According to IMARC Group’s latest report, titled “Pumps Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, The global pumps market size reached US$ 72.65 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 89.1 Billion by 2028, exhibiting a growth rate (CAGR) of 3.32% during 2023-2028.
Pumps are mechanical devices that are designed to move fluids or gases from one location to another. They are widely used in various industries, such as chemicals, oil and gas, and water treatment. Pumps work by creating a pressure difference, which causes the fluid to flow through a pipe or a system. There are many different types of pumps, each with its own unique set of features and advantages. Some common types of pumps include centrifugal pumps, positive displacement pumps, and air-operated diaphragm pumps. Pumps play an essential role in many industrial processes and are critical to the smooth functioning of various systems.
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Pumps Market Growth and Development:
The rise of industrialization in various sectors, such as oil and gas, chemical, and water treatment, represents a key factor driving the market growth across the globe. In line with this, the increasing need for water and wastewater treatment is contributing to the growth of the market. This is primarily attributed to the rising population and urbanization. The market is also driven by the increase in infrastructure development, such as the construction of new buildings and facilities, as pumps are required for heating, ventilation, and air conditioning (HVAC) systems. Other factors, such as the increasing product utilization in the power generation industry and the escalating need for reliable power generation solutions, are creating a positive outlook for the market further across the globe.
Pumps Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the pumps market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
Key Market Segmentation:
The report has segmented the global pumps market based on product type, application and region.
Breakup by Product Type:
Breakup by Application:
Breakup by Region:
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Key Highlights of the Report:
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