Pumps Market worth USD 131.93 billion by 2027, registering a CAGR of 4.70% - Report by Market Research Future (MRFR)
New York, June 29, 2021 (GLOBE NEWSWIRE) -- Pumps Market Overview: According to a comprehensive research report by Market Research Future (MRFR), " Pumps Market Research Report, Type, End-User and Region - Forecast till 2027" the market is projected to be worth USD 131.93 billion by 2027, registering a CAGR of 4.70% during the forecast period (2021 - 2027), The market was valued at USD 95.72 billion in 2020. The pumps market outlook appears extremely promising, mainly due to continually rising industrial activities. Increasing demand for high-quality surface finishes and excellent accuracy required for precision applications such as hydraulic components boost the pumps market revenues. With the increase in government initiatives for infrastructure development and smart city projects, the market is projected to grow exponentially during the years to come. Additionally, the rising global electricity demand and upgrades in grid infrastructure worldwide boost the pumps market value. With the increasing demand from the oil and gas and mining industry, the market is projected to witness significant growth during the forecast period.
Pumps Market worth USD 131.93 billion by 2027, registering a CAGR of 4.70% - Report by Market Research Future (MRFR)
New York, June 29, 2021 (GLOBE NEWSWIRE) -- Pumps Market Overview: According to a comprehensive research report by Market Research Future (MRFR), " Pumps Market Research Report, Type, End-User and Region - Forecast till 2027" the market is projected to be worth USD 131.93 billion by 2027, registering a CAGR of 4.70% during the forecast period (2021 - 2027), The market was valued at USD 95.72 billion in 2020. The pumps market outlook appears extremely promising, mainly due to continually rising industrial activities. Increasing demand for high-quality surface finishes and excellent accuracy required for precision applications such as hydraulic components boost the pumps market revenues. With the increase in government initiatives for infrastructure development and smart city projects, the market is projected to grow exponentially during the years to come. Additionally, the rising global electricity demand and upgrades in grid infrastructure worldwide boost the pumps market value. With the increasing demand from the oil and gas and mining industry, the market is projected to witness significant growth during the forecast period.