API Pumps Market Size, Share, Growth, And Industry Analysis, By Type (Overhung Pump, Between Bearing Pump, Others), By Application (Oil and Gas, Chemical, Others) and Regional Forecast to 2028

Updated On: 08 April 2024

Report Overview

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The global API pumps market size was USD 1800.7 million in 2022. As per our research, the market is expected to reach USD 2320.8 million by 2028, exhibiting a CAGR of 4.3% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with the API pumps market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

API pumps conform to General Refinery Service Standard 610 established by the American Petroleum Institute. This American oil and natural gas industry trade organization develops standards for oil and petrochemical equipment. Unlike the ANSI standards, which are dimensional, API Standard 610 focuses on pump construction and design, particularly as they relate to the pump's ability to withstand high temperatures, pressures and emissions. Industrial pumps are essential components used in various industries to move liquids and gases. They transform mechanical energy into hydraulic energy to move fluids, increase pressure and circulate fluids in industrial processes. Available in different types such as centrifugal, positive displacement and reciprocating pumps to suit specific applications and activities.

Industrial pumps are important in industries such as manufacturing, oil and gas, chemical processing and water treatment. They are constantly evolving with technological advances that improve efficiency, durability and adaptability in demanding environments. The reliable performance of industrial pumps ensures smooth operation and promotes the overall productivity of industrial systems. API pumps are widely used in industries such as wastewater treatment, chemicals and petrochemicals. API pumps working in the water treatment industry a crucial role in processes such as sewage transfer, sludge treatment and sewage treatment. With the tightening of environmental protection and sewage water supply, the demand for centrifugal pumps in this sector is expected to increase.

COVID-19 Impact: COVID-19 pandemic imposed restrictions reduced the demand leading market growth reduction

The outbreak of the COVID-19 pandemic has prevented the vast majority of businesses around the world due to lockdowns that have forced people to stay at home. The imposed restriction caused a decrease in the sales of vehicles, leading to a contraction in the global market of API pumps. However, the global API pumps market is expected to expand from 2021 due to economic measures, the government has taken some measures to recover from financial losses due to business stoppages during the COVID-19 pandemic. COVID-19 is an unprecedented global public health crisis that has affected almost every industry and its long-term effects will affect industry growth over the forecast period. The API pumps market has been severely affected by the COVID-19 pandemic. The pandemic caused a global recession, causing fuel demand to fall across the transportation industry. This directly affected the demand for fuel pumps. The pandemic has also caused delays in the manufacture and delivery of fuel pumps. Many gas pump manufacturers were forced to temporarily close their production facilities due to the lockdown measures, causing a supply shortage. In addition, with social isolation measures, consumer behavior has shifted to online shops and contactless payment options. This has led to a decline in demand for traditional gas station gas pumps.

Latest Trends

"Demand for dynamic pumps in refineries is increasing leading market expansion"

Centrifugal pumps are widely used in refineries and are used to transport oil and its products in refineries. Global refining capacity grew in 2018, which is likely to continue during the forecast period. Increasing refining capacity across the world has increased the demand for centrifugal pumps in refineries and is expected to continue during the forecast period.

Segmentation

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• By Type Analysis

According to type, the market can be segmented into Overhung Pump, Between Bearing Pump, Others. Overhung Pump is anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into Oil and Gas, Chemical, Others. Oil and Gas will be the dominating segment.

Driving Factors

"Industrial expansion and infrastructure development in emerging economies boost the market growth"

The API pumps market is influenced by several factors that influence its growth and demand. Industrial expansion and infrastructure development in emerging economies are increasing the demand for pumps in various sectors. In addition, the growing population and urbanization of the world increases the need for water and sewage treatment plants, which increases the demand for industrial pumps. In addition, the growing focus on energy efficiency and sustainability is encouraging the adoption of advanced and environmentally friendly pump technologies.

The demand for industrial pumps is also increased by the exploration and production activities of the oil and gas sector and the expansion of the chemical industry. In addition, investments in renewable energy sources such as wind and solar power are fueling market growth as these sectors require pumps for fluid transfer and recycling. Generally, factors such as economic growth, urbanization, environmental concerns, and industrial expansion significantly influence the Industrial Pumps market. In addition, technological developments that have made deep and ultra-deep sea exploration possible and cost-effective are expected to increase oil production during the forecast period. This, in turn, creates an opportunity for market growth in the near future.

"Rising applications in various industries fuel the market growth"

Dynamic pumps are widely used in the oil and gas industry, with centrifugal pumps dominating the market. These pumps are widely used in hydrocarbon processing, refineries, water injection and pipeline services, and as refining capacity increases in the coming years, the demand for centrifugal pumps is likely to increase. The growing automotive industry will support the API pumps market growth during the expected period. The automotive industry is one of the largest and most important industries in the world and plays an important role in the global economy. Fuel pumps are an integral part of any vehicle using an internal combustion engine, as they are responsible for delivering fuel from the fuel tank to the engine. Therefore, as the automotive industry grows, the demand for fuel pumps is likely to increase as more vehicles are produced and sold each year.

Restraining Factors

"High costs and adherence to strict quality standards are holding back the growth of the market  "

Most industrialized countries have developed strict regulations that must be followed during compressor operation to limit pollutants from air and gas compressors and to prevent health risks from contaminated compressed air. Compressed air pollution is a major problem in many industries, such as the food and beverage and chemical industries. Maintaining efficient and cost-effective production requires a safer compressed supply. The industrial pumps market also has certain constraints that may hinder its growth. The high initial costs of API pumps and the associated installation costs can discourage small and medium-sized businesses.

In addition, the maintenance and operating costs of pumps, including energy consumption and repair services, can create financial challenges for end users. In addition, the total cost of pumps can be affected by fluctuations in the prices of raw materials, such as metals and polymers used in the manufacture of pumps. In addition, the availability of alternative technologies or solutions, such as air-driven pumps or compressed air systems, can replace certain applications, affecting the demand for API pumps. These limitations emphasize the need for cost-effective and efficient pump solutions to overcome the challenges facing the API pumps market.

Regional Insights

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"North America is projected to grow at the highest CAGR during the forecast period. "

North America is expected to have the largest API pumps market share geographically during the forecast period due to significant growth in unconventional resources in countries such as the U.S. and Canada. Due to the development of affordable shale gas exploration and extraction technology and the increase in demand in the onshore and offshore sectors, especially in the Gulf of Mexico, the oil and gas pump market is continuously relatively positively affected. The market for oil and gas pumps is expected to grow due to planned new pipelines and renovation and renewal of aging oil and gas pipelines in the region.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• KSB (Germany)
• Ruhrpumpen (Russia)
• Flowserve (U.S.)
• ITT Goulds Pumps (U.S.)
• PSG Dover (U.S.)
• IDEX (U.S.)
• Sulzer (Switzerland)
• Grundfos (Denmark)
• HERMETIC Pumpen (Germany)
• Sundyne (U.S.)
• Truflo Pumps (U.S.)
• Ebara Corporation (Japan)
• Hayward Gordon (Canada)
• SPP Pumps (U.S.)
• Carver Pump (U.S.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.