Global Industrial Pumps Market Size

Industrial Pumps Market Analysis

The global industrial pumps market is expected to grow at a CAGR of 4.7% during the forecast period, 2022-2027. The rising demand for high-energy efficiency pumps, the growing focus on wastewater management systems, and strong industrialization growth prospects are key factors propelling the market over the forecast period.

• Industrial pumps are primarily used in harsh or heavy-duty applications. Growing exploration activities in the oil and gas sector because of the escalating energy demand and the increasing emphasis on upgrading existing wastewater treatment plants contribute to market growth. This could be due to the limited availability of potable water, raising awareness about the harmful impacts of drinking contaminated water, and growing environmental concerns.
• India is planning to derive 40% of its energy from renewable sources by 2030, which is at 15% currently. To achieve these energy manufacturing goals, manufacturers, with the government's help, are making significant investments in the market studied. For instance, the Union Budget 2022-23 emphasized inclusive growth and welfare. The PM Gati Shakti plans to provide world-class modern infrastructure and logistics synergy for the growth and development of the country. For the pump industry, an increased share of domestic procurement in defense and additional allocation of PLI for high-efficiency solar module manufacturing would benefit the respective manufacturers of pumps.
• The market is also witnessing various partnerships and collaborations among various vendors that is augmenting the market growth. For instance, in June 2022, Flowserve Corporation, a leading provider of flow control products and services for global infrastructure markets, announced a contract to supply pumps to TMGcore, Inc., a Texas-based leading provider of high-performance computing solutions specializing in liquid immersion cooling technology.
• Additionally, a primary boiler feed water pump, BFP (RHD-350), and Booster Pump-BP (YNK 350-620) were supplied by the pump manufacturer KSB Ltd in April 2021 to the Nuclear Power Corporation of India Ltd. (NPCIL). By creating the pump for the 700 MW Indian Pressurized Heavy Water Reactors (PHWRs) and adding it to its product line, which already includes a variety of pumps for nuclear application, KSB Ltd. achieved a significant milestone.
• Demand in the industrial sector was noticeably lower during the COVID-19 outbreak and the ensuing lockdown. The entire industrial manufacturing capacity was decreased, and the consumer sectors were consolidated in 2020 and 2021 due to the closure of smaller companies and organizations with a rather precarious financial state. For instance, the decreased demand for pumps from end-users caused Flowserve Corporation, one of the largest manufacturers of industrial pumps, to see a significant decline in operating income from USD 387 million to USD 250 million.