Technavio analyzes that the Pumps Market is expected to grow at a CAGR of 5.1% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 19.6 billion.There are various factors that contribute to the growth of the market. The industrial sector's increasing emphasis on energy efficiency has led to significant growth in the market for pumps. These machinery components play a crucial role in optimizing energy usage and enhancing overall operational efficiency in various industries. As industries strive to reduce their carbon footprint and minimize operational costs, the demand for energy-efficient pumps continues to rise. This trend is expected to drive the growth of the global pumps market in the coming years.
In the oil and gas sector, pumps play a pivotal role, particularly in upstream exploration and production (E&P) activities. Centrifugal pumps are employed in both upstream and downstream processes, with select submersible centrifugal models suitable for deep-sea applications. These pumps boast corrosion-resistant coatings, enabling them to endure harsh temperature extremes. Positive displacement pumps are preferred for high-pressure tasks, such as drilling fluid circulation, hydraulic fracturing, deep-sea pumping, and cementing processes. Additionally, positive displacement pumps find applications in midstream transportation and downstream refineries within the oil and gas industry. The industry has faced a downturn due to fluctuating oil and gas prices, necessitating the use of efficient and cost-effective pumping solutions. Key industry sectors like crude oil extraction, well-stimulation, refining, transportation, shale gas revolution, and hydraulic fracturing rely on robust and high-performance pumping equipment.
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Pumps Market Segmentation
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The global pumps market is experiencing significant growth due to increasing demand in various sectors, including infrastructure applications, urban development, and agriculture. Fluid pressure management is crucial in HDD (Horizontal Directional Drilling) and water management, driving the need for advanced pumps. Agricultural investments and wastewater treatment facilities in municipal sectors also contribute to market expansion. Variable Frequency Drivers (VFDs) and corrosion-resistant pumps are key trends in the Pump Market. Raw material prices for steel and iron are influencing the cost structure. Oil and gas industries, particularly crude oil extraction, well-stimulation, refining, and transportation, are major consumers. The shale gas revolution and water scarcity issues are additional market drivers. Water usage efficiency, wastewater management, and municipal sectors are key focus areas to address water deficits. Modular design and chemical industries also contribute to the market's growth.
The global pumps market is a significant segment of the larger industrial machinery and supplies and components market. This market encompasses businesses involved in the production of pumps for various applications, including fluid management in infrastructure, heavy duty digging (HDD), agriculture, urban development, wastewater treatment, and more. According to Technavio, the global industrial machinery and supplies and components market is projected to grow due to increasing industrial output in process and discrete industries, leading to capacity expansions in energy, chemicals and petrochemicals, pulp and paper, and processed food and beverage sectors in developing countries. Technavio's market analysis also highlights the adoption of advanced technologies such as Variable Frequency Drivers (VFDs) and Internet of Things (IoT) in pumps, further driving market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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