According to a recent report by Grand View Research, Inc., the global industrial pump
market size is anticipated to reach USD 99.3 billion by 2027, growing at a Compound Annual Growth Rate of 5.9 percent. Technological advancements have led to increased efficiency and this is predicted to bolster the adoption of industrial pumps.
The advancement in technology is anticipated to significantly improve basic process tasks, offer a long-term reduction in daily operating processes, and improve the reliability of the industrial pumps. Moreover, it is predicted to enhance not only product performance but also reduce energy consumption. Therefore, this will augment the product demand in end-use industries which includes water and wastewater, oil and gas, and construction.
Rapid urbanization and industrialization, increasing infrastructure development, are a few of the key factors expected to propel the demand for energy fuels. This in turn has resulted in the growth of the power and oil & gas industries. Growing penetration of centrifugal and positive displacement of industrial pumps in the oil & gas industry is anticipated to augment the industrial pump market growth during the forecast period. Demand for industrial pumps is anticipated to increase in developing economies owing to the growing need for reusable water, which includes countries such as India and China.