Global Diaphragm Pump Market Set For 8.2% Growth, Reaching $9.08 Billion By 2028
Diaphragm Pump Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The Diaphragm Pump Global Market reflects a strong growth trend, and projections anticipate a rise from $6.1 billion in 2023 to $6.63 billion in 2024, recording a compound annual growth rate CAGR of 8.7%. The explosive growth observed in the chemical processing and petrochemical industries is a key driver behind the market expansion. Additionally, factors such as the demand for reliable and leak-proof pumping solutions, expansion of water and wastewater treatment facilities, the incorporation of diaphragm pumps in food and beverage processing, and stringent regulations on emissions and leakage in industrial processes amplify the surge in the global market size.
What Does the Future Hold for the Diaphragm Pump Market?
It is predicted that the diaphragm pump market size will experience sustained growth in the near future, climbing to $9.08 billion in 2028 at a CAGR of 8.2%. The factors shaping the forecasted growth span from the rise in oil and gas exploration and production activities to the adoption of diaphragm pumps in agriculture and irrigation. The market growth is also influenced by the developments in emerging economies, the demand for hygienic and aseptic pumping solutions in pharmaceuticals, and a concentrated focus on energy efficiency and reduced operational costs. Leading trends in the forecast period encompass advanced material technologies, integration of IoT and remote monitoring, air-operated double diaphragm AODD pump technology, hygienic and sanitary diaphragm pumps, pulsation dampening technologies, multiphase and high-pressure applications.
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What Role Does the Growing Demand for Oil and Gas Play in the Market?
The escalating demand for oil and gas is a potent stimulant for market growth. Diaphragm pumps play a pivotal role in oil and gas refinement, drawing these commodities into a refinery chamber during the upstream and midstream phases. Known for their robust wear-resistance, these pumps can manage large liquid volumes in refineries situated over extensive oil sources. As economies expand, so does energy consumption, especially within the transportation industry. For instance, oil consumption rose by 5.3 million barrels per day in 2021, according to the UK-based oil and gas company, BP p.l.c. This burgeoning demand for oil and gas forms the basis of the market's progression in the forthcoming period.
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Who are the Major Players in the Diaphragm Pump Market?
The market is supported by the presence of influential companies such as Flowserve Corporation, Grundfos Holding A/S, IDEX Corporation, Ingersoll-Rand PLC, Leak-Proof Pumps I Pvt. Ltd., All-Flo Pump Company, Blue-White Industries Ltd, Edwards Vacuum, Lewa GmbH, Lutz Pumpen, Pump Solutions Group, Tapflo AB, Verder International BV, Xylem Inc., Yamada Corporation, ARO Fluid Management, Blagdon Pump, Blue-White Industries, Cole-Parmer, Crane Engineering, Dover Corporation, Finish Thompson, Flowrox, Flux Pumps Corporation, Graco Inc., GRI Pumps, KNF Neuberger, Lutz Pumps, Milton Roy, Neptune Chemical Pump Company, Nikkiso, Pacer Pumps, ProMinent Fluid Controls, Sandpiper Pump, Sera GmbH, Tapflo, TAPPI, Verder Group, Versa-Matic Pump, Viking Pump, Wanner Engineering, Watson-Marlow Fluid Technology Group, Wilden Pump, Yamada Corporation.
How is Innovation Shaping the Diaphragm Pump Market?
Product innovation is revolutionizing the market with companies focusing on developing diaphragm pumps with high efficiency and environmental compatibility. In 2021, a prominent US-based fluid-handling systems and products company, Graco Inc, unveiled the Husky 3300e electric double diaphragm pump, offering an environmental and cost-efficient solution for industries. The electric replacement in the device slashes high costs related to a compressor and delivers up to 80% energy reduction compared to an air-operated pump.
How does the Diaphragm Pump Market Segment?
The diaphragm pump market is segmented according to
1 Mechanism: Air Operated, Electrically Operated
2 Operation: Single Acting Diaphragm Pump, Double Acting Diaphragm Pump
3 End-user: Water Treatment, Oil And Gas, Chemical, Pharmaceutical, Food And Beverage, Other End-users
What Are the Regional Insights into the Diaphragm Pump Market?
In 2023, Asia-Pacific dominated the diaphragm pump market, and its robust growth trend is expected to continue, making it the fastest-growing region in the forecast period. The report encompasses regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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