Pumps Market Size Worth $119.39 Billion By 2028 | CAGR: 3.2%
Pumps Industry Overview The global pumps market size is expected to reach USD 119.39 billion by 2028, registering a CAGR of 3.2% over the forecast period, according to a new report by Grand View Research, Inc. Increasing investments in the exploration and production activities by the oil & gas companies across the globe are anticipated to have a positive impact on the market growth. Technological advancements in pump manufacturing along with new product launches focused on enhanced performance, reliability, and reduced energy consumption are expected to boost market growth. Furthermore, the rising adoption of the Industrial Internet of Things (IIoT) is poised to transform the manufacturing environment by developing a digitally connected ecosystem. The lack of access to water for drinking and sanitation, especially in the Asia Pacific region, is projected to augment the usage of recycled water for direct delivery to end consumers. This, in turn...