Global industrial pump market is projected to witness a CAGR of 4.55% during the forecast period 2024-2031, growing from USD 57.63 billion in 2023 to USD 82.29 billion in 2031. The market thrives at a strong growth rate due to a wide range of applications and the advent of efficient motors. Industrial pumps have a wide application range comprising their core and additional usages. The expanding construction businesses and higher demand for wastewater plants have increased the utilization of industrial pumps.
Industrial pumps have evolved over the years and have become more efficient, powerful, and technologically advanced. Whether digitizing the pumps through integrating the Internet of Things (IoT) or enhancing efficiency and control, the key market players are working on each aspect of the industrial pump. The market for industrial pumps is leading the way in technological developments which are influencing its future. These developments transform the sector, from using digital twins and AI-powered optimization to efficient motors and higher capacity. The increasing need for sustainable, dependable, and effective pumping solutions leads producers and operators to consider these trends and adjust to the ever-shifting market.
Among these trends in the industrial pump market, sustainable pumping has brought the option of solar water pumps. The environmentally friendly alternative requires less labor and maintenance while becoming the leading trend in the market. Government authorities across the globe are installing solar-powered pumps to save electricity and deliver sustainable technology to farmers.
For instance, in February 2024, in a written response to a question asked in Lok Sabha, India’s Union Minister of Power and New and Renewable Energy announced that over 295,000 standalone off-grid solar water pumps have been installed across India under Component B of the PM-KUSUM scheme for farmers. The statement emphasizes the advancements made since 2019, from the start of Pradhan Mantri Kisan Urja Suraksha Evam Utthaan Mahabhiyan (PM-KUSUM) flagship program.
Integration of Variable Speed Drives and Artificial Intelligence to Fuel Market Growth
A highly energy-efficient pump is possible with lower energy waste and enhanced motor control. The adoption of variable-speed flow controllers by variable frequency drive is another leading growth factor as it makes the industrial pump more efficient. Pumps are usually operated at a fixed speed, producing steady flow rates independent of demand. Nevertheless, the method frequently results in wasteful energy use and inefficiency. Pumps can alter their speed in response to the needed flow rate with the help of variable speed flow controllers or variable speed drives (VSDs), which save a substantial amount of energy. Operators can minimize power usage and maximize performance by coordinating the pump’s output with the demand. For instance, in April 2024, ABB Ltd. launched an innovative solar drive for sustainable water pumping. Utilizing renewable solar energy, the new ACQ80 variable speed drive (VSD) provides water for irrigation and water utility supply, among other uses. The drive’s maximum power point tracking (MPPT) circuitry ensures that the solar panel’s maximum power output is uninterruptedly extracted for optimal pump performance.
The artificial intelligence (AI) algorithm helps maintain energy usage. AI continuously adjusts pump operation for optimal efficiency and cost savings by analyzing energy cost information, production schedules, and system limitations.
3D Modelling and Expanding Pump Facilities to Fuel the Global Market
The design and optimization process in the industrial pump sector has been completely transformed by 3D modeling. Engineers may envision various configurations, evaluate performance, and find any problems before manufacturers by building virtual models of pumps. It enables quick iteration and improvement while cutting down on the time and expense of the physical prototype. While 3D modeling delivers an enhanced structure to the pump, adding augmented reality and virtual reality helps the industrial pump transform its maintenance. These technologies provide huge advantages in terms of effectiveness, safety, and efficiency.
The rising urbanization and expansion of industries have led to the origin of new pump services, allowing industries to test the pumping facilities. For instance, in March 2024, Sulzer Ltd. launched a new high-performance pump facility in Mexico. Mexico’s brand-new test and assembly facility was constructed next to its current pump production site. The brand-new, cutting-edge building has a digital monitoring system, a packaging area specifically designated for huge pumps, and a 10-meter-deep hydraulics test bed.
Higher Investment and Rising Demand for Water Treatment Facilities to Fuel Segmental Growth
Based on application, the water and wastewater segment holds a significant market share. With the water crisis across major parts of the world and government authorities focusing on wastewater management, it is expected to adopt industrial pumps on a larger scale. Governments are heavily investing in clean-water programs. For instance, in February 2024, the United States government declared its plan to invest USD 6.0 billion in wastewater and clean drinking water infrastructure. In addition, the nation’s water rules are governed by environmental acts created by the United States government, such as the Safe Drinking Water Act (SDWA) and the Clean Water Act (CWA).
Rapid urbanization has led to the higher adoption of submersible and hydraulic pumps for groundwater pumping. New residential spaces and commercial sites require constant water availability, and hence, the adoption rate of industrial pumps can be witnessed.
For instance, in January 2024, Grundfos Holdings A/S launched a new SP 6-inch hydraulic pump for higher energy saving. The next-generation stainless-steel submersible pump is made for residential and municipal water systems. Capable of operating at temperatures up to 140°F, making it suitable for a wide range of applications.
Asia-Pacific Dominates Global Industrial Pump Market Share
Expanding industrial operations across emerging economies, such as China and India, are adopting industrial equipment at a larger scale. With the government building wastewater plants and setting up new oil rigs and refineries, the industrial pump market in the region is anticipated to expand. The rise in different industries, such as oil, gas, chemical, power generation, and pharmaceuticals, and the need for efficient pumping gadgets are pushing the Asia-Pacific industrial pumps market. Technological developments in the sector involve digital solutions, including IoT, data analysis, and network connectivity, which improve pump efficiency. The local pump manufacturers are launching pumps for global operations. For instance, in April 2023, Kirloskar Brothers Ltd., a leading pump manufacturing company in India, launched its new DBxe Pump. With high performance and greater efficiency by DBxe pump, the design aims to offer exceptional value and top-notch features that satisfy the minimum efficiency index globally.
Future Market Scenario (2024 – 2031F)
1. Digitization of industrial spaces and the addition of sustainable practices in industries are expected to fuel market growth.
2. Industrial pumps are increasingly integrated with digital technologies such as IoT, data analytics, and automation to enhance efficiency, reduce energy consumption, and improve maintenance.
3. Due to increasing industrialization and infrastructure development, emerging economies, such as Asia Pacific and Latin America, are expected to drive the growth of the industrial pumps market.
4. The increasing adoption of renewable energy sources, such as solar and wind power, is expected to create new opportunities for industrial pumps in the power generation sector.
Report Scope
“Industrial Pump Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global industrial pump market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
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