Pumps Market

Pumps Market Size

The global Pumps Market size was valued at USD 61.62 billion in 2023 and is projected to grow from USD 63.92 billion in 2024 to USD 85.81 billion by 2031, exhibiting a CAGR of 4.30% during the forecast period.

The ongoing industrialization and rapid infrastructure development across emerging economies are significantly contributing to the growth of the pumps market. Expanding sectors such as manufacturing, construction, and utilities require reliable fluid management solutions. Pumps are essential in maintaining efficient operations for processes such as water treatment, fluid transfer, and cooling systems.

In the scope of work, the report includes products offered by companies such as Ingersoll Rand, Xylem. Sulzer Ltd, KSB SE & Co. KGaA, EBARA CORPORATION, Flowserve Corporation, The Weir Group PLC, Grundfos Holding A/S, Baker Hughes Company, Pentair, and others.

The expansion of the global supply chains and logistics networks is increasing the demand for pumps, particularly in industries such as food and beverage, pharmaceuticals, and chemicals. Pumps are used extensively in fluid transfer, packaging, and manufacturing processes within these industries. As international trade and production volumes rise, the need for efficient fluid handling systems to support operations intensifies.

A pump is a mechanical device designed to move liquids, gases, or slurries from one location to another by increasing the pressure of the fluid. It converts mechanical energy into fluid energy through mechanisms such as rotary motion, reciprocating action, or diaphragm movement.

Pumps are essential in numerous industries, including water supply, oil and gas, chemical processing, and HVAC systems. Common types include centrifugal, positive displacement, and diaphragm pumps, each suited for specific applications based on fluid properties, flow rates, and pressure requirements. They are crucial for maintaining consistent fluid movement across systems.

Analyst’s Review

The pumps industry is undergoing significant transformation, characterized by advancements in technology. The adoption of energy-efficient systems, automation, and smart monitoring capabilities is enhancing pump performance, reliability, and operational efficiency.

• In September 2024, Kirloskar Brothers Ltd. launched an upgraded version of its IoT-based pump monitoring system, KirloSmart. This innovative technology allows users to remotely track and diagnose pump performance, providing real-time data without the need for manual checks. It proactively predicts potential issues and sends alerts, ensuring pumps operate efficiently while minimizing the risk of damage or failures.

Leading manufacturers are prioritizing the development of pumps with reduced energy consumption, lower maintenance costs, and extended lifespans to meet the evolving needs of end-users. These innovations align with the increasing demand for sustainable and cost-effective solutions across industries, enhancing product versatility and addressing complex industrial requirements, thereby fostering market expansion.

Pumps Market Growth Factors

Effective water management is becoming increasingly crucial due to rising global water scarcity and population growth. Pumps are integral to various water management applications, including water supply, wastewater treatment, and irrigation. The demand for pumps is growing as urban areas expand and agricultural activities intensify, requiring efficient solutions for water distribution and waste treatment.

The global demand for energy, coupled with ongoing oil and gas exploration and production, is propelling the expansion of the pumps market. Pumps are essential in the extraction, transportation, and refining of crude oil, natural gas, and related products.

• The International Energy Agency's 2024 report forecasts a global gas demand increase exceeding 2.5% in 2024, with a similar trend anticipated in 2025. North America is expected to account for the majority of new capacity, with Africa and Asia also contributing. LNG supply is set to grow by nearly 6%, supported by several major LNG projects launching in the latter half of 2025.

Furthermore, governments globally are enforcing stringent policies on water conservation, energy efficiency, and environmental impact reduction. This has increased demand for pumps engineered to optimize energy usage and minimize emissions, particularly in sectors such as water treatment, waste management, and chemical processing. As industries align with these regulatory standards, eco-friendly and high-efficiency pump solutions are becoming indispensable.

• In September 2024, Grundfos introduced cutting-edge pump solutions aimed at enhancing energy efficiency and supporting net-zero emissions targets. Specifically designed for Zero Liquid Discharge (ZLD) applications, these solutions address the textile industry’s challenges in managing water resources and effluent treatment.

This regulatory shift is a critical factor contributing to the expansion of the pumps market, underscoring the industry's alignment with sustainability objectives.

However, high initial cost of advanced pumps and associated installation expenses is restraining the growth of the market. These pumps, designed for energy efficiency and specialized applications, often require substantial upfront investments, making them less accessible for smaller enterprises or industries with limited budgets.

To address this challenge, companies are focusing on offering cost-effective solutions, such as energy-efficient models that reduce long-term operational costs. Additionally, manufacturers are offering financing options, maintenance packages, and modular systems to enhance affordability and appeal to a broader customer base.

Pumps Industry Trends

The global rise in agricultural activities, particularly in developing regions, is emerging as a notable trend in the pumps market. Modern farming practices require efficient irrigation systems to meet increasing food production demands. Pumps are critical for water supply, irrigation, and drainage in agricultural applications.

The adoption of advanced pumping solutions for precision irrigation enables water conservation and improved crop yields. As agriculture modernizes, the demand for reliable, high-performance pumps is increasing, aiding the expansion of the market in regions heavily dependent on agriculture.

The expansion of the chemical and petrochemical industries is creating a strong demand for pumps.

