Global pumps market value set to increase from $61.32 billion to $79.01 billion by 2029
From GlobeNewswire: 2025-03-10 21:30:00
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%. Factors driving this growth include rapid industrialization, urbanization, and infrastructure development, particularly in emerging markets like Asia-Pacific and the Middle East. The rising demand for water and wastewater treatment is also contributing to market expansion, along with the adoption of energy-efficient and IoT-enabled smart pumps. Companies like Grundfos Holding A/S, Xylem, and Flowserve Corporation are leading the way with innovative and sustainable solutions.
Electric pumps dominate the global pumps market due to their efficiency, reliability, and versatility in various industries. They are preferred for their consistent performance, lower operational costs, and minimal maintenance requirements. The growing focus on sustainability and environmental regulations further boosts the demand for electric pumps, especially in water and wastewater treatment, oil & gas, and chemical processing industries.
In the global pumps market, the commercial and residential segment holds the second-largest market share, driven by increasing demand for water supply, drainage, HVAC systems, and irrigation services. The growth in smart home technologies, energy-efficient pump systems, and government initiatives for water infrastructure development are key factors fueling market expansion in this segment.
North America ranks third in the global pumps market, supported by demand from industries like oil and gas, water and wastewater, chemicals, and power. The region benefits from advanced infrastructure, industrial sectors, and government regulations promoting sustainability and energy efficiency. Leading technologies such as IoT-enabled and smart pumps are contributing to market growth, with key players focusing on innovation and expansion to meet the rising demand for energy-efficient solutions.
Key players in the global pumps market, including Grundfos Holding A/S, Xylem, and Flowserve Corporation, are implementing diversified strategies to maintain a competitive edge. These companies focus on innovation, R&D investments, and geographic expansion through acquisitions and partnerships to cater to evolving customer needs. Sustainability initiatives, such as developing eco-friendly and energy-efficient pumps, are central to their approach in meeting stringent environmental regulations globally. These efforts enable them to lead in a competitive marketplace and address market-specific requirements in regions like Asia and the Middle East.
Read more at GlobeNewswire: Pumps Market Value to Increase by $79.01 Billion, at a 5.2%