According to a 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 was valued at USD 95.05 billion in 2019 and is projected to grow at a rate of 3.6%, reaching a valuation of USD 126.13 billion by the forecast period end.
 

As per the report findings, amplifying product usage in construction applications and power generation industry, coupled with rising investments by prominent players are projected to boost worldwide pumps industry growth.
 

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For instance, Pumpman Holdings LLC acquired the assets of Federal Pump Corp. in 2018, to gain advantage in the New York pumps market.
 

Furthermore, decline in water levels in some countries, caused by excess water extraction is also spurring the demand for high-head pumps, thus creating opportunities for businesses operating in this domain.
 

Despite the lucrative returns, unstable economic situations across the world is expected to impede global pumps market expansion during the forecast period of 2020-2027. However, escalating demand for clean water coupled with depleting water resources due to urbanization and industrialization is likely to propel market expansion over the analysis timeframe.
 

Based on product type, worldwide pumps market is arrayed into centrifugal pump (axial flow pump, mixed flow pump, and radial flow pump), and positive displacement pump (rotary, reciprocating, and others)
 

By application ambit, the industry is split into oil & gas, agriculture, power generation, water & wastewater, chemicals, construction & building services, and others.
 

On regional front, Europe accounted for a significant portion of global pumps market share in the recent past. This can be credited to rising demand for energy fuels owing to accelerated investments in oil & gas sector.
 

Meanwhile, Asia-Pacific market is poised to register a remarkable growth rate during the forecast period, owing to abundant infrastructure development projects in the region, and a subsequent rise in demand for pumps for water treatment, power generation, and irrigation.
 

Major contenders in global pumps industry are Schlumberger Ltd., Iwaki America Inc., Pentair plc, Sulzer Ltd., KSB SE & Co. KGaA, SPX Flow Inc., Flowserve Corp., Trane Technologies plc, Xylem Inc., and Grundfos.