Report Description Report Description and Highlights

Global Industrial Pumps Market Trends :

The global market is primarily driven by significant growth across the oil and gas industry. This is supported by the increasing exploration activities on the global level. Additionally, the rising utilization of centrifugal pumps for biochemical processes is acting as a major growth-inducing factor. Furthermore, the growing number of petrochemical plants across numerous countries are impelling the market growth. In addition to this, the widespread adoption of industrial pumps in wastewater management and the increasing utilization of submersible pumps for pumping excess water in the construction sites are positively influencing the market growth. Moreover, various technological advancements are providing a boost to the market growth. In line with this, the integration of the Internet of Things (IoT) with the manufacturing process of industrial pumps for reducing human interference is creating a positive outlook for the market. Other factors, including rapid industrialization, continuous product innovations and extensive research and development (R&D) activities conducted by key players, are further contributing to the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 83.4 Billion by 2027, growing at a CAGR of 6.1% during 2022-2027.

Looking forward, the market value is projected to reach a strong growth during the forecast period (2022-2027).