Oxford Economics – Global Pump Market Outlook, Spring 2024

The global pump market is experiencing a tepid recovery in 2024, with an estimated 2.5% growth expected. This comes after weaker growth in 2022, as inflation within the pump sector was milder than anticipated. Despite a 2.5% world GDP expansion, this year still represents weak growth compared to previous years. Central banks are expected to maintain cautious policies due to high domestic price pressures and a gradually loosening labor market. Global industrial activity is expected to pick up in 2024, benefiting manufacturing sectors in advanced economies and China. However, growth prospects for key pump consuming sectors vary, with the construction sector lagging behind. On a regional basis, the Middle East is expected to see the strongest growth in pump consumption, while South America will experience the weakest growth. Asian demand is set to grow by 2.5%, with Chinese demand rising by 2.6%. Overall, European and North American pump consumption is also expected to increase in 2024.