Recent Release | 16 Jul 2024
Global Pump Market Outlook 2024
Industry Services Team
Oxford Economics
Pumps Demand in 2024: the Path to Tepid Recovery
The global pump market experienced a modest recovery in 2023, with consumption rising by 2.1% to reach US $59.3 billion. For 2024, we project a 2.5% growth in the market, reflecting a cautious optimism amid varied economic conditions. Nevertheless, there are still opportunities to be found.
2.5%
Global pump consumption growth forecast
6.2%
Pump consumption growth forecast in Middle East
2.6%
Pump consumption growth forecast in Europe
1.8%
Pump consumption growth forecast in North America
Download a sample of 2024 Global Pump Outlook Report
Key findings of our report:
- Global industrial activity, which was especially hard hit in 2023, is expected to pick up in 2024. We expect global growth in industrial activity to accelerate to over 3% in 2025.
- Some key pump consuming sectors such as oil & gas, chemicals, power generation and machinery & equipment will have better prospects.
- In contrast, the construction sector, particularly in residential areas, is likely to lag behind other sectors due to financial issues for property developers in China and high mortgage rates in the US and other developed countries. The metals industry within the general industry sector may also face challenges due to lackluster demand.
- On a regional basis, the strongest growth will be in the Middle East. We expect pump consumption in the Middle East to expand by 6.2% this year.
Purchase the full 2024 Global Pump Market Outlook report
The 2024 Global Pump Outlook, now in its seventh edition, provides a comprehensive forecast of the global pump market, covering over 70 countries, more than 30 end-use sectors, and 5 pump categories. This report identifies key growth markets, potential laggards and risks to the outlook.
In addition to the PDF report, you will receive access to an interactive Tableau dashboard, allowing you to visually navigate insights and download the charts and data. Additionally, experts from our Industry Team will be available to answer any related questions.
If you are interested in purchasing the full solution, please click the button below and fill out the form to have a representative contact you.
The expert behind the research
This report is prepared by Oxford Economics’ Industry Team, who specialists in analyses and forecasts industries’ performance. They combine their expert insight with our state-of-the-art economic models and tools to answer the crucial questions facing our clients. Lead consultants on the project were:
Jeremy Leonard
Managing Director of Global Industry Services
Kiran Ahmed
Lead Economist, Industry Services
Francesco Chirillo
Economist, Industry Services
This report is commissioned and supported by Europump and the Hydraulic Institute.
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