The new report by Expert Market Research titled, ‘Global Industrial Pumps Market Share, Size, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global industrial pumps market, assessing the market based on its segments like products, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 3.92%
The increasing demand for industrial pumps from the oil and gas and chemicals industry is driving the market growth. This can be attributed to increasing investments in the automation in order to avoid transit damage. Meanwhile, the rising pumping applications of the product, which include pumping water from wells, aquarium filtration work, pond filtration tasks, water cooling, and fuel injection in the automotive industry is anticipated to fuel the market growth in the forecast period.
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In terms of region, the Asia Pacific region accounts for a significant share in the market owing to the strong foothold of major manufacturers, coupled with the growing expansion of the major end use industries.
Industry Definition and Major Segments
Industrial pumps are the heavy-duty industrial equipments, which are used to displace different products including water, chemicals, petroleum, and food, among others. Industrial pumps come with different shapes and sizes. The equipment can run on different sources of energies including manpower, electricity, and even wind power. Industrial pumps bring safety and ensures that no harm is inflicted on the environment and human life.
On the basis of product, the market can be segmented into:
• Centrifugal Pump
o Axial Flow Pump
o Radial Flow Pump
o Mixed Flow Pump
• Positive Displacement Pump
The significant applications of the product are as follows:
• Oil and Gas
• Water and Wastewater
The regional markets for industrial pumps include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
The key trends in the global industrial pumps market include the rising investments in the construction industry owing to the increasing population, favourable government policies towards the multihousing projects, and rapid urbanisation in the developing countries. In addition to this, the stringent government regulations aimed towards bolstering the safety of the employees are likely to be the major aiding factors for the market growth in the forecast period.
Moreover, the technological advancements in the water and wastewater and power industry, aimed towards facilitating the smoothness of operations are anticipated to propel the market in the forecast period. Hence, these developments are anticipated to accelerate the market growth in coming years.
Key Market Players
The major players in the market are Grundfos Pumps Corporation, Xylem Inc., Trane Technologies plc, KSB SE & Co. KGaA, and Iwaki America, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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