Pumps Market is geared to grow at a CAGR of 3.9% from 2022 to 2029 | Exactitude Consultancy

The global Pumps Market size is estimated to be valued at USD 86.46 billion in 2020 and is projected to reach USD 121.99 billion by 2029, recording a CAGR of 3.9%.

Pumps Market Overview
Pumps nowadays are light years ahead of their predecessors. Rudimentary designs emerged as more emphasis was placed on hydraulic science, and new ideas and inventions began to flood the market. Increased infrastructure building operations, as well as the investigation of new water sources around the world, have occurred in tandem with the fast adoption of pumps, owing to continued urbanization. However, the development of several Chinese competitors offering pumps at a low cost has hampered the expansion of global and regional market participants in recent years.

The market is projected to benefit from increased investments in the oil and gas sector, technological developments in pump manufacture, and new product launches concentrating on enhanced performance. The new coronavirus outbreak is predicted to have a detrimental impact on the chemical sector on a number of levels, including operational and supply chain interruptions, decreased demand and productivity, and even tightened credit markets. As a result, market growth during the pandemic is expected to be hampered by a falling chemical industry.

 

Pumps Market | Exactitude Consultancy