This paper presents the trade-off analysis and design of a high power-density machine for industrial pump applications. The developed permanent magnet synchronous machine drives an electric, oil flooded pump. Different slot/pole combination and winding configuration have been investigated in order to identify the optimal combination that satisfies the electromagnetic and thermal constraint while keeping the losses as small as possible. Several strategies such as the use of the Cobalt iron material for the stator core lamination and the adoption of Halbach array have been investigated in this work to improve the performance capabilities of the designed machine. The electromagnetic performances have been evaluated by using a finite element method. Thermal behaviour has been determined using a lumped parameter network. The outcome of the thermal analysis helped to identify the optimal cooling configurations. The final results are presented highlighting the achieved design targets.