• According to estimates from the Ministry of Petroleum in January 2024, India’s chemical and petrochemical industry is expected to grow to around USD 300 billion by 2025, with the demand for petrochemicals projected to triple to USD 1 trillion by 2040.

These industries rely heavily on pumps for fluid transfer, processing, and circulation in their manufacturing processes. As the demand for chemical products such as fertilizers, plastics, and pharmaceuticals increases, the need for high-performance pumps that can handle complex, hazardous fluids is rising. The continuous expansion of these industries, especially in emerging markets, is bolstering the expansion of the pumps market as companies seek reliable fluid handling solutions.

Segmentation Analysis

The global market has been segmented based on product type, application, and geography.

By Product Type

Based on product type, the market has been segmented into centrifugal pump and positive displacement pump. The centrifugal pump segment led the pumps market in 2023, reaching a valuation of USD 40.05 billion.

Centrifugal pumps are widely used in industries such as water treatment, oil and gas, chemical processing, and power generation, offering reliable and cost-effective fluid transfer solutions. Their ability to handle varying flow rates, low maintenance requirements, and ease of operation makes them the preferred choice for both small-scale and large-scale applications.

Furthermore, advancements in design and materials have enhanced their performance and energy efficiency, leading to their growing demand and reinforcing their dominance.

By Application

Based on application, the market has been classified into agriculture, construction and building services, water and wastewater, power generation, oil and gas, chemical, and others. The water and wastewater segment is poised to witness significant growth, recording a CAGR of 4.83% through the projection period, due to increasing global water scarcity and the growing need for efficient water management systems.

Municipalities and industries are investing heavily in water treatment, distribution, and wastewater management infrastructure. Pumps play a critical role in ensuring reliable water supply, wastewater disposal, and treatment processes.

Additionally, regulatory pressure for environmental sustainability and the need for energy-efficient solutions propel the demand for pumps. The focus on improving water quality, reducing waste, and supporting urbanization further boosts the growth of the segment.

Pumps Market Regional Analysis

Based on region, the global market has been classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.

The North America pumps market accounted for a notable share of around 37.25% in 2023, with a valuation of USD 22.95 billion. The expansion of manufacturing and industrial facilities in North America, supported by increasing investments in infrastructure, is contributing significantly to this growth.

The growing demand for pumps in sectors such as oil and gas, construction, and chemical processing is fueled by the need to support fluid transfer and system efficiency. Additionally, the modernization of water supply and wastewater management systems is stimulating regional market growth.

Furthermore, the presence of leading pump manufacturers and their robust supply chain networks are propelling regional market growth. Several global players have established a strong regional presence, ensuring consistent product availability and after-sales services. They are investing heavily in facility expansions and local production to meet the growing demand in various sectors, including oil and gas, water treatment, and construction.

• In April 2024, Sulzer launched new pump production lines in Easley, South Carolina, USA, following an investment of over USD 11.1 million to enhance its advanced manufacturing capabilities. This expansion reinforces Sulzer's supply chain partnerships in the U.S. and aligns its product portfolio with the Build America Buy America Act (BABA).

Strategic partnerships and the expansion of distribution networks are enhancing supply chain efficiency. The emphasis on localized production and streamlined logistics is bolstering the growth of the North America market.

Asia Pacific pumps market is set to grow at a CAGR of 5.30% through the projection period. The rise of smart cities in China, India, and Southeast Asia is generating a robust demand for pumps in water management, energy distribution, and building systems. Pumps are critical for HVAC systems, plumbing, and drainage in modern urban infrastructure.

Moreover, the region’s growing population is increasing pressure on water resources. Municipalities are expanding water supply networks and wastewater treatment facilities, further fueling demand for advanced pumping solutions to ensure efficient and reliable water distribution.

Competitive Landscape

The global pumps market report will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions.

Strategic initiatives, including investments in R&D activities, the establishment of new manufacturing facilities, and supply chain optimization, could create new opportunities for market growth.

List of Key Companies in Pumps Market

• Ingersoll Rand
• Xylem
• Sulzer Ltd
• KSB SE & Co. KGaA
• EBARA CORPORATION
• Flowserve Corporation
• The Weir Group PLC
• Grundfos Holding A/S
• Baker Hughes Company
• Pentair

Key Industry Developments

• July 2024 (Acquisition): Flowserve Corporation acquired the intellectual property and ongoing R&D for cryogenic Liquefied Natural Gas (LNG) submerged pump technology, systems, and packaging from NexGen Cryogenic Solutions, Inc., an Arizona-based company specializing in the design, engineering, and testing of LNG pumps and turbines.
• June 2023 (Expansion): KSB SE & Co. KGaA expanded its MegaCPK pump series by introducing nineteen additional sizes. With 55 sizes and over 78 hydraulic systems now available, this expansion is anticipated to expand the company's product offerings for the Infrastructure Application (HDD) industry.

The global pumps market has been segmented as:

By Product Type

• Centrifugal Pump
• Positive Displacement Pump

By Application

• Agriculture
• Construction and Building Services
• Water and Wastewater
• Power Generation
• Oil and Gas
• Chemical
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • U.K.
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America