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/EIN News/ -- Ottawa, Feb. 02, 2022 (GLOBE NEWSWIRE) -- The global pumps market size was reached at US$ 69.81 billion in 2021. The global pumps market will expand at a moderate rate, owing to increased government spending on innovative water infrastructure. The increasing use of various types of pumps in various industries, such as oil and gas, water and wastewater treatment, food and beverage, electricity generation, and chemical industries will drive the pumps market growth.
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Moreover, the increased need for clean water for both domestic and industrial use would increase the number of water and wastewater treatment plants, driving up demand for pumps. As governments install state of the art flood control systems in flood prone areas, product demand will surge. Water conservation measures will be aided by an increasing awareness of the consumption of water, as well as the depletion of groundwater.
Report Coverage
| Report Highlights | Details | |
| Market Size by 2030 | USD 94.4 Billion | |
| Growth Rate from 2021 to 2030 | 3.4% | |
| Fastest Growing Region | North America | |
| Largest Revenue Holder | Asia Pacific | |
| By Product Type |
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| By Application |
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Report Highlights
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Regional Snapshot
Asia-Pacific region lead the market and hit 47% revenue share in 2020. The presence of many low-cost product manufacturers in developing nations would help boost the regional market demand, as they can supply end users with long term tailored assistance. The existence of various small, medium, and large-scale pharmaceutical and chemical enterprises in India and China will bolster market expansion even further.
North America is the fastest growing segment for pumps market in terms of region. Due to a significant increase in construction activity in the industrial and commercial sectors, the North America market is likely to continue to grow steadily. Furthermore, throughout the projection period, a surge in the installation of independent power plants as well as technological improvements is expected to fuel product demand in North America.
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Market Dynamics
Drivers
Increased investments in wastewater treatment plants
Wastewater reuse is a critical solution for overcoming water scarcity and meeting rising water demands. Pumps are widely used to process used water in wastewater treatment plants. Rotating impellers are used in these pumps to increase impeller velocity and push fluids through outlet valves. As a result, the increasing number of global wastewater treatment plants is expected to drive up demand for pumps.
Restraints
Increased competition from unorganized sectors from gray market players
Gray market products pose significant challenges to brand owners by offering low-cost alternatives and cost-effective maintenance services. These alternative products are provided by local and grey market players in the pump industry. In terms of price competitiveness and an efficient local supply network, the unorganized sector, which includes grey market and local players, can outperform well-established companies in this market. Furthermore, because local players are close to consumers, they can respond quickly to their needs. This serves as an add-on for the purchase of alternative locally manufactured products. Thus, the easy availability of local alternative products hampers the entry of global pump manufacturers into the local market and poses a threat to the market.
Opportunities
Surge in demand in different industries
The pumps market expansion has also been boosted by increased industrial activities and infrastructure rehabilitation. Pump demand has surged due to the increasing growth of chemical industries around the world. Pumps have become more widely used in chemical transfer systems as a result of recent developments in corrosion resistant pumps. As a result, the surge in demand in different industries is huge opportunity for the growth of the pumps market.
Challenges
Cavitation effects
Cavitation is the process by which the vapor phase of a liquid forms when it is subjected to reduced pressures at a constant ambient temperature. Vapor bubbles formed within pumps due to insufficient liquid tend to move toward areas of high pressure within them in order to collapse under sufficient pressure and return to the liquid state. Thus, the cavitation effects are a major challenge for the growth of the pumps market.
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Some of the prominent players in the global pumps market include:
By Geography
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