According to the research report titled ‘Global Pumps Market Size study, by Type (Centrifugal Pump, Positive Displacement Pump and Others), Application (Oil & Gas, Chemicals, Agriculture, Power generation, Construction & building services, Water & Wastewater and Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global pumps market size was worth USD 95.05 billion in 2019 and is expected to record a CAGR of 3.6% over 2021-2027, subsequently accumulating USD 126.13 billion by the end of the assessment period.
 

As per the findings of the report, growing usage of pumps in construction application such as handling of sludge, silt, mud, chemical dosing, and others, and in power sector to develop new power plants are stimulating global pumps market growth. Moreover, rising investments by major contenders to expand their customer base is further enhancing the overall market outlook.
 

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In fact, PumpMan Holdings LLC, in 2018, acquired the assets of a New York based Federal Pump Corp. to gain competitive advantage in the New York pumps market. Similar moves by other organizations are adding to the industry progression.
 

Further, excess extraction of water in some economies is leading to declining water levels which is significantly contributing to increasing demand of high-head pumps. For the record, India, in 2017-2028, observed a 61% decline in its water level due to excess extraction of ground water.
 

Surging demand for clean water along with depleting water resources due to rapid urbanization and industrialization is also augmenting worldwide pumps industry share.
 

Despite the favorable prospects, turbulent economic condition of the world is anticipated to limit the industry remuneration over 2021-2027.
 

Based on the regional landscape, North America, Asia Pacific, Latin America, and Europe are the key contributors to the overall market growth. Among these, Europe presently holds major market share, owing to surging demand for energy fuels, and rising investments in oil & gas sector.
 

On the other hand, Asia Pacific industry is poised to accrue notable returns over 2021-2027, attributable to increasing infrastructure development schemes, boosting demand for pumps for power generation, irrigation, water treatment, and others.
 

Leading organizations in global pumps market are Schlumberger Ltd., Iwaki America Inc., Pentair plc, Sulzer Ltd., KSB SE & Co. KGaA, SPX Flow Inc., Flowserve Corporation, Ingersoll-Rand plc, Xylem Inc., and Grundfos Pumps Corporation.