The global water pump market was valued at $40,452.9million in 2014 and it is expected to grow at a CAGR of 5.6% during the period 2015 – 2020. As per P&S Market Research, the factors driving the growth of the global water pump market include growing construction industry, increasing disposable income, growing water scarcity, rapid industrialization in developing economies, and rising level of urbanization. By technology, the centrifugal water pump segment accounted larger share in the global market in 2014, and it is expected to grow at a CAGR of 4.8% during the period 2015 – 2020. 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.
Rapid growth of the urban population is creating pressure on the existing water infrastructure which includes delivery of utility water and removal and treatment of wastewater. To overcome this situation, various governments in Asia and Africa are expected to increase their spending on irrigation and drinking water schemes. This, in turn is expected to drive the demand for water pumps in the regions. The impact of rising urban population on water pump market is anticipated to remain high over the next few years.
By geography, Asia-Pacific water pump market is expected to witness the fastest growth (6.5% CAGR) globally during 2015 – 2020. Rising level of urbanization, rapid industrialization and rising disposable income are some of the major driving forces for the Asia-Pacific water pumps 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 over the next few years. This is due to rise in demand for water pumps from industries such as oil & gas, chemical, and energy in these countries.
The restraints associated with the global water pump market include growing threat from unorganized players in Asia-Pacific.
The key companies 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.
News Courtesy: P&S Market Research