Water Pump Market Trends, Development, Growth and Demand Forecast to 2022
The global water pump market was valued at $42,435.1 million in 2015, and it is expected to grow at a CAGR of 5.9% during 2016 - 2022.
The factors driving the growth of the global market include growing construction industry, increasing disposable income, growing water scarcity, rapid industrialization in developing economies, and increasing level of urbanization. By technology, the centrifugal water pump segment accounted for larger share in the total market in 2015, and it is expected to grow at a CAGR of 4.8% during the period 2016 - 2022. Water scarcity is one of the major factors driving the demand for water pumps, as governments around the world are directing industries to recycle and reuse water. In 2011, in its Twelfth Five Year Plan, the Chinese government allocated $60 billion for the urban wastewater system in the country.
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In 2015, Asia-Pacific held the largest share in the global water pump market with 42.9% share. The surging level of urbanization, rapid industrialization and increasing disposable income are some of the major driving forces for the Asia-Pacific water pump market, particularly in countries such as India and China. China is the largest market for water pumps in the region; however, India is expected to witness highest growth in the near future. The impact of massive industrialization in developing countries on the water pumps market is anticipated to remain high during the next few years. This is due to increase in demand for water pumps from industries such as oil & gas, chemical, and energy in these countries.
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Between the two technologies, the centrifugal water pump segment accounted for larger share in the global market in 2015.
Some of the major players operating in the global water pump market include Flowserve Corporation, Ebara Corporation, Sulzer Ltd., Grundfos Holding A/S, Kirloskar Brothers Limited, KSB Aktiengesellschaft, Gardner Denver Inc., ITT Corporation, Torishima Pump Mfg. Co., and The Weir Group PLC.
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Aug 04, 2016