The Global Industrial Pump Market was valued at $25.3 Billion in 2020. Growing at a high CAGR of more than 10.7% between 2021 and 2031, it is estimated to reach $78.3 Billion by 2031. The current pandemic of COVID-19 might make a slight difference in the growth rate. In fact, fluctuation in the component prices of industrial pumps because of the surging demand from the end-use industries is expected to affect the capital investment over the forecast period. Hence, it will be estimated to make a lot of growth for the market over the forecast period of 2021-2031.
The Global Industrial Pump Market Segment Is Estimated to Witness Remarkable Growth
Source: SAI Research
The Global Industrial Pump Market has been segmented based on type and application. We all know that volatility in the prices is anticipated to be nothing less than one of the major restraining factors in the market over the forecast period. The degree of consolidation is ready to witness a rise in the market on account of increasing pressure on the profit margins of the product manufacturers. Hence, growing awareness about compliance with several environmental regulations stated by the regional governments is another reason yet anticipated to limit the demand for industrial pumping systems.
North America Is Holding The Market Share By Region
The Global Industrial Pump Market has been geographically segmented into Europe, Asia Pacific, Latin America, and the Middle East region. However, the largest share of the market is held in North America and Europe. In fact, fluctuation in the component prices of industrial pumps because of the surging demand from the end-use industries is expected to affect the capital investment over the forecast period. The Asia-Pacific region is estimated to have a slow but promising growth over the projection period. Latin America and the Middle East are estimated to witness steady growth during the period owing to the rise of this market. Hence, these will fuel growth during 2021-2031.
Major Players In Global Industrial Pump Market
Key players profiled in the report include AR North America, Colfax Corporation, Global Pump, GRUNDFOS, Haight Pumps, IIT Inc, Iwaki America Inc, Franklin Electric, and Roper Technologies Inc, and others.
The Global Industrial Pump Market Has Been Segmented Into:
Global Industrial Pump Market, By Product
Global Industrial Pump Market, By Application
Global Industrial Pump Market: By Region