Water Pump Market
Water Pump Market
Water Pump Market size was valued at $56.1 billion in 2021, and is projected to reach $86.3 billion by 2031, growing at a CAGR of 4.4% from 2022 to 2031
PORTLAND, OREGON, UNITED STATES, January 23, 2024 /EINPresswire.com/ -- Water Pumps Market by Type (Centrifugal Pumps, Positive Displacement Pumps), by Driving Force (Electric Driven, Engine Driven), by Application (Oil and Gas, Chemicals, Power Generation, Water/wastewater, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031." According to the report, The global water pump market size was valued at $56.1 billion in 2021, and is projected to reach $86.3 billion by 2031, growing at a CAGR of 4.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, regional landscapes, and competitive scenarios.
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Drivers, Restraints, and Opportunities-
The water pump market is experiencing increased growth due to an increase in adoption of water pump from various end-user industries such as oil & gas, water/wastewater, chemicals and others. In addition, the oil & gas industry is the largest consumer of water pumps globally, and includes the use of industrial valves in downstream, midstream, and upstream process applications. Rise in demand for water pumps in North America boosts the need for importing water pumps from other countries, thereby driving the water pumps market growth. Moreover, the food & beverages processing industry is largely saturated in the developed countries, including the European Union countries, the U.S., and China.
Moreover, technological advancements in water pumps, such as the implementation of automation and control technologies, are expected to create lucrative growth opportunities for the water pump market.
Covid-19 scenario
The water pumps market was severely hampered during the lockdown period owing to the outbreak of COVID-19. The construction sector was most affected. However, the market recovered by the end of 2021.
However, the global market for water pumps has recovered slowly and steadily.
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The centrifugal pumps segment held a major share of the water pump market in 2021
Depending on the type, the market is segregated into centrifugal pumps and positive displacement pumps. In 2021, the centrifugal pumps segments held the largest share of the water pump market and is anticipated to exhibit the highest growth rate during the study period, by growing at a CAGR of 4.5%. The centrifugal pumps are the most widely used pump because they are the best technology for water and thin liquids and slurries that are encountered in every industry such as oil & gas, chemical, water and wastewater treatment, agriculture, and construction is driving the growth of the centrifugal pumps.
The electric driven was largest segment based on revenue in 2021
On the basis of driving force, the market is segregated into electric driven and engine driven. In 2021, the electric driven segment was the highest contributor, and is expected to grow at the highest CAGR of 4.7% from 2022 to 2031. Electric pumps are used in applications such as dishwasher and washing machines. Increase in manufacturing and industrial activities around the globe leads to rise in demand for more electric pumps around the globe which in turn propel growth of the water pump market.
Asia-Pacific garnered the major share in 2021-
Asia-Pacific held the majority of the market share in 2021, and is expected to grow at the fastest rate during the forecast period. Asia-Pacific includes majority of developing countries, such as India, Vietnam, and Indonesia, which exhibit lucrative opportunities for the water pumps market. Moreover, growth in infrastructure development in emerging countries, such as India and China, is anticipated to cater to the growth of the water pumps market.
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Leading Market Players-
ATLAS COPCO, Baker Hughes, EBARA CORPORATION, Flowserve Corporation, Grundfos, Husqvarna AB, Kirloskar Brothers Limited, KSB Group, Sulzer AG, Xylem Inc.
The report analyzes these key players in the global water pump market. These players offer innovative products to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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