Rise in adoption of industrial pumps in petrochemicals, chemicals, medical, and pharmaceutical industry fuels the growth of the global industrial pumps market.
PORTLAND, OR, UNITED STATES, September 14, 2021 /EINPresswire.com/ — Industrial pumps are electro-mechanical or mechanical devices used for control of gases, liquid, slurries, and others through pipes and tubes in industries. Different kinds of industrial pumps perform various functions such as shut on/off, pressure control, and other regulation purposes. Moreover, industrial pumps are manufactured using carbon steel, cast iron, stainless steel, and various other metal alloys for attaining high efficiency.
The global industrial pumps market size is expected to reach $86.3 billion in 2030 from $55.8 billion in 2020, growing at a CAGR of 4.3% from 2021 to 2030.
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Furthermore, the high automation and control in industrial pumps improve their functioning in hazardous applications such as oil & gas, chemical processing, nuclear power generation plants, and others. In addition, the implementation of automation technologies has assisted in reducing the wastage of liquids passing through the pipes, resulting in reduction of costs. Various industries adopt automation and control technologies by upgrading their pre-installed industrial pumps, which, in turn, drives the industrial pumps market growth.
Covid-19 Impact Analysis
The COVID-19 pandemic has negatively affected the industrial pumps market mainly due to the halt in international trade, prolonged lockdowns, and ceased manufacturing processes. In addition, the major end-user manufacturing companies located in countries, such as the U.S., Germany, the UK, and others, are also facing financial impacts due to halt in production, which hindered the growth of the industrial pumps market in 2020.
Key Market Players
The Weir Group plc
SPX Flow Corporation
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Key Market Segments
BY DRIVING FORCE
Oil & Gas
Water & Wastewater
Food & Beverage
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Source: EIN Presswire