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The SNS Insider report forecasts the Pumps Market to reach USD 128.25 Billion by 2031, growing at a CAGR of 3.71% from 2024-2031. This growth is attributed to the flourishing oil & gas exploration industry, increasing fluid handling requirements in various sectors, and growing investments in agriculture, wastewater treatment, and power generation.
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Some of Major Key Players in this Report:
- Aqua Group
- Best Engineers Pumps
- Commitment Reliability Innovation (C.R.I)
- CNP Pumps
- Deccan
- Duke Plasto Technique
- ELLEN
- Endura Pumps
- Falcon Pumps
- Grundfos
Market Growth Driven by Multiple Factors:
Flourishing Oil & Gas Exploration: Pumps are crucial for extracting, processing, and transporting oil & gas, propelling market growth. The shale gas revolution, particularly in the U.S., has significantly increased demand for high-pressure pumps used in fracking.
Rising Fluid Handling Needs: Industries like power generation, construction, and agriculture require efficient fluid handling, driving pump demand. Additionally, increasing urbanization and investments in wastewater treatment further fuel market expansion.
Technological Advancements: Manufacturers are developing energy-efficient and lower-carbon footprint pumps. Variable frequency drives (VFDs) and digital control systems integrated with the Internet of Things (IIoT) are examples of these advancements, enhancing pump effectiveness.
Diversification of Applications: Pumps are used in various industries, including oil & gas, chemicals, agriculture, pharmaceuticals, and wastewater treatment. The expanding range of end-user applications contributes to market growth.
Recent Developments in the Pumps Market:
July 2023: Grundfos Holding A/S acquired Metasphere, a leading smart sewer solutions provider, aiming to improve its pump and hydraulic product offerings.
December 2023: The Packo Pumps website merged with Verder Liquids, strengthening the relationship between both companies and providing customers with a broader range of pump technologies.
February 2023: Motion & Control Enterprises acquired Precision Pump & Valve, a distributor specializing in valves, pumps, and equipment for the oil & gas, petrochemical, and chemical processing industries.
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Segment Analysis:
By Type: Centrifugal pumps dominated the market in 2023 with over 65% share due to their suitability for applications prioritizing flow rate over pressure requirements. These pumps are widely used in urban water systems and agricultural irrigation.
By End-Use: The agricultural segment held the largest revenue share (over 20%) in 2023. Pumps are crucial for efficient water distribution in agriculture, ensuring a consistent and ample water supply for irrigation, especially in arid regions. Positive displacement pumps are projected to grow at the fastest CAGR (4.65%) due to their versatility and ability to handle challenging fluids in various industries.
Impact of the Russia-Ukraine War:
The ongoing war has disrupted global supply chains for raw materials and components used in pump manufacturing. Additionally, rising energy prices are impacting production costs. However, the war has also led to increased focus on domestic oil & gas production in certain regions, creating a potential opportunity for the pumps market in those areas.
Impact of Economic Slowdown:
An economic slowdown could lead to reduced investments in infrastructure projects, power generation, and construction activities, impacting the demand for pumps in these sectors. However, the need for pumps in essential areas like agriculture and water treatment is expected to remain steady, providing some buffer against the slowdown.
Key Regional Developments:
Asia Pacific: This region held the largest market share (over 41%) in 2023 and is expected to grow the fastest due to rapid industrialization, urbanization, and growing investments in agriculture, construction, and water & wastewater treatment industries.
Middle East & Africa: This region is expected to witness significant growth due to booming oil & gas and water & wastewater treatment industries. Pumps are crucial for oil & gas operations and desalination plants in this region.
Key Takeaways for the Pumps Market Study:
The pumps market is driven by factors like increasing demand from oil & gas exploration, agriculture, and water treatment sectors.
Technological advancements are leading to the development of more efficient and sustainable pumps.
The Asia Pacific region is expected to be the fastest-growing market due to rising industrialization and government investments in infrastructure development.
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