Pumps Market Size, Share, and Trends 2025 to 2034

Pumps Market Size and Forecast 2025 to 2034

The global pumps market size was estimated at USD 59.68 billion in 2024 and is anticipated to reach around USD 92.15 billion by 2034, expanding at a CAGR of 4.44% from 2025 to 2034. The importance of pumps in the safe and precise administration of drugs related to chemotherapy, medicines, or nutrients and their insertion into petrochemical, agriculture, and other industries drives the need for pumps in healthcare sectors by accelerating the growth of the pumps market.

Pumps Market Key Takeaways

• Asia Pacific dominated the global pumps market with the largest market share of 45.22% in 2024.
• North America is projected to expand at the fastest CAGR during the forecast period.
• By product type, the  centrifugal pumps  segment contributed the highest market share in 2024.
• By product type, the positive displacement pumps segment is expected to grow at a significant CAGR from 2025 to 2034.
• By application, the agriculture segment captured the biggest market share in 2024.

Role of Artificial Intelligence in the Pumps Market

Artificial intelligence-powered pump systems utilize transmitted data to develop a precise picture of actual conditions in real-time. The companies are collaborating and revolutionizing the heating, ventilation, and air conditioning (HVAC) system of pumps which ensures air quality and thermal comfort. These efforts through AI-powered technology are also transforming the HVAC industry and assisting in the design, operation, and maintenance of pumps. AI-driven predictive maintenance utilizes data from sensors and other sources for a real-time monitoring of pump conditions.

AI algorithms can predict the potential risks associated with pump failures and allow maintenance before their breakdown. This approach reduces downtime and improves overall equipment effectiveness (OEE) by minimizing operational costs. AI also assists in design, simulation, remote monitoring and control, fault detection and diagnostics, supply chain optimization, and safety enhancement.

Asia Pacific Pumps Market Size and Growth 2025 to 2034

The Asia Pacific pumps market size was evaluated at USD 26.99 billion in 2024 and is predicted to be worth around USD 41.71 billion by 2034, rising at a CAGR of 4.45% from 2025 to 2034. 

Asia Pacific dominated the global market with the largest market share of 45.22% in 2024. The rapid industrialization in Asia-Pacific’s developing countries, as well as increased investments in commercial and industrial projects, have all contributed to the region’s overall growth globally. The increased product penetration in several end use industries, such as petrochemical and agriculture, is also expected to contribute to the pumps market expansion.

• In April 2024, the Ministry of Industry and Information Technology of China and six other departments reported a notice about the Implementation Plan for Promoting Equipment Renewal in the Industrial Sector to address the complex challenges regarding technological innovation and economic development. 

The North America is estimated to be the most opportunistic segment during the forecast period. The North America pumps market has benefitted from advanced processing capacities, a highly skilled workforce, and expanding research and development initiatives in the U.S.

• In July 2024, the U.S. Environmental protection Agency (EPA) awarded $450 million to the Multi-State New England Heat Pump Accelerator Coalition to support the increasing adoption of affordable electric heat pumps.

Market overview 

Pumps are devices that use mechanical action to transfer fluids and liquids. Pumps are categorized according to their functioning mechanisms, although they all operate on the same concept of using energy and moving fluid by mechanical action. Pumps can be manually operated or powered by an external source of energy. Engines, electric motors, and wind power are all common energy resources. Pumps come in a variety of sizes, ranging from small residential pumps to big industrial pumps. The number of centrifugal pumps in commercially accessible pumps is the primary criterion for classification. 

Pumps use energy to move fluid or perform kinetic energy, which can come from wind power, electricity, and a variety of other sources, notably in industries. In addition, the number of end-user applications has increased in recent years, and the global pump market value is predicted to develop in accordance with the oil and gas industry’s progressive expansion. Centrifugal pumps, on the other hand, are used in the chemical industry to move and store fluids that are prone to reactions. Chemical manufacturers involve a number of complicated and detailed industrial processes.

