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Water pumps market to reach USD 67.05 billion by 2024

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  • Water pumps market to reach USD 67.05 billion by 2024

About the blog

Kevin Stewart
Strategic Consultant at Research Cosmos
ACCIONA
· 263

Themes

Water pumps are one of the most important mechanical devices that are classified by their method of displacements such as Centrifugal water pumps and Positive Displacement water pumps. Centrifugal Water Pumps are used widely in Buildings, Wells, Fire protection system and Hot water circulation in Industries, whereas Positive Displacement Water Pumps are used in Hydraulic systems. Nearly all pumps fall within these two categories, with centrifugal being the most common. However, positive displacement pumps come in a wider variety such as gear, screw, and many other types of pumps. The most common type among centrifugal pump is the radial flow pump. Both of these types of pumps are essential components in the oil and gas industry, chemical industry, wastewater treatment plants and general industries such as pulp and paper manufacturing, mining industries, food and beverages, and power generation. The general industry sector accounted for the majority of the market in 2016.

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.

Industrial water pumps are also growing at a high rate due to an increase in industrialization in Asia Pacific countries where oil and gas industry is the major end-user of water pumps. The increasing number of water recycling and wastewater treatment plants, especially in India and China, is boosting the water pumps market in the Asia Pacific. New technologies, such as intelligent pump system, in the water pump industry have been extending their cost benefits to the users. However, certain factors are restraining the market that includes the growing threat from unorganized players in the Asia Pacific, especially in the agricultural domain. With a huge rise in infrastructure development activities, particularly in economies such as China and India, the demand for water pumps in this region is expected to witness significant drag during the forecast period. The poor farmers in the developing countries are preferred to buy low-priced water pumps instead of reputed brands, resulting in the drop of water pumps market. India market is witnessing rapid growth in on the back of expanding groundwater level, rapid urbanization and various infrastructures development include the construction of roads, home, toilets, schools and cleaning of major water bodies like rivers and ponds.

In terms of regional demand, Asia Pacific was the dominant region accounting for the majority of the market share in 2016. The Asia Pacific region is also assured to register a promising Compound Annual Growth Rate of XX% during the forecast period. The market in North America is expected to witness steady growth owing to the vast rise in fracturing activities in the region in the past few years. It is expected to expand at a CAGR of XX% during the assessment period. In India, an increasing focus towards improved water management will drive demand for water pumps in the country to increase XX billion dollars by 2023.

Xylem Inc., Sulzer, Flowserve Corporation, KSB Inc., Danfoss A/S, Wilo SE, Weir Group PLC., Ebara Corporation, Colfax Corporation, and Alfa Laval, Kirloskar Brothers Limited, KSB Pumps Limited, V-Guard, Crompton Greaves, CRI Pumps Pvt. Limited and Texmo Industries, etc. Saudi Pump Factory, the largest pump manufacturer in the Gulf region sold its 75% stake to Sulzer Ltd. These inorganic expansions of companies are impacting the industry in the water pump market.

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