Projected Market Growth
The global industrial pump market is set to witness substantial growth, projecting a CAGR of 4.9% from 2022 to 2031, according to the latest report published by Transparency Market Research (TMR). With an anticipated valuation of US$ 107.6 billion in 2031, the industrial pump market is expected to close at US$ 70.3 billion by 2023.
The surge in industrialization and infrastructure development, particularly in emerging economies, is fueling the demand for industrial pumps in key sectors. These include construction, manufacturing, and water supply. Moreover, the increasing focus on efficient water and wastewater management is propelling the demand for industrial pumps in various industries and municipal water treatment facilities.
Industry Applications and Demand Drivers
Market players operating in the industrial pump sector are actively expanding their product portfolios and market footprints to bolster their leadership. The rising application of industrial pumps in automotive, metal, mining, aerospace, and marine industries is expected to drive market growth during the forecast period. Additionally, the chemical processing industry’s growing demand for industrial pumps for transporting chemicals and raw materials during manufacturing processes is also contributing to the market’s expansion.
Continuous technological advancements and pump design and materials improvements further support the market’s upward trajectory. These advancements enhance pump efficiency, reliability, and performance, fostering replacements and upgrades, which are expected to boost the demand for industrial pumps further.
As the industrial pump market continues to evolve and expand, industry players actively engage in strategic moves to capitalize on emerging opportunities. With a positive outlook for the sector, the global industrial pump market is poised to witness substantial growth in the coming year.