Industrial Pumps Market Growth, Analysis, Business Trends Growing at a CAGR of 4.3% by 2030
Industrial Pumps Market is Expected to Reach $86.3 Billion by 2030
PORTLAND, OR, UNITED STATES, October 5, 2023 /EINPresswire.com/ — Industrial pumps are electro-mechanical or mechanical devices used for control of gases, liquid, slurries, and others through pipes and tubes in industries. Different kinds of industrial pumps perform various functions such as shut on/off, pressure control, and other regulation purposes. Moreover, industrial pumps are manufactured using carbon steel, cast iron, stainless steel, and various other metal alloys for attaining high efficiency.
The global industrial pumps market size is expected to reach $86.3 billion in 2030 from $55.8 billion in 2020, growing at a CAGR of 4.3% from 2021 to 2030. In 2020, Asia-Pacific dominated the market, in terms of revenue, accounting for 43.10% share of the global industrial pumps market.
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Furthermore, the high automation and control in industrial pumps improve their functioning in hazardous applications such as oil & gas, chemical processing, nuclear power generation plants, and others. In addition, the implementation of automation technologies has assisted in reducing the wastage of liquids passing through the pipes, resulting in reduction of costs. Various industries adopt automation and control technologies by upgrading their pre-installed industrial pumps, which, in turn, drives the industrial pumps market growth.
Moreover, the focus on increasing the production of oil & gas in North America has created a high demand for industrial pumps in the region. In addition, increase in growth of metal & mining activities is the one of the key factors, which drives the growth of the global industrial pumps market.
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Top Players:
THE GORMAN-RUPP COMPANY, FLOWSERVE CORPORATION, XYLEM INC., ITT INC., SULZER LTD., EBARA CORPORATION, KSB SE & CO. KGAA, THE WEIR GROUP PLC, ATLAS COPCO AB, GRUNDFOS HOLDING A/S
Segmentation Based On:
The global industrial pumps market is segmented into type, position, driving force, end user, and region.
By position, the market is categorized into submersible and non-submersible. Non-submersible segment generated the highest revenue in 2020.
Depending on driving force, it is segregated into engine-driven and electrical-driven. Electrical driven segment generated the highest revenue in 2020.
On the basis of end user, it is differentiated into oil & gas, chemicals, power generation, water & wastewater, and general industry. General industry segment generated the highest revenue in 2020. On the basis of type, it is differentiated into centrifugal, reciprocating, rotary, and others. Centrifugal segment generated the highest revenue in 2020.
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David Correa
Allied Analytics LLP
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