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Oct 7, 2020 6:20 AM ET

Global Water Pump Market Set For Rapid Growth, To Reach Value Around USD 66.51 Billion By 2024

iCrowd Newswire - Oct 7, 2020

Zion Market Research has published a new report titled “Water Pump Market by Type (Centrifugal Pump, Reciprocating Pump, and Rotary Pump) and by Application (Oil and Gas and Refining, Chemical, Water and Wastewater, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018—2024”. According to the report, the global water pump market was valued at approximately USD 44.85 billion in 2017 and is expected to generate around USD 66.51 billion by 2024, at a CAGR of around 5.29% between 2018 and 2024.

The demand for water pumps is likely to increase in the upcoming years due to the rising need for wastewater treatment in the industrial sector. The rapid infrastructural developments witnessed in the emerging nations of Asia Pacific are anticipated to positively impact the water pump market in the future. In addition, the ongoing developments in the industrial sector, especially in power and energy and agriculture, have considerably increased the current demand for water pumps. The growth of the oil and refinery sector is likely to contribute significantly toward the market for water pumps. Moreover, the growing dependency on groundwater for irrigation and other agricultural purposes instead of monsoons in developing nations, such as India, is predicted to increase the demand for water pumps in the agricultural sector. Several government initiatives for recycling wastewater to reduce water pollution globally is predicted to further boost the water pump market in the near future. The need to consume clean water to maintain a healthy and disease-free lifestyle, the construction of water recycling industries, and the rising demand for solar water pumps are predicted to create significant growth opportunities for the players operating in the water pump market in the upcoming years.

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Global Water Pump Market

By type, this global is classified into the centrifugal pump, reciprocating pump, and rotary pump. Centrifugal pumps are expected to dominate the market in the forecast time period, due to huge product demand and its ability to bear high load at varied pressures. By application, the water pump market includes oil and gas and refining, chemical, water and wastewater, and others. The water and wastewater segment is likely to dominate the market in the upcoming years, due to several government initiatives for treating industrial wastewater to reduce water pollution.

By region, this global market comprises North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Europe held a substantial revenue share in 2017 of the global water pump market, due to the rising demand for clean drinking water. The Asia Pacific region held the largest market share in the global water pump market in 2017 and is anticipated to maintain its dominance in the upcoming years as well. This regional growth can be attributed to the ongoing infrastructural developments across the developing countries, such as China and India.

Some of the players operating in the water pump market include Gardner Denver, Torishima Pump Mfg. Co., Ltd., General Electric Company, The Weir Group Plc, Weatherford International Ltd., ITT Inc., PROCON Products, KSB Group, Kirloskar Brothers Limited, and Sulzer Ltd., among others.

This report segments the global water pump market into:

Global Water Pump Market: Type Analysis

Global Water Pump Market: Application Analysis

Global Water Pump Market: Regional Analysis

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Keywords:    Water Pump Marke

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