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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Latin America Pumps Market Outlook
The Latin America pumps market size was valued at USD 6.13 billion in 2023. The market is estimated to grow at a CAGR of 2.7% during 2024-2032 to reach a value of USD 7.84 billion by 2032.
Key Takeaways
- In 2021, Latin America accounted for 40% of global copper production led by Chile-27%, Peru-10%- and Mexico-3%.
- As per industry reports, at the end of 2023, Latin America has 176,172 MW of solar capacity in pre-construction.
According to the Latin America pumps market analysis, the region’s mining sector is flourishing. Latin America accounted for 40% of copper and 35% of lithium produced globally in 2021. The region also holds significant potential to produce graphite, manganese, nickel, and rare earth elements, with Brazil alone holding around 20% of global reserves for each of these resources. An expanding mining sector driven by the demand for these critical minerals aids the demand for pumps in the region. As mines are excavated, mining pumps are crucial in managing sub-surface water as well as to contain and dispose of liquid mine waste to prevent the contamination of local water bodies.
Further, technological advancements, governmental support, and the trend of energy transition, are driving the demand for solar power technology in Latin America, thus impacting the Latin America pumps market growth. Players in the market are investing in research to innovate their pumping technology and services and to provide reliable and efficient pumps for different power generation technologies, including conventional steam, biomass, nuclear, concentrated solar power, and geothermal. For instance, concentrated solar power plants generate electricity by collecting and concentrating sunlight with mirrors and lenses in a heat transfer fluid (HTF). By using a heat exchanger system, pumps transport the HTF and heat water to produce steam. The power block then generates electricity by using a steam turbine and a generator.
Market Segmentation
Latin America Pumps Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments.
Market Breakup by Type:
- Centrifugal Pumps
- Positive Displacement Pumps
Market Breakup by End Use:
- Oil and Gas
- Water and Wastewater
- Chemicals and Petrochemicals
- Mining Industry
- Power Generation
- Others
Market Breakup by Country:
- Brazil
- Mexico
- Argentina
- Others
Competitive Landscape
The key players in the pumps market in Latin America are investing in research to develop advanced pumping technology to meet the demanding application of end-use markets.
- ITT Inc.
- Ebara Corporation
- Flowserve Corporation
- Grundfos Holding A/S
- KSB Limited
- Sulzer AG
- The Weir Group PLC
- Ruhrpumpen, Inc.
- LEWA GmbH
- Baker Hughes Company
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the pumps market attained a value of USD 6.13 billion.
The market is expected to grow at a CAGR of 2.7% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach USD 7.84 billion by 2032.
Pumps use energy to move fluids between different points. Pumps contain a moving component (impeller, vane, piston) that displaces air, reducing the pressure and producing a partial vacuum. This facilitates the movement of air or fluid into the area of low pressure.
Centrifugal pumps are designed for high-flow applications and are more efficient compared to pneumatically driven pumps.
The major drivers of the market include growing demand for renewable power, the cruciality of pumps in various industries, and rising mining excavation activities.
Key trends aiding market expansion include an expanding demand for water treatment facilities, a demand for critical minerals, and the transition toward renewable power generation.
Major countries in the market are Brazil, Mexico, Argentina, and others.
The common types of pumps are centrifugal pumps, positive displacement pumps, and others.
Key players in the market are ITT Inc., Ebara Corporation, Flowserve Corporation, Grundfos Holding A/S, KSB Limited, Sulzer AG, The Weir Group PLC, Ruhrpumpen, Inc., LEWA GmbH, Baker Hughes Company, and others.
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