Market overview
According to the statistic, in 2020, the global pumps market size was valued at USD 92.91 billion and is expected to grow at a CAGR of 3.2% from 2020 to 2028. Increase in investment in the oil and gas sector, technological advancement in the manufacturing of pumps and new product launches focusing on enhanced performance is expected to have a positive impact on the market. Due to the pandemic chemical industry was negatively affected. There was breakage in supply chains, demand and production rate declined. Hence the decrease in growth of the chemical industry resulted in low market growth during the pandemic.
The growth of the pumps market in the U.S. was greatly impacted in 2020 owing to the pandemic, which is reflected by the hang operations and breaking of import-export activities. The market is expected to establish low growth over the predicted period, whereas the demand is majorly assigned to various end-use industries, including power, water & wastewater treatment, and oil & gas.
Get Free Sample PDF @ https://www.marketresearchfuture.com/sample_request/7423
The rise in investments in the exploration and production activities by the oil & gas companies globally is expected to boost the demand for pumps in the oil & gas industry. The rise in numbers of infrastructure upgrades, in terms of changing and installing new pipelines, is expected to have a positive impact on the market.
Market segmentation
The pump market is segmented into the following component such as product type, Application, region.
By Product Type
· Centrifugal Pump
· Axial Flow Pump
· Radial Flow Pump
· Mixed Flow Pump
· Positive Displacement Pump
· Reciprocating Pump
· Rotary Pump
· Others
· Others
By Application
· Agriculture
· Construction & Building Services
· Water & Wastewater
· Power Generation
· Oil & Gas
· Chemical
· Others
Regional analysis
The pump market was operated by Asia pacific for 46.6% of the global revenue share in 2020. Rapid industrialization in the developing economies of Asia Pacific and rising investments in commercial, manufacturing, and industrial projects have contributed to the overall growth of the regional market.
Japan has been focusing on renewable energy sources and natural gas. Companies like JERA have been focusing on adding gas-fired units, fuelling the demand for pumps in the country. The government protocols focused on energy efficiency and conservation is further expected to drive the demand for efficient pumps over the estimated period.
Brazil’s market is expected to have steady growth from 2020 to 2028, owing to a considerable rise in construction activities in the industrial and commercial sectors.
Key Players
The key players of the global pumps market are Grundfos (Denmark), Sulzer (Switzerland), Flowserve (US), ITT Corporation (US), Danfoss (Denmark), Ingersoll-Rand (Ireland), The Weir Group (UK), Ebara Corp (Japan), KSB (Germany), Schlumberger (US), Nikkiso Co Ltd (Japan), Wilo AG (Germany), and Roper Industries (US), among others.
Browse Complete Report @ https://www.marketresearchfuture.com/reports/pumps-market-7423
Industry news
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Edibles.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
Contact:
Market Research Future®
99 Hudson Street,5Th Floor
New York, New York 10013
United States of America
Phone:
+1 628 258 0071(US)
+44 2035 002 764(UK)
Email: sales@marketresearchfuture.com`
Overview and Scope A network switch refers to hardware that relays data from networks to…
Overview and Scope Phytosterols refer to bioactive substances that naturally occur in plants and have…
Overview and Scope Storage and warehouse leasing refers to renting or leasing storage and warehouse…
Overview and Scope A patient-centric healthcare app refers to a mobile application designed to prioritize…
Overview and Scope Sterile compounding pharmacies are specialized pharmacies that prepare customized medications in a…
Overview and Scope Oil and gas sensors are devices or instruments used in the oil…