The global centrifugal water pump market was valued at $26,649.2 million in 2015, and it is expected to grow at a CAGR of 4.5% during 2016 – 2022. The factors driving the growth of the global market include increasing level of urbanization, rapid industrialization in developing economies, growing water scarcity, and growing construction industry and increasing disposable income.
The growing construction of residential and non-residential buildings is driving the demand for centrifugal water pumps. With the increase in infrastructure investment, the demand for centrifugal water pumps will increase. The increasing disposable income of people across the globe has enhanced their living standards with increased spending on houses, thus contributing to the increased demand for centrifugal water pumps.
In 2015, Asia-Pacific dominated the global centrifugal water pump market, accounting for approximately 43.3% share, which is expected to become 44.8% by 2022. The increasing level of urbanization, rapid industrialization and increasing disposable income are some of the major growth driving factors in the Asia-Pacific centrifugal water pump market, particularly in countries, such as India and China. China was the largest market for centrifugal water pumps in the region in 2015; however, India is expected to witness the highest growth during the forecast period. Moreover, economic growth along with industrialization has increased the demand for centrifugal water pumps. The major companies operating in the Asia-Pacific centrifugal water pump market include Torishima Pump Mfg. Co. Ltd., Kirloskar Brothers Limited, and Ebara Corporation.
Some of the major players operating in the global centrifugal 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