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.
Chemical and Oil & Gas Industry Accounted for the Substantial Market Share
Based on the end-user system, the Chemical and Oil & Gas sector accounted for the substantial market share in the Global Water Pump market in 2019. The segment growth attributes to the surging demand for water pumps in the chemical industry owing to corrosion resistance.
Moreover, innovative safety features like pressure switches, leak detection, etc., are added in water pumps by manufacturers, due to which the demand for water pumps is likely to grow significantly. Further, the significant growth in the oil & gas sector due to the increasing electricity requirements and surging investments in the oil & gas sector is likely to augment the market growth in the upcoming period, reveals MarkNtel Advisors in their research report, "Global Water Pump Market Analysis, 2021."
Centrifugal Pump Dominated the Market
Based on the type, the market segments are Centrifugal Pumps and Positive Displacement. The Centrifugal Pump segment dominated the Global Water Pump market in 2019. Its demand is high for agricultural and irrigation purposes due to the rising dependency on groundwater, especially in India.
The rising water pollution and rapid funding for expanding infrastructures are surging the demand for water pumps to treat industrial wastewater. Hence, the growing need for energy-efficient pumps is likely to drive the growth of centrifugal water pumps as they are highly efficient and less expensive.
Asia-Pacific Accounted for the Largest Market Share
Asia-Pacific accounted for the largest market share in the Global Water Pump market in 2019, in which China and India acquired the majority market share. The growth attributes to a boost in freshwater requirements and the increasing demand for water pumps in industries and the agriculture sector.
Moreover, technological advancements in water pumps, like the emergence of Smart intelligent pump systems through IoT, robustly growing urban population, and soaring investments in developing commercial & residential infrastructures, are a few crucial factors driving the market growth.
Increasing Demand of Water Pump in Wastewater Treatment Plant
The soaring freshwater demand due to the growing urban population and robust industrialization, rising water scarcity, and snowballing prevalence of waterborne disease are the factors burgeoning the investments towards the development of wastewater treatment plants in Asia, the Middle East, and African countries.
Additionally, massive investments in water infrastructure, growing environmental concerns, and strict government regulations for wastewater treatment further contribute to the lucrative segment growth in the forecast period.
According to MarkNtel Advisors, the major leading players in the global Water Pump market are Flowserve Corporation, Pentair PLC, Sulzer Limited, Kirloskar Brothers Limited (KBL), Grundfos, Xylem Inc, KSB Group, Wilo, ITT Inc., Torishima Pump MFG. Co. LTD., etc.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
A. The historical data has been provided since 2016, while the base year is 2020 and the data is forecast up-to 2026.
A. The market size/industry size or the market value is measured in terms of USD Million.
A. The Global Water Pump Market is projected to grow at a CAGR of 5.9% during 2021-26.
A. Flowserve Corporation, Pentair PLC, Sulzer Limited, Kirloskar Brothers Limited (KBL), Grundfos, Xylem Inc, KSB Group, Wilo, ITT Inc., Torishima Pump MFG. Co. LTD., are few of the leading players in the Global Water Pump Market.
A. Centrifugal water pump is expected to attain the highest CAGR during the forecast period and maintain its significant market share.
A. Asia-Pacific continues to grow at the highest CAGR, presenting immense opportunities for market players of the Global Water Pump Market.