors and a VFD that can gather information about the pump parameters and predict possible faults. Their ability to conserve energy has grown by roughly 20%.

Source: https://www.marketresearchfuture.com/reports/pumps-market-7423