New Product Launches Focusing On Enhanced Performance Are Expected to Positively Impact Pumps Market

Posted on 2022-09-19 by researchinsights in Industrial // 0 Comments

San Francisco, Calif., USA, Sep 19, 2022 — /EPR Network/ —

Pumps Industry Overview

The global pumps market size was valued at USD 92.91 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 3.2% from 2020 to 2028. Increasing investments in the oil & gas sector, technological advancements in pump manufacturing, and new product launches focusing on enhanced performance are expected to have a positive impact on the market. The chemical industry is expected to be negatively impacted by the novel coronavirus outbreak on numerous fronts, including operational and supply chain disruptions, lowered demand & productivity, and potentially tightening credit markets. Hence, the declining chemical industry is anticipated to hinder the market growth during the pandemic.

The growth of the pumps market in the U.S. was significantly impacted in 2020 owing to the COVID-19 pandemic, which is reflected by the suspended operations and disrupted import-export activities. The market is anticipated to establish low growth over the forecast period, wherein the demand is majorly attributed to various end-use industries including power, water & wastewater treatment, and oil & gas.

Gather more insights about the market drivers, restraints, and growth of the Global Pumps market

Increasing investments in the exploration and production activities by the oil & gas companies across the globe are anticipated to boost the demand for pumps in the oil & gas industry. The rising number of infrastructure upgrades, in terms of changing or the installation of new pipelines, is expected to have a positive impact on the market.

The advancements in pump technology have resulted in enhanced basic process tasks, increasing the reliability of the pumps, and providing a long-term reduction in everyday operating processes. These advanced pumps are mostly used in industries, such as industrial wastewater, agriculture, power, and chemicals.

Manufacturers are also focusing on new product launches keeping in mind the dynamic requirement of the market. However, new energy efficiency standards that are to be incorporated may require redesigning of pumps by manufacturers, which may incur high costs and time, thereby restraining the market growth.

Browse through Grand View Research’s Bulk Chemicals Industry Research Reports.

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