Market Size of Industrial Pump Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.23 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Industrial Pumps Market Analysis
The industrial pump market is estimated to be at USD 65.23 billion by the end of this year and is projected to reach USD 80.24 billion in the next five years, registering a CAGR of 4.23% during the forecast period.
- Over the medium period, factors like the increasing demand for power, oil, and gas projects are expected to create demand for industrial pumps during the forecast period.
- On the other hand, stringent government regulations and policies to reduce carbon emissions will likely hurt the oil and gas industry, restricting market growth.
- Nevertheless, the technological development, which has rendered deepwater and ultra-deepwater exploration feasible and cost-effective, is expected to increase oil production over the forecast period. It can provide an opportunity for market growth during the forecast period.
- Asia-Pacific was the dominant region in the market in 2022, owing to factors like increasing industrialization, population, and refining capacity.
