Market Size of Asia-Pacific Industrial Pumps Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.90 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Industrial Pumps Market Analysis
The Asia-Pacific Industrial Pumps market is estimated to grow at a CAGR of about 4.9% from 2022 to 2027. Industrial pumps find application in a wide range of industries like water and wastewater, oil and gas, chemicals, food, and beverages and play an important role in moving an assortment of fluids from one location to another.
- In the Asia Pacific, the demand for industrial pumps is driven by increasing investments towards building and construction along with water infrastructure, with consistent expansion in access to water supply and sanitation systems. This has led to an increase in the utilization of pumps across various end-use industries like chemical and wastewater treatment plants and general industries like mining, pulp, paper manufacturing, food and beverages, and power generation.
- As per a recent Radio Free Asia (RFA) report, a new hydropower project is expected to be undertaken on the mainstream of the Mekong River. The USD 2.4 billion projects are being developed by Thailand's Charoen Energy and Water Asia (CEWA) and, if approved, will be built by two South Korean construction companies, Korea Western Power (KOWEPO) and Doosan Heavy Industries & Construction. If approved, the project is scheduled to be completed in 2029. Such developments will propel the demand for industrial pumps.
- Further, the technological advancements in manufacturing and the combination of 3D printing technology with computer modeling is another primary factor driving the market's growth. With the increased adoption of digital solutions such as IoT, data analysis, and network connectivity, the industrial pump market is resorting to digitalization for better water management, identifying faults, and capturing live data with the help of a remote monitoring option.
- The increase in COVID-19 cases in the Asia Pacific region and the consequent restrictions imposed on various activities have severely impacted the industrial pumps market. A decline in pump consumption and the restriction on construction activities hampered the market growth. However, with restrictions easing up, the market is expected to recover in the coming years.
- Over the past couple of years, the rising costs of raw materials such as steel, copper, and aluminum, have pushed up the prices of industrial pumps in the region. However, customers' inclination toward low-cost products might act as a restraint for the market growth.
