Top Emerging Trends Of Pumps Market Progress Forecast 2027Posted by Mrudula Karmarkar on December 21st, 2021 The global pumps market size is expected to reach USD 125.95 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.6% from 2020 to 2027. Rising demand for pumps across various end-use industries, such as oil & gas, construction, chemical, and water & wastewater, is anticipated to augment growth. The demand for pumps is driven by heavy investments in modernizing irrigation systems in developing countries, such as India, Brazil, Thailand, and South Africa. In addition, the development of pump systems and other agricultural machinery with sensors, for the adoption of smart farming practices, for real-time monitoring of crop development is expected to drive market growth. The U.S. Department of Energy (DOE) released new energy conservation standards for pumps in June 2016, related to the governing of the energy efficiency of pumps, resulting in the replacement of old pumps with new ones as per standards. This is leading to various technological innovations for making energy-efficient pumps, thereby complementing market growth. The global pumps market is highly competitive and relies on technological developments and product improvements. The manufacturers are focused on attaining application development to gain a competitive advantage. The local players in the Asia Pacific pose a significant threat to multinational companies with respect to pricing and product quality. The market is expected to grow significantly in the U.S., owing to the rapidly growing construction sector in the country, coupled with renovation in the water treatment activities in old residential and commercial complexes. In addition, significant growth in offshore and onshore exploration activities in the oil & gas sector is expected to augment product demand.The increasing demand for crude oil globally for facilitating the production centers, overseas logistics, and domestic transports is expected to heighten the offshore and onshore exploration activities. The aforementioned trends are anticipated to promote the requirement of pumps capable of handling subsea pressures and providing utility functions. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/6684/ibb The demand for pumps in the chemical industry is expected to grow worldwide, with innovations, such as resistance towards corrosion in chemical transfer systems, chemicals like sulfuric acid (H2SO4), and sodium hypochlorite (NaOCl). Manufacturers are also introducing innovative safety features, such as leak detection pressure switches and backup diaphragms, to deal with hazardous risks to surrounding during chemical operations. Pump Market Report Highlights
Key pump manufacturers, such as Grundfos Pump Corp. and Xylem Inc., are partnering with industry players from the construction, chemicals, and water treatment industries for the development of customized pumps as per consumer needs. Companies focus their marketing strategies on increasing sales and targeting specific applications to exploit their competitive strengths. Grand View Research has segmented the global pumps market on the basis of product type, application, and region: Pump Product Type Outlook (Revenue, USD Billion, 2016 - 2027)
Pump Application Outlook (Revenue, USD Billion, 2016 - 2027)
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