The global Industrial Pumps market is forecast to reach USD 95.09 Billion by 2030, according to a new report by Reports and Data. Pumps find their application in various sectors and help in mainly transferring liquids from one location to another. Technological trends like the introduction of magnetic drive pumps, intelligent pump systems, and next-generation industrial automation are boosting the growth of this market. Rapid infrastructural development is another driving factor. APAC countries are witnessing rapid construction which in turn is boosting the market for Pumps. Demand for Pumps from the process and manufacturing industries is a significant driving factor. The rise in product energy pumps for the transportation and extraction of oil and natural gas is having a positive effect on the market. An increase in crude oil price is also boosting the demand for the market as it fuels the energy sector’s revenue.
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