Pumps Market: Global Industry Analysis, Size, Sales and Forecast By 2024

Introduction

While pumps usually find their usage is transferring liquid, they are also used for artificial pressure building and transporting fluids from remote locations. According to their operational requirement, these pumps are categorized into positive displacement pumps and centrifugal pumps. Demand for positive displacement pumps is mainly from industries where a consistent flow of fluid is more imperative. Centrifugal pumps, on the other hand, are designed for volume based transportation. In addition, centrifugal pumps consist of substantial pressure heads for sustaining high intensity fluid pressure and are largely used in transportations of industrial liquid wastewater and water in domestic and agricultural sectors.

Centrifugal pumps traditionally dominate the mining industry. However, due to increasing operational pressure, such pumps wear out quickly. In several instances, impellers or rotors in the pumps exhaust within weeks. Leakage and motor failures further add up to their technological difficulties. This, in turn, has compelled pump manufacturers to develop advanced pump technologies, which can perform heavy duty tasks. Mine operators are purchasing pumps that are manufactured using acid-resistant raw materials in order to avoid high expenditures on frequent maintenance of the conventional pumps and their replacement. Acid-resistant materials are highly resistant to corrosion and reduce clogging substantially. Although the advanced engineered materials used in manufacturing pumps display high endurance, prices for such pumps are quite high. Thus, manufacturers are actively focusing on developing low cost and durable pumps such as the peristaltic pumps, which are performing significantly in the market in terms of sales. Characteristics such as few moving parts, flexibility and scalability, easy and low maintenance cost, high endurance and low risk of contamination are influencing the demand for peristaltic in the market.

 How is Innovation Helping the Global Pump Market to Grow?

Often pump manufacturers are faced with the demand for robust industrial operational solutions. Hence, they are bound to constantly design upgraded models to cater to the requirements of the industry. The latest models of centrifugal pumps are highly efficient and are capable of transferring fluid over large volumes and pressures level. In addition, manufacturers are developing pumps that run on modular combi systems in order to achieve a high degree of interchangeability of different units of the pump. Ideally, these pumps have a wide range of application in various offshore projects. Moreover, the pumps are designed and manufactured for performing with high efficiency to meet industry expectations. 

Trends

Demand for energy efficient centrifugal pumps is on the rise owing to growing concerns over excessive energy consumption. Likewise, higher adoption of micro disc pumping and development of advanced pump technologies such as the variable frequency drive system can be considered as key trends expected to govern the global pump market in the coming years. For instance, Pentair Hypro has recently announced the launch of its latest centrifugal pump based on forcefield technology “9310 Series Centrifugal Pumps”. The wet seal hydraulic motor driven centrifugal pump aimed to reduce additional downtime expenses by preventing chemical bonding failures and shielding mechanical seal against dry runs.

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