Water pumps are water controlling equipment that use evaporation or pumping to move water from one area to another. According to MarkNtel Advisors' research report, "Global Water Pump Market Analysis, 2021," the market is likely to grow at a CAGR of around 5.9% during 2021-26. The factors surging the market growth include increasing demand for solar & energy-efficient water pumps across different end-users, such as oil & gas, agriculture, & construction service sectors, innovative product launches by market leaders, and the rising need for water pumps in pharmaceutical companies. Additionally, snowballing investments by countries in the wastewater treatment plant further fuel the demand for water pumps.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, The UK, France, Spain, Italy|
|Asia-Pacific: China, India, Japan, South Korea, Southeast Asia|
|South America: Argentina, Chile, Peru|
|Middle East & Africa: UAE, Saudi Arabia, South Africa, Qatar|
|Key Companies Profiled||Flowserve Corporation, Pentair PLC, Sulzer Limited, Kirloskar Brothers Limited (KBL), Grundfos, Xylem Inc, KSB Group, Wilo, ITT Inc., Torishima Pump MFG. Co. LTD., etc.|
|Unit Denominations||USD Million/Billion|
Impact of COVID-19
The Covid-19 pandemic has negatively impacted the growth of the water pump market due to a delay in the various ongoing development projects and investment halts in end-user industries. Further, the supply chain disruptions harmed the demand for water pumps because of closed borders and disturbed export activities. However, the market has resumed after the upliftment of lockdown, and the water pump market is likely to witness robust growth in the forthcoming years.