What is the industrial pumps?
Industrial pumps refer to mechanical equipment utilized to transfer various fluids, including slurry, chemicals, petroleum, oil, sludge, wastewater, etc., from one location to another. They are primarily available in numerous shapes, sizes, and configurations based on liquid applications and materials used during their manufacturing. For instance, positive displacement (PD) pumps are preferred in automotive transmission systems to move high viscosity fluids, while centrifugal pumps are utilized in chemical plants for low-viscosity fluids. They are also used in process operations that require high hydraulic pressure.
Industry Growth Drivers and Trends:
The expanding exploration and production activities in the oil and gas sector are primarily driving the industrial pumps market. Additionally, the growing emphasis on upgrading existing wastewater treatment plants, elevating environmental concerns, and the rising awareness towards the consumption of safe drinking water, are also propelling the global market. Moreover, industrial pumps are utilized in various sizes and shapes in the power industry for circulation, boiler feed, sludge handling, etc.
Additionally, several leading manufacturers are adopting innovative strategies and focusing on mergers and acquisitions (M&A) to expand their consumer base. This, in turn, is expected to bolster the industrial pumps market in the coming years.
How big is the industrial pumps market?
The global industrial pumps market size reached US$ 64.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 87.3 Billion by 2028, exhibiting a growth rate (CAGR) of 5.9% during 2023-2028.
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Competitive Analysis and Segmentation:
Top Manufacturers in the Industrial Pumps Market:
- Dover Corporation
- Ebara Corporation
- Flowserve Corporation
- Grundfos Holding A/S
- ITT Inc.
- Iwaki Co. Ltd.
- KSB SE & Co. KGaA
- Schlumberger Limited
- SPX Flow Inc.
- Sulzer Ltd.
- The Weir Group PLC
- Vaughan Co. Inc.
- Xylem Inc.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Product:
- Centrifugal Pump
- Positive Displacement Pump
- Others
Breakup by Distribution Channel:
- Online
- Offline
Breakup by Application:
- Oil and Gas
- Chemicals
- Construction
- Power Generation
- Water and Wastewater
- Others
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
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