Pumps Market  Growth Factors

• Pumps are becoming increasingly important as investments in infrastructure and other critical operations such as wastewater treatment and electricity production develop. 
• Wastewater reuse is a critical component in overcoming water scarcity and meeting rising water demands. The pumps are commonly employed to process used water in wastewater treatment plants. These pumps use spinning impellers to boost impeller velocity and force fluids through outlet valves. As a result, the demand for centrifugal pumps is predicted to rise as the number of wastewater treatment plants around the world grows.
• Pumps that are suitable for use in the food and beverage industry are required on a large scale. As a result, corporations have produced improved pumps that will comply with food standards and regulations. 
• The pump market is also moving towards adopting the Internet of Things, which will allow pump operators to monitor flow, velocity, and other parameters as far as they are concerned. 
• For insights into prospective fault circumstances, extensive operational data visualization, reporting runtime, and smart assistant solutions are being developed and installed in the pumps. 
• All pump parameters, including volume and flow, will be controlled in real-time by technology. The operating conditions and error messages will be alerted via push notifications.
• The increased development activity in the commercial and residential sectors would aid the pump market expansion. Technical advancements, such as the fabrication of 3D-printed impellers and the usage of modeling software, are another factor that promotes the expansion of the pump market.
• There is a growing need for pump repair and remanufacturing and high-performance applications like chemical processing and offshore oil and gas production.
• Over the forecast period, the global pumps market is expected to rise due to increased investment in research and development efforts and activities, as well as rapid technological advancement.
• The pump market’s expansion is also being fueled by a growing focus on sustainable development and rising environmental concerns. The growth of the global pump market will be aided by the introduction of severe government rules around the world that encourage wastewater treatment.

Market Scope

Opportunity

• In October 2024, Unilever introduced a new recyclable pump to use into its intensive care lotions in the United States and Canada. Unilever aims to ensure 100% reusable, recyclable, and compostable rigid plastic packaging. 

Product Type Insights

Based on the product type, the centrifugal pumps segment accounted largest market revenue share in 2024. Centrifugal pumps are utilized in the chemical industry because they can handle greater volumes. These are ideal for pumping liquids with high densities at low pressures and high capacities.

The positive displacement pumps segment is expected to hit CAGR of 3.5% during the forecast period. This is attributed to their efficient low-speed operation and steady flow rates. Furthermore, the oil and gas industry’s preference for positive displacement pumps is projected to support segment expansion.

Application Insights

Based on the application, the agriculture segment accounted largest revenue share in 2022. The technological developments in irrigation and farming, particularly in emerging countries, combined with an increase in the use of pumps for a variety of functions in agriculture, such as crop dewatering, irrigation, and reuse are expected to drive the growth of pumps market.

The water and wastewater segment is estimated to hit CAGR of 4% during the forecast period. Pump stations are increasingly being used in wastewater treatment plans where gravity flow is not possible, and their high flow rate deliverability and transmission velocity are expected to boost the global pumps market growth.

With the presence of several companies, the global pumpsmarket is moderately fragmented. The key market players are attempting to increase their market share by implementing various marketing strategies such as new product launches, investments, partnerships, and mergers and acquisitions. Companies are also investing in product development. Furthermore, they are emphasizing competitive pricing. Various development strategies, such as business expansion and joint venturepromote market growth and provide lucrative growth opportunities to market players.

Pumps Market Companies

• Flowserve Corp.
• EBARA International Corp.
• Vaughan Company Inc.
• Sulzer Ltd.
• Grundfos Holding A/S
• KSB SE & Co. KGaA
• Schlumberger Ltd.
• IWAKI Co. Ltd
• Xylem
• Sulzer Ltd.

Recent Developments

• In July 2024, Flowserve acquired Liquefied Natural Gas (LNG) pumping technology from NexGen Cryogenic Solutions, Inc. to achieve decarbonization and strategic growth. 
• In March 2024, Sulzer Ltd. announced the inauguration of its new high-performance pump manufacturing facility in Mexico. 

Latest Announcements by Industry Leaders 

• In July 2024, Dr. David Israeli, CEO of Magenta Medical, developer of world’s smallest heart pump, announced that the company closed $105 million investment round led by Novo Holdings which is the global healthcare investment firm. He also said that the company is pleased to incorporate exceptional MedTech investors to its goal to disrupt the mechanical circulatory support (MCS) space. 
• In January 2024, Martin Forsén, President of the European Heat Pump Association (EHPA) declared that the heat pump sector planned investments in production, R&D, training, and factories with €7 billion to 2025 by addressing the booming demand for heat pumps in the market. 

Segments Covered in the Report

By Product Type

• Centrifugal Pump
  • Axial Flow Pump
  • Radial Flow Pump
  • Mixed Flow Pump
• Positive Displacement Pump
  • Reciprocating Pump
  • Rotary Pump
  • Others
• Others

By Application

• Agriculture
• Construction and Building Services
• Water and Wastewater
• Power Generation
• Oil and Gas
• Chemical
• Others

By Geography

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
• Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
• Latin America
  • Brazil
  • Rest of Latin America
• Middle East & Africa (MEA)
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa