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DESCRIPTION
Industrial Pumps Market Global Size:
The procurement market analysis revealed that the global industrial pumps market is expanding due to the increased use of these pumps in various industries like petrochemicals, oil & gas, chemicals, medicine, healthcare, and more, which caused a market size of $67.73 billion in 2023. Furthermore, as the need for dependable and effective pumping technologies is expanding, a notable increase has been noticed in the pump sector over recent years. Hence, ELINT Market Research anticipated a $80–$90 billion by 2028 at a CAGR of 4–5 percent.
Moreover, following the COVID-19 outbreak, the rising environmental concerns and rigid regulatory standards also drove requirements for refined industrial pumps for efficient handling of water and wastewater. Likewise, as the oil and gas sector grows and new reserves are discovered, makers of pumps now have the chance to meet the demands of the removal, distillation, and transportation operations.
Additionally, modern pump manufacturing companies are focusing on building environment-friendly pumps that help save energy and reduce atmospheric influence. Besides, the growing industrialization in developing countries, construction initiatives, and rising expenditures in green energy present advantageous growth opportunities for industry participants. Further, new opportunities for invention and revenue growth are created by the creation of powerful pumps for critical uses including nuclear power plants and pharmaceutical manufacturing.
Market Definition:
The primary role of industrial pumps is to streamline industrial operations by providing appropriate discharge rates and pressure to transmit fluids and gases. These pumps are essential for preserving industrial innovativeness, guaranteeing appropriate distribution, and maximizing energy use. Also, they make it possible for gases and fluids to be transported between various transportation, utilization, and manufacturing phases. Therefore, extending industrialization and urbanization stand as the biggest factors that drive the need for industrial pumps in the international market.
Industrial Pumps Market Drivers:
- Rising Infrastructure Development –
Constantly rising infrastructural development projects in the world drive massive needs for industrial pumps that help enhance water supply, sewage, air & gas removals from liquids, HVAC systems, and more.
- Demands for Solar Pumps –
Multiple big industries demand sustainable and solar industrial pumps that can help generate energy without harming the atmosphere. Hence, this factor drives massive development in the pump market.
Industrial Pumps Market Challenges:
- Shifts in Raw Material Costs –
The major challenge in the global industrial pump procurement market is fluctuations in the prices of raw materials that restrain market growth.
- Elevated Initial Prices –
Businesses experience a higher level of initial costs particularly to execute large-scale projects because of complications in maintaining industrial pumps.
Industrial Pumps Market Opportunities:
- Development of Different Components of Pumps –
Companies operating in the industrial pump market are trying to improve energy efficiency by developing appropriate components for pumps like speed drives, bends, valves, and pipe designs.
- Recycling of Industrial Pumps –
Businesses are focusing on disposable and recyclable industrial pump components that help reduce environmental impacts and maximize resource rescue.
Industrial Pumps Market Segmentation:
- Key End User Industries –
The procurement report reveals a few major end-user industries that contributed notable shares in the development of the pumps sector in 2022 which include water & wastewater treatment at 25%, construction at 22%, and chemicals at 15%.
- Geographical Segmentation –
Multiple countries emerged as dominant in the global industrial pump industry. High market maturity includes the US, China, India, Germany, and the UK. Furthermore, medium-market maturity nations are Canada, France, Italy, Denmark, Spain, Japan, Korea, and Singapore.
KPIs and Engagement Strategies in the Industrial Pumps Market:
Major KPIs that help buyers and suppliers examine product quality and performance in the international pump market include checking the efficiency of pumps, technology advancement, energy consumption, total life cycle costing, and on-time delivery of goods. These KPIs help both parties to be on the same page.
Moreover, prominent engagement methods of the industrial pump sector say that in an earlier time, pump manufacturers made direct alliances with end-users, and distributors operated as intermediaries. Further, modern methods allow global or regional pump manufacturers to partner with distributors to expand their market presence and enhance customer service.
Price Drivers and Bargaining Power in the Industrial Pumps Market:
Fundamental price drivers of the global industrial pump procurement market that help manufacturing organizations decide appropriate cost structures for products include technology costs, raw material prices, crude oil expenses, and other macroeconomic factors costs. Further, bargaining power for big OEMs (original equipment manufacturers) comprises a substantial 50 percent stake and can influence the total industry revenue.
Impactful Cost Components and Contract Period in the Industrial Pumps Market:
Noteworthy and impact cost components of the global industrial pumps industry that possess significant shares and can influence the overall price layouts include raw materials & labor costs with wages and benefits at 70–80 percent of the total cost. Moreover, stakeholders can employ long-term contracts that last for 3–5 years with price reviews every year.
Key Suppliers in the Industrial Pumps Market:
Leading companies in the global industrial pump market include KSB, SPX, ITT-Goulds, Sulzer, Grundfos, GE, Ebara, Pentair, Flowserve, Weir, All-Flow Pumps & Engineers, Stevco Seals & Pumps Victoria Pty Ltd., White International Pvt Ltd., Asiatic Engineering Co., Classic Engineering Services, ROTINA Enterprises International LTD, Teck Lee Machinery Pte Ltd., Powerking Pump Co Ltd., Standard Group, Admor Pumps, Aqua Pump, Jemimah Limited, Anderson Pumps & Process, Brabazon, OTP Industrial Solutions, D.L. Thurrott, Inc., Springer Pumps, MasterFlo Pump, Inc., F.W. Webb Pump, Phoenix Pump Inc, Pumping Solutions, Pyramid Pumps, DXP, BSI Mechanical, Fluid Pumps Ltd., All Pump Direct, Bombasazcue, PHA SAS, Tri Ark Limited, Motelca, Multi Pump Distribution, TSS Rotterdam B.V., Busch Vakuum S.R.O., Tri Ark Limited, Fluid Pumps Ltd., Tetralon, All Pumps, SA de CV, Mega Flux, Equi-Pump SA de CV, Pinto Glavich Ingenieria Y, Equipos Tecnicos Internacional, TechFluid S.A.C, Alfa Delta, Hidrostal, Rooks Oilfield and Engineering Supplies Ltd., Engineered Parts and Services Inc.
