Global Pump Market
Oxford Economics estimate that global pump consumption increased by 13.0% in 2022, reaching a total value of US$64.4bn. This significant growth is primarily due to the significant inflation seen across the world last year — Oxford Economics forecasts are reported in value terms, which means that increasing prices result in overstated headline growth relative to real consumption activity. In 2023, and to a certain extent next year, the opposite will occur as headline pump consumption figures should be driven downward by a correction in producer prices. On the real side we also expect a slowdown in volume activity. As such, we forecast pump consumption will grow by 0.5% this year (2023), which should accelerate in the medium term.