Market Size of Commercial Pumps Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.75 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Commercial Pumps Market Analysis
The commercial pumps market is expected to grow at a CAGR of 5.75% during the forecast period (2021 - 2026). Commercial pumps are the major machinery in any manufacturing and commercial operations. The commercial pumps market is highly dependent on irrigation, agriculture, construction, and oil and gas industries. These end-users have a continuous demand for the commercial pump equipment and consist major share of the market.
- The recent introduction of the green buildings concept has transformed the production strategies of many top commercial pump vendors in the market. There have been high research and development activities in the market to produce highly energy efficient and smart commercial pumps.
- Moreover, the increased adaption of IoT will be a major opportunity for a commercial pump market as pumps are going to have more embedded technology and be able to use advanced analytics to optimize themselves for the systems. This requires the modern commercial pumps market to cope up with the requirements. Hence, the commercial pumps market is on the verge of transformation providing an edge over the competitors to those vendors who have the capabilities to manufacture smart and energy efficient commercial pumps.
- However, the high cost of energy- efficient system pumps and fluctuation in the price of raw materials are hindering the growth of the commercial pump market.
