Global pumps market set to reach $79.01 billion by 2029 with a 5.2% CAGR
From GlobeNewswire: 2025-01-08 20:00:00
The global Pumps Market is set to grow from USD 61.32 billion in 2024 to USD 79.01 billion by 2029, with a CAGR of 5.2%. Key growth drivers include the adoption of smart and IoT-enabled pumps, energy-efficient pumps, and increased investment in infrastructure in developing regions, particularly in Asia-Pacific and the Middle East.
The report on the Pumps Market includes detailed information on market size, growth projections, segments covered by type, operation, end user, and region. Key geographic regions covered include North America, Europe, Asia Pacific, Middle East & Africa, and South America. Key market players include Holding A/S (Denmark), Xylem (US), Flowserve Corporation (US), KSB Limited (India), and Sulzer Ltd (Switzerland).
Rotary pumps, known for their efficiency in handling viscous fluids, hold a significant market share in the global Pumps Market. Mechanical pumps, particularly non-electric options like manual or solar-powered, are gaining traction in industries with limited electricity availability or high energy efficiency requirements. These pumps are used in sectors like oil & gas, mining, and agriculture.
Europe holds the second-largest market share in the global Pumps Market due to its industrial base, stringent environmental regulations, and focus on energy efficiency. The region’s demand for sustainable pumping solutions in industries like chemicals, pharmaceuticals, and water treatment is driving the adoption of advanced pump technologies. Extensive investment in infrastructure modernization further supports Europe’s position in the market.
Key players in the Pumps Market, including Grundfos Holding A/S, Xylem, Flowserve Corporation, KSB Limited, and Sulzer Ltd, are implementing diversified strategies to maintain a competitive advantage. Recent developments in the industry include new service station openings, product launches, acquisitions, and partnership agreements to expand market presence and offer innovative solutions.
Read more at GlobeNewswire: Pumps Market Size to Reach $79.01 Billion, at a 5.2% CAGR