Specialty Pumps Market Size, Share, Analysis, Trends, Growth, 2032

Specialty Pumps Industry Prospective:

The global specialty pumps market size was evaluated at $4.5 billion in 2023 and is slated to hit $6.5 billion by the end of 2032 with a CAGR of nearly 5% between 2024 and 2032.

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Specialty Pumps Market: Overview

Specialty pumps are engineered in fulfilling particular operational demands across a slew of end-use sectors. Moreover, they help in improving the performance of applications such as gases, handling of solids, and handling of particular liquids. These products are used in wastewater management, oil & gas, and industrial sectors.

Key Insights

• As per the analysis shared by our research analyst, the global specialty pumps market is projected to expand annually at the annual growth rate of around 5% over the forecast timespan (2024-2032)
• In terms of revenue, the global specialty pumps market size was evaluated at nearly $4.5 billion in 2023 and is expected to reach $6.5 billion by 2032.
• The global specialty pumps market is anticipated to grow rapidly over the forecast timeline owing to escalating use of the product in pharmaceuticals, water treatment, oil & gas, and chemical processing sectors.
• In terms of product type, the centrifugal pumps segment is slated to register the highest CAGR over the forecast period.
• Based on end-user, the oil & gas segment is predicted to contribute majorly towards segmental space in the upcoming years.
• Region-wise, the European specialty pumps industry is projected to register the fastest CAGR during the assessment timespan.

Specialty Pumps Market: Growth Factors

Humungous product application in various end-use sectors to boost the global market trends

Escalating use of the product in pharmaceuticals, water treatment, oil & gas, and chemical processing is expected to proliferate the growth of the global specialty pumps market. Furthermore, need for enhancing energy efficiency and reducing operational charges will elevate the global market progress in the years ahead. Surging environmental concerns along with flourishing healthcare sector is likely to promote the market trends globally in the upcoming years.

Additionally, huge demand for water conservation and water treatment will spearhead the market space in the years ahead. An increase in the oil & gas exploration events has led to humungous requirement of specialty pumps, thereby steering the surge in the global market expansion. An increase in the product penetration in the farming sector and industry 4.0 revolution will create new facets of growth for the market space globally.

Specialty Pumps Market: Restraints

An increase in the costs of product installation to hinder the global industry expansion by 2032

Surging initial investments and complexities involved in the deployment of specialty pumps can restrict the growth of the global specialty pumps industry. Furthermore, growing maintenance charges and rising operating costs can deter the global industry expansion in the years ahead.

Specialty Pumps Market: Opportunities

Large-scale use of product in pharmaceutical & healthcare sectors to create new growth avenues for the global market

High focus on using sustainable raw materials in construction of the product and growing use of specialty pumps for recycling as well as conserving water is likely to create new facets of growth for the global specialty pumps market. Moreover, flourishing pharmaceutical and healthcare sectors is likely to improve the scope of growth of the global market.

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Specialty Pumps Market: Challenges

High raw material prices can challenge the global industry surge over the assessment period

Oscillations in the costs of raw materials such as alloys & metals are likely to scoop up the manufacturing prices of the product, thereby challenging the growth of the global specialty pumps industry. Economic recessions can severely affect the growth of various end-user industries, particularly those that included the utility of specialty pumps. This, in turn, is likely to diminish the growth of the industry globally.

Specialty Pumps Market: Report Scope

Specialty Pumps Market: Segmentation

The global specialty pumps market is divided into product type, end-user, and region.                                             

In terms of product type, the specialty pumps market across the globe is segmented into centrifugal pumps and positive displacement pumps segments. Apparently, the centrifugal pumps segment, which garnered nearly two-fifths of the global market revenue in 2023, is set to record fastest CAGR in the next couple of years owing to versatility and efficacy of the product. In addition to this, availability of the product in customized designs and its inexpensive rates are likely to prompt the segmental growth. Ability of the product in effectively handling viscous fluids, slurries, and clean water is expected to impel the segmental surge.  

Based on the end-user, the global specialty pumps industry is divided into oil & gas, water & wastewater treatment, food & beverages, chemical processing, mining, power generation, and pharmaceutical segments. Apparently, the oil & gas segment, which dominated the global industry share in 2023, is predicted to contribute majorly towards the segmental surge in the analysis timeline and this can be due to escalating need of the product in oil & gas production. Apart from this, an increase in the offshore operations requires strong specialty pumps for withstanding extreme temperatures in marine conditions, thereby translating into huge demand for product in oil & gas sector. This, in turn, will complement the segmental growth.

Specialty Pumps Market: Regional Insights

Asia-Pacific is likely to maintain leading status in the global market over the assessment timeline

Asia-Pacific, which accounted for about 52% of the global specialty pumps market size in 2023, is predicted to establish a leading position in the global market in the analysis timeline. Moreover, the regional market expansion in the coming few years can be due to swift industrialization and urbanization in the countries such as India and China.

Moreover, huge product usage in spectrum of end-use sectors such as water treatment, oil & gas, pharmaceuticals, food production, and chemicals will steer the market surge in APAC. An increase in the fund allocation for improving the infrastructure of power units, wastewater treatment facilities, and water supply systems will augment the scope of growth of the regional market.

European specialty pumps industry is anticipated to register the highest CAGR in the expected timeline. The geometric growth of the industry in Europe can be attributed to an increase in the investments in wastewater treatment and industrial sectors in the countries such as the UK, France, and Germany. In addition to this, growing automation and use of IoT will proliferate the industry size in Europe.

Specialty Pumps Market: Competitive Space

The global specialty pumps market profiles key players such as :

• Gorman-Rupp
• KSB
• Flowserve Corporation
• Ebara Corporation
• WILO SE
• Shanley Pump & Equipment
• Sulzer
• ITT Inc.
• Xylem
• Nikkiso Co. Ltd.
• Grundfos
• PCM Group
• Weir Group.

The global specialty pumps market is segmented as follows:

By Product Type

• Centrifugal Pumps
• Positive Displacement Pumps

By End-User

• Oil & Gas
• Water & Wastewater Treatment
• Food & Beverages
• Chemical Processing
• Mining
• Power Generation
• Pharmaceutical

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa