Industrial Pumps Market Overview 2030
The global industrial pumps market, valued at $55.8 billion in 2020, is projected to reach $86.3 billion by 2030, growing at a CAGR of 4.3% from 2021 to 2030. Industrial pumps, used in industries like water & wastewater, oil & gas, food & beverages, and chemicals, regulate and control the flow of liquids, gases, and slurries. These pumps, made from materials like stainless steel and high-functioning alloys, consist of a main body, stem, and seat, often using polymers or metals to prevent liquid wastage.
The market is driven by rising demand in petrochemicals, pharmaceuticals, and oil & gas, the latter being the largest consumer across downstream, midstream, and upstream applications. North America’s demand fuels imports, while growth in food & beverage processing in developing nations like Brazil and India supports the agriculture sector, boosting pump demand. However, challenges include U.S. tariffs on steel (25%) and aluminum (10%) effective from February 2020, which increased manufacturing costs, and fluctuating raw material prices. The COVID-19 pandemic disrupted production and sales due to lockdowns in countries like the U.S. and Italy, though recovery is underway.
The market is segmented by type (centrifugal leading in 2020), position (non-submersible), driving force (electrical-driven), and end-user (general industry). Asia-Pacific held the largest share in 2020 and is expected to grow fastest. Key players like Flowserve Corporation, Grundfos, and Xylem adopt strategies like acquisitions—e.g., Crane Co.’s 2019 acquisition of Circor International—to expand their foothold. Technological innovation offers growth opportunities, despite challenges, with power generation expected to grow at a 4.9% CAGR.