Insights into Growth Projections and Market Trends
A recent report by Allied Market Research has projected that the global industrial pumps market will reach $86.3 billion by 2030. It is expected to grow at a CAGR of 4.3% from 2021 to 2030. According to the study, the market size was valued at $55.8 billion in 2020, with Asia-Pacific dominating the market. It accounted for a significant share of 43.10% in terms of revenue.
The report analyzes the global industrial pumps market across North America, Europe, Asia-Pacific, and LAMEA. Throughout the study period, Asia-Pacific is expected to maintain the largest market share and experience the fastest growth rate.
Key trends driving the industrial pumps market include a focus on energy efficiency, digitalization, remote monitoring, and rising demand from water and wastewater treatment facilities.
Allied Market Research’s analyst highlighted that the industrial pumps market is a critical component of various industries, enabling efficient fluid transportation and supporting essential processes. As industries strive for energy efficiency, sustainability, and improved productivity, the demand for advanced and reliable industrial pumps continues to grow.
The analyst further emphasized that staying up to date on the latest trends and technological advancements in the industrial pumps market is crucial for businesses to optimize operations, reduce costs, and ensure smooth production processes.