Without pumps, we can’t imagine few industries like agriculture, crude oil related industries, water, chemical and power generation etc and the pump manufacturing industry is a promising industry with rapid growth in recent years with market share of good numbers. A per the reports, the Pump market in India will get growth in the revenue which is expected to be 7 percent during the period of 2021-2026.
Along this the world’s pumps’ market is estimated to be 60.21billion USD worth and it is expected to have growth of 3.9 percent compound annual growth rate (CAGR) from 2021-2028. These Industrial pumps are manufactured in numerous sizes, shapes and capacities.
They are extensively used in the power industry in various processes. The growth of the chemical industry is expected to have a positive impact on product demand over the forecast period. In global market, the U.S has the major share on both using and manufacturing.