Rising demand for pumps with high energy efficiency, increasing focus on wastewater management systems, and strong growth prospects of industrialization are key factors driving the market during the forecast period. In this article, we shall learn about the everchanging industrial pump market analysis, its growth, impact during the pandemic, and forecasts.
- Growing exploration activities in the oil and gas sector due to rising energy demand and the increasing importance of upgrading existing wastewater treatment plants contribute to market growth. It could be attributed to the limited availability of potable water, increasing awareness about the harmful effects of consuming contaminated water, and growing concern for the environment.
- India plans to generate 40% of its energy from renewable sources by 2030, compared to 15%. To achieve these energy generation goals, manufacturers, with the government’s help, are making significant investments in the market under study. For example, the Union Budget 2022-23 emphasized inclusive growth and welfare. PM Gati Shakti plans to provide world-class modern infrastructure and logistical synergies for the country’s growth and development. For the pump industry, a higher share of domestic defense procurement and additional PLI allocation for high-efficiency solar panels would benefit the respective pump manufacturers.
- The market is also witnessing various partnerships and vendor collaborations, boosting market growth. For instance, Flowserve Corporation, a leading provider of flow control products and services to global infrastructure markets, announced a contract in June 2022 to supply pumps to TMGcore, Inc, a Texas-based leading provider of high-performance computing solutions specializing in liquid cooling technology.
- In addition, a primary boiler feedwater pump was supplied by pump manufacturer KSB Ltd. to Nuclear Power Corporation of India Ltd. (NPCIL) in April 2021. By developing the pump for India’s 700 MW pressurized heavy water reactors (PHWR) and adding it to its product range, which already includes a variety of pumps for nuclear applications, KSB Ltd. has reached an important milestone.
- Demand in the industrial sector was noticeably lower during the outbreak of COVID-19 and the subsequent lockdown. All industrial production capacity was reduced, and the consumption sectors were consolidated in 2020 and 2021 through the closure of smaller companies and organizations with a more precarious financial situation.
- For example, reduced end-user pump demand led to a significant drop in operating profit from $387 million to $250 million at Flowserve Corporation, one of the largest manufacturers of industrial pumps.
Industry Segments for Industrial Pumps
Industrial pumps are mechanical devices used to move various liquids such as oil, water, sludge, manure, chemicals, petroleum, and wastewater from one place to another. They are available in multiple sizes, shapes, and configurations based on their manufacturer’s fluid applications and materials.
The global industrial pumps market is segmented by type (positive displacement pumps (diaphragm, reciprocating, gear, rotary, eccentric screw, screw, impeller, peristaltic), centrifugal pumps (axial, radial, mixing), by end-user industries (oil & gas, chemical, food & beverage, waste & wastewater, pharmaceutical, metals & mining, construction), and by geography.
Market Trends for Industrial Pumps
This section covers the key market trends that our research experts believe are shaping the industrial pumps market:
Water and Wastewater to hold a Major Share
- Water and wastewater treatment companies tend to be the largest energy consumers, consuming, on average, 30 to 40% of total energy consumption. It implements energy efficiency measures in water sector systems, an inevitable option. In addition, EPA estimates that 3 to 4% of U.S. electricity consumption is used to provide citizens with clean drinking water and wastewater.
- Governments are making various investments in the regions to improve water infrastructure. For example, in November 2021, the President of the United States signed the Infrastructure Investment and Jobs Act (IIJA), which provides $1.2 trillion for infrastructure in the United States, including $55 billion for water pipeline upgrades and investments in clean drinking water and water recycling programs.
- In addition, China has published new wastewater reuse guidelines that will increase the percentage of wastewater that must be treated according to reuse standards to 25% by 2025. This is further evidence of the country’s drive to move from capacity expansion to a greater emphasis on the quality of treated wastewater. As part of this effort, China plans to build and upgrade 80,000 km of wastewater collection pipelines over the next five years.
- In March 2022, Flowserve Corporation announced its partnership with Gradiant to solve the most challenging water and wastewater treatment problems. Gradiant designs and supplies advanced water and wastewater treatment equipment worldwide, while Flowserve Corporation provides flow control products and services to global infrastructure markets.
- According to a survey by the American Water Works Association (AWWA), renewing and replacing aging water and wastewater systems is the most crucial issue facing the water sector. 65.2% of respondents agreed with this question.
The Asia Pacific will hold a Significant Market Share.
Demand for industrial pumps in the region is driven mainly by increasing investment in water infrastructure and expanding access to water supply and wastewater systems. This has led to increased use of pumps in several end-use industries, such as chemical and wastewater treatment plants, as well as general industry, including mining, food and beverage, pulp and paper, and power generation.
- The rising number of COVID-19 cases in Asia Pacific and the resulting restrictions on various activities have significantly impacted the industrial pump market in the region. The decline in consumption of pumps, coupled with limitations in construction activities, hampered the market growth. However, the market is expected to recover in the coming years as restrictions are eased.
- With increasing industrialization, urbanization, and growing energy demand, the need for minerals will also increase in the coming years, encouraging the adoption of industrial pumps in the Asia-Pacific region.
- November 2021 – Atlas Copco announces to completion of the acquisition of the Indian company HHV Pumps. The company is involved in designing and manufacturing vacuum pumps and systems for applications in various industries, including chemical, pharmaceutical, and electrical power.
Competitor Market Analysis for Industrial Pumps
The global industrial pump market is witnessing an increase in competition among companies. The market has several major players, such as Atlas Copco and The Weir Group PLC. However, with the increasing technological innovations, many organizations are making their presence felt by obtaining contracts and entering new markets.
- June 2021 – Ingersoll Rand Inc, a global provider of mission-critical flow generation and industrial solutions, announced the acquisition of positive displacement pump manufacturer Seepex GmbH for €431.5 million.
Recent Progress in the Industrial Pumps Sector
November 2021 – Kirloskar Brothers Limited (KBL), a centrifugal pump manufacturer, has been granted a double-suction concrete spiral pump unit patent. This patent will help the company offer its spiral concrete pumps with lower immersion, resulting in lower customer excavation costs.
The Bottom Line
The industrial pump market continues to experience significant growth due to the increasing demand for efficient fluid transport in various industries, such as oil and gas, water treatment, and chemical processing. Market players are innovating their products to meet customers’ specific needs, leading to the development of advanced pump technologies that offer improved efficiency and durability.
Digitization has enabled pump manufacturers to enhance their service offerings by providing real-time monitoring and maintenance services. However, as the demand for industrial pumps continues to grow, market players need to keep pace with the latest technologies and trends to remain competitive and meet customers’ evolving needs.
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