Impact of COVID-19 on Economy, Industry and Company :
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The Water Pump Market is Anticipated to Expand at a CAGR of 4.1% During the Forecast Period.
Water pumps are mechanical equipment’s have a high application in households and different industries. The population in urban areas is increasing at a steady rate worldwide thus there are challenges associated with water infrastructure in the contemporary world. The equipment supports in delivery of utility water, treatment and removal of contaminated water. To overcome the current situation of water scarcity governments are funding irrigation projects and various schemes of drinking water that surges the growth of the water pump market. In the recent five year plan, the Chinese government-funded approximately $112 billion for increasing its water pump infrastructure in order to meet the needs of the population. In recent years the rise of the population, especially in the urban areas, stimulated the need for water pump facilities to meet water demands. Water pump manufacturers are catering range of these products for taping the demand of households.
Groundwater has become a prime source of water especially in household purposes but is facing depletion in the groundwater table by various sources are contributing to the surge of the water pump. The irregularity of the monsoon and decreased forest reserves had decreased the water resources and increased the demand of water pumps to source water from various resources. Improvement of water infrastructure by the support of the government to increase the water supply and sanitation services across the country is driving the adoption of water pumps. The market is strengthening by an increase in treating the discharged water by treatment plants and desalination plants along with government schemes are increasing its market potential. New infrastructure projects associated with the water resources especially in developed and developing countries are contributing to the demand of water pumps globally during the forecast period. The latest technologies in association with water pumps contribute in efficient separation of the contaminants from water. The market of water pumps in the electricity generation industry is also at a good pace during the forecast period. It is under steady growth by the contribution of the organizations investments in the power generation facilities.
By Type, Centrifugal Pumps Segment is anticipated for High Demand during the Forecast Period
The Positive displacement segment constitutes of a reciprocating pump, rotary pump, and others. It performs on forcing a consistent volume of liquid from the inlet pressure section into the discharge zone of the pump. They are supported in increasing viscosity and efficiency along the application among industries including pharmaceutical, chemical, pulp and paper, food and beverage, and wastewater treatment. Centrifugal pumps are a rotodynamic pump need in rotating impeller for increasing the pressure and flow rate of liquids. It market demand is high for making the fluids move in piping systems. Centrifugal pumps constitutes of two components such as stationary element and rotary element. They are widely utilized among the fire protection systems in different industries, hot water circulation systems, wells, and buildings. Between the two technologies, the centrifugal water pump segment is having higher global market demand.
The Water Pumps Market in the Asia Pacific Accounted for the Largest Share in 2018 and is Expected to Remain Dominant during the Forecast Period
The Asia Pacific region accounted for a larger share of 42.9% in the global water pump market. The region is projected to have a higher market growth rate for water pump during the forecast period. And the growth rate is accounted to be with a CAGR of 6.6% during the forecast period. Important driving forces of water pump products in the Asia-Pacific region include exponential growth of industrialization, increased disposable income and increased urbanization in this region had a substantial contribution to the market growth. Governments in this region are also making several initiatives for enhancing the water resources and sourcing them for household and industrial applications. Another major factor that is driving the water pumps market is rapid industrial developments of different kinds where there is an essential usage of water sourcing and treatment facilities where it could be used at an extensively.
The water pump market is fragmented and has numerous regional SME’s offering the water pumps of various kinds to the end-users. The increased trend for water pumps in the global market is fuelling the market demand of water pumps in the global platform.
Promonent players associated with the manufacturing of water pump systems are listed as follows: Gardner Denver, Inc., Grundfos Holding A/S, Ebara Corporation, The Weir Group PLC., Flowserve Corporation, Torishima Pump Mfg. Co., Sulzer Ltd., ITT Corporation, Kirloskar Brothers Limited, and KSB Aktiengesellschaft.
Key segments of Water Pump Market:
- Centrifugal Pump
- Reciprocating Pump
- Rotary Pump
- Oil and Gas and Refining
- Water and Wastewater
- North America
- Asia pacific
- Middle East and Africa
- Latin America