Pumps Industry Gears Up for Strong Growth in the Forecast Period
Pumps Industry | Forecast 2030 The economic value generated by the pumps market was estimated at approximately USD 57.7 billion in 2023. The demand for pumps is on the rise owing to their varied use in such as water & wastewater, power construction, chemicals, and oil & gas industries. Rising expectations of customers in the past few decades have led to increased spending by the end-user industry globally to improve the quality of industrial pumps along with installing advanced process control. This has led to increased spending by the pump manufacturers in an attempt to improve energy efficiency, which is likely to drive the demand for improved energy-efficient pumps over the forecast period. Recent innovations in pump technology have led to improvements in fundamental process tasks, boosting pump reliability and lowering operating costs over time. These advancements have also contributed to increased pump performance, reliability, and reduced energy usage. These technolog