High-Pressure Pumps Market Top Companies
The major key players operating in the global high-pressure pumps market include Cat Pumps, Maximator GmbH, Andritz, GEA Group, Grundfos, Sulzer Ltd., The Weir Group PLC, KSB SE & Co., Danfoss, and Hammelmann. Other players operating in this market include Teledyne Isco, Zhejiang Danau Industries Co., Ltd., and Udor S.P.A.
The global high-pressure pumps market size was valued at $2.5 billion in 2020, and is projected to reach $3.4 billion by 2030, growing at a CAGR of 3.1% from 2021 to 2030.
In 2020, Asia-Pacific dominated the global high-pressure pumps market with around 40.0% share, in terms of revenue. In addition, it is also projected to grow at the highest CAGR of 3.5% in terms of value.
The dynamic high-pressure pumps segment dominated the global high-pressure pumps market with around 55.0% of the share in terms of revenue. In addition, it is also projected to grow at the highest CAGR of 3.6% in terms of value.
The 30 Bar–100 Bar segment dominated the global high-pressure pumps market with around 55.0% of the share in terms of revenue. In addition, it is also projected to grow at the highest CAGR of 3.3%, in terms of value.
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The oil & gas segment dominated the global high-pressure pumps market with 34.0% of the share in terms of revenue.
The manufacturing industries segment is projected to grow at the highest CAGR of 3.8% in terms of revenue.
High-pressure pump is broadly defined as any pump that can generate high discharge pressure, generally in excess of 800 psi. These pumps are extensively used across oil & gas, power generation, chemical, pharmaceuticals, and manufacturing industries.
Demand for high-pressure pumps has witnessed tremendous growth driven by increase in manufacturing and infrastructural activities in Southeast Asia; growing investments in sectors other than oil & gas in the Middle East & North Africa (MENA); and growing green chemical industry in the U.S. All industry players are investing heavily to find new commercial avenues for their product segments via contracts & agreements with other companies, business expansion, new product development, and mergers & acquisitions.
However, slowdown in the oil & gas industry is expected to hamper growth of the high-pressure pumps market during the forecast period. Furthermore, wide-scale adoption of carbon capture and storage (CCS) services is expected to provide growth opportunities for the market during the forecast period.
COVID-19 analysis:
According to the International Monetary Fund (IMF), owing to the outbreak of novel coronavirus (COVID-19), the global economy shrunk by 3.0% in 2020. Many countries are under strict lockdowns, which have forced several sectors to shut down their operations. This has halted manufacturing activities and reduced demand and production of high-pressure pumps.
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According to the UNIDO, 30.0%–70.0% of pre-COVID-19 workforce of various manufacturing industries, such as steel and chemical have migrated back to their hometowns due to uncertainties and loss of income during the lockdown. This non-availability or less availability of workforce is expected to directly affect production activities of these industries, thereby resulting in decline in demand for high-pressure pumps. This is expected to decline growth of the market during the forecast period.
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