Industrial pumps are being increasingly adopted in a variety of industries, including water and wastewater, chemical, oil and gas, and power generation, which is expected to boost market growth. Industrial pumps are available in a wide variety of sizes, shapes, and capacities. Additionally, they are widely used in the power industry for a variety of processes such as circulation, boiler feed, and sludge handling. Over the forecast period, the chemical industry’s expansion is expected to have a positive effect on product demand. In 2020, the United States held the largest share of the North American market. Over the forecast period, rising exploration activities in both the offshore and onshore oil and gas sectors are expected to drive demand for industrial pumps. Additionally, the country’s replacement of existing water and wastewater infrastructure is expected to increase demand for these pumps during the forecast period.
Government policies requiring high levels of energy efficiency and safety are expected to contribute significantly to market growth. Numerous government agencies are reorganizing their current policies and establishing new frameworks to promote the adoption of advanced technologies in pumps across a variety of industries.
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Rapid urbanization, increasing industrialization, technological advancements, and increased infrastructure spending are all driving the demand for energy fuel. This is expected to result in rapid growth in the oil and gas, power, and water treatment industries, thereby increasing demand for pumps in those sectors.
Due to increased competition from low-cost producers, particularly in Asia Pacific, the market is highly price sensitive. As a result, price volatility is a constraint on market growth in the Americas and Europe. Continuous investment in research and development is critical for maintaining market share while pursuing growth. Centrifugal pump demand is expected to increase as a result of the boom in hydraulic fracturing in the oil and gas industry in countries such as the United States, Canada, the United Kingdom, and Brazil. Centrifugal pumps are classified further into radial flow, axial flow, and mixed flow.
Positive displacement pumps are expected to grow at the fastest CAGR due to their ability to operate at lower speeds, making them less susceptible to damage from high viscosity oils and slurries. These are preferred in the oil and gas industry primarily due to centrifugal pumps’ limitations.
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