Pumps Market Size, Share & Trends Analysis Report 2020-2028
The global pumps market size was valued at USD 92.91 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 3.2% from 2020 to 2028. Increasing investments in the oil & gas sector, technological advancements in pump manufacturing, and new product launches focusing on enhanced performance are expected to have a positive impact on the market. The chemical industry is expected to be negatively impacted by the novel coronavirus outbreak on numerous fronts, including operational and supply chain disruptions, lowered demand & productivity, and potentially tightening credit markets. Hence, the declining chemical industry is anticipated to hinder the market growth during the pandemic.
The growth of the pumps market in the U.S. was significantly impacted in 2020 owing to the COVID-19 pandemic, which is reflected by the suspended operations and disrupted import-export activities. The market is anticipated to establish low growth over the forecast period, wherein the demand is majorly attributed to various end-use industries including power, water & wastewater treatment, and oil & gas.
Increasing investments in the exploration and production activities by the oil & gas companies across the globe are anticipated to boost the demand for pumps in the oil & gas industry. The rising number of infrastructure upgrades, in terms of changing or the installation of new pipelines, is expected to have a positive impact on the market.
The advancements in pump technology have resulted in enhanced basic process tasks, increasing the reliability of the pumps, and providing a long-term reduction in everyday operating processes. These advanced pumps are mostly used in industries, such as industrial wastewater, agriculture, power, and chemicals.
Manufacturers are also focusing on new product launches keeping in mind the dynamic requirement of the market. However, new energy efficiency standards that are to be incorporated may require redesigning of pumps by manufacturers, which may incur high costs and time, thereby restraining the market growth.
Pumps Market Trends
The pumps market is anticipated to be driven by increasing investments in the oil & gas sector. Technological advancements in pump manufacturing and new product launches focusing on enhanced performance are expected to positively impact the market.
The advancements in pump technology have improved fundamental process operations, increased pump dependability, and provided long-term reductions in routine operating procedures. These developments have also improved pump performance and dependability while using less energy. These advanced pumps are used in various end-use industries such as agriculture, power, industrial wastewater, and chemicals, thereby augmenting their demand over the forecast period.
The demand for pumps in the oil and gas sector is expected to increase as oil and gas companies increase their investment in exploration and production activities around the globe. The market is anticipated to benefit from the increasing number of infrastructure upgrades, such as modifying or installing new pipes.
Non-OPEC and emerging countries are expected to significantly increase their contributions to global oil and gas production. Growing demand for energy, shale gas, and tight gas, owing to the maturity of the conventional oil & gas resources market is expected to be a major driver triggering the growth of the pumps market.
Rising expectations of customers in the past few decades have led to increased spending by the end-user industry globally to improve the quality of industrial pumps along with installing advanced process control. This has led to increased spending by the pump manufacturers in the region in an attempt to improve energy efficiency, which is likely to drive the demand for improved energy-efficient pumps over the forecast period.
The COVID-19 pandemic had a significant negative impact on the growth of the pumps market. in the United States in 2020, as evidenced by operations being halted and import-export activities being hampered. The demand is primarily attributed to a number of end-use industries, including electricity, water and wastewater treatment, and oil and gas, and the market is predicted to experience sluggish growth throughout the projection period.
The commercial and industrial clean water pump (CIP) Energy Conservation Standard and Test Procedure for Pumps was published by the U.S. Department of Energy (DOE) in early 2016. The standard essentially mandates that by 2020, all pumps sold on the market must be redesigned or reconfigured to meet the new efficiency standards.