Water Pumps Market Size and Growth Rate:
As per the recent report published by Research Cosmos, the global water pump market was valued at approximately USD 45.25 billion in 2017 and is expected to reach USD 67.05 billion by 2024, at a CAGR of around 5.4% between 2018 and 2024.
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Water Pumps Market Growth Drivers and Restraints:
It is likely that the demand for water pumps will increase over the next few years due to the growing need for wastewater treatment in the industrial sector. It is expected that the rapid infrastructure development observed in the emerging countries of the Asia-Pacific region will have a positive impact on the water pump market in the future. In addition, developments in the industrial sector, particularly in the energy, energy and agriculture sector, have significantly increased the current demand for water pumps. The growth of the oil and refineries sector is expected to make a significant contribution to the water pump market. In addition, the increasing reliance on groundwater for irrigation and other agricultural activities rather than the monsoon in developing countries, is expected to increase the demand for water pumps in the area. Several government initiatives to recycle wastewater to reduce water pollution around the world are expected to boost the water pump market in the near future.
However, some factors limit the market for water pumps, including the growing threat of unorganized players, particularly in agriculture. Poor farmers in developing countries are price sensitive and prefer to purchase low-cost water pumps rather than recognized brands.
It is expected that the need to consume drinking water to maintain a healthy and disease-free lifestyle, the construction of water recycling industries and the growing demand for solar water pumps will create important growth opportunities for industry players over the next few years.
Leading Segments in the Water Pumps Market:
In terms of pump type, the water pump market is separated into centrifugal pump, alternating pump, rotary pump, etc. Centrifugal pumps dominated the world water pump market, which accounted for more than half of the revenue share in 2016. According to the technology, the market for water pumps has been segmented as positive displacement pumps and others. The various positive displacement pumps include a rotary pump, an alternative pump and others. In positive displacement pumps, efficiency increases with increasing viscosity. These displacement pumps can be used in industries such as pulp and paper, pharmaceuticals, chemicals, wastewater treatment, food and beverages.
By application, the water pump market includes oil and gas and refining, chemicals, water and wastewater, and so on. The water and wastewater sector is expected to dominate the market in the coming years as a result of several government initiatives to treat industrial wastewater to reduce water pollution.
Geographical Conditions of the Water Pumps Market:
In terms of regional demand, Asia-Pacific was the dominant region accounting for most of the market share in 2016. With a massive increase in infrastructure development activities, especially in emerging economies such as China, India, etc., the water pumps in the region are expected to experience significant traction over the forecast period. The Asia-Pacific region is also poised to register a promising CAGR of 5.8% over the forecast period. This is attributed to the rapid pace of industrialization in emerging countries such as India and China. The North American market is expected to grow steadily due to the sharp increase in fracking activity in the region in recent years. The North American market is expected to grow at a CAGR of 4.5% over the evaluation period.
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Recent Developments of the Water Pumps Market:
The global market for water pumps is consolidating with a series of mergers and developments (M&D) taking place around the world. The development of Finder PompeSpA by Dover, the development of Alaska Pump & Supply Inc by DXP Enterprises and the development of PIMS Group by Xylem are among the largest development made recently. Saudi Pump Factory, the largest pump the manufacturer in the Gulf Region sold its 75% stake to Sulzer Ltd. These extensions of inorganic companies reduce the key manufacturersdevelopment in the water pump market.
Leading Companies of Water Pumps Market:
Some of the leading companies in the market are Flowserve Corporation, Ebara Corporation, Sulzer Ltd., Grundfos Holding A / S, Kirloskar Brothers Limited, KSB Aktiengesellschaft, Gardner Denver, Inc., ITT Corporation and Torishima Pump are among the leading players in the global water pump market. Mfg. Co., and Weir PLC Gardner Denver Group, General Electric Corporation, Pl. Weir, Weatherford International Ltd., ITT Inc., PROCON Products, KSB Group, Kirloskar Brothers Limited and Sulzer Ltd.
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