New York, June 29, 2021 (GLOBE NEWSWIRE) -- Pumps Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Pumps Market Research Report, Type, End-User and Region - Forecast till 2027” the market is projected to be worth USD 131.93 billion by 2027, registering a CAGR of 4.70% during the forecast period (2021 - 2027), The market was valued at USD 95.72 billion in 2020.
The pumps market outlook appears extremely promising, mainly due to continually rising industrial activities. Increasing demand for high-quality surface finishes and excellent accuracy required for precision applications such as hydraulic components boost the pumps market revenues. With the increase in government initiatives for infrastructure development and smart city projects, the market is projected to grow exponentially during the years to come.
Additionally, the rising global electricity demand and upgrades in grid infrastructure worldwide boost the pumps market value. With the increasing demand from the oil and gas and mining industry, the market is projected to witness significant growth during the forecast period. Furthermore, the rising demand for hydraulic equipment in the construction and food & beverages industry defines the growing market landscape.
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Key Companies Profiled in the Pumps Market Research Report are –
The pumps market witnesses implementations of several strategic deals, such as collaboration, mergers & acquisitions, product launches, and expansion. Industry players make vast investments in research and development activities and fostering their expansion plans.
FCEV buses have become more popular globally, with the hydrogen-powered buses providing zero carbon emissions compared to their diesel competitors. These are helping to decarbonize heavily polluted, densely populated cities.
Browse In-depth Market Research Report (111 pages) on Pumps Industry
Various Advantages that Pumps Offer Increase Their Uses in Several End-Use Applications
Increasing legislative measures for expanding reliable grid infrastructure in developing nations complement the business landscape. Therefore, pumps have been garnering significant market prominence with their capabilities of transmitting power by using fluid pressure within a sealed system. Augmenting demand for power and improvements in complex landing gear valves & thrust reverser are major pumps market trends.
Besides, vast technological advances and evolution in oilfield technology substantiate the market demand. Increasing smart city projects and awareness about energy efficiency benefits for the environment and improving grid infrastructures boost the market demand.
Price Volatility and Demand-Supply Gap in Key Components is a Major Headwind
Despite significant growth propellers, the market witnesses major setbacks such as volatility in prices and the demand-supply gap in raw materials, increasing the overall cost of pumps. Besides, the high research and development costs are projected to restrict the pumps market growth. Also, the lack of awareness of the benefits of pumps could restrain the ongoing market growth, negatively impacting the market sales.
Nevertheless, huge advances and continuous developments in equipment used in metals & mining, chemicals, petrochemicals, water & wastewater, and residential applications are anticipated to contribute to the pumps industry over the review period. Also, high expansion activities by multinationals and well-established companies, alongside the new product launches, are expected to boost the pumps market shares.
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COVID-19 Impact on the Pumps Industry
The COVID-19 outbreak severely hit the pumps industry, causing huge revenue losses. Manufacturers faced several problems like obtaining raw materials & components required for the production, attracting workers from quarantines, and delivering end products to markets. Besides, strict lockdown mandates disturbed supply chains, which impacted the market development further.
However, the pandemic increased the market demand impacting the smart city and water & wastewater processing projects positively. The pumps market is rapidly returning to normal, witnessing a steady rise in demand. The market is estimated to pick up following the uplift of lockdown in many countries.
The pumps market analysis is segmented into types, end-users, and regions. The types segment is sub-segmented into positive displacement and dynamic pumps. Of these, the dynamic pump segment accounts for the largest market share, witnessing wide application in water & wastewater treatment plants.
The end-users segment is sub-segmented into oil & gas, water & wastewater, power generation, chemicals, pharmaceutical, food beverage, and others. Of these, the water & wastewater segment grows at the highest CAGR. By region, the analysis is segmented into Asia Pacific, Americas, Europe, and the rest-of-the-world.
Asia Pacific dominates the global pumps market, mainly due to rising investments in infrastructure development activities. Moreover, increased demand from the water & wastewater and constructions sectors influences the pumps market share in the region.
Rising urbanization and supportive government initiatives in Asia Pacific region drive the pumps market growth. Additionally, rapid R&D investments in the development and upgrades of technologies, alongside the spurring rise in oil & gas and power generation industries, are major pumps market trends.
Segmentation of Market covered in the research:
Information by Type (Positive Displacement and Dynamic), End-User (Oil & Gas, Water & Wastewater, Power Generation, Chemicals, Pharmaceutical, Food & Beverage, and Others), and Region (North America, Europe, Asia-Pacific, and Rest of the World)
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