Global Water Pump Market Report, published by Variant Market Research, forecast that the global market is expected to reach $67.9 Billion by 2024 from $44.3 Billion in 2016, growing at a CAGR of 5.5% from 2016 to 2024. By geography, Asia-Pacific and RoW are expected to grow at a CAGR of 6.3% and 5.7%, respectively, during the forecast period.
"Water Pump Market (By Technology: Centrifugal Water Pump and Positive Displacement Water Pump; By End User: Municipal Water and Wastewater, Chemical, Oil & Gas, Energy, And Others; By Geography: North America, Europe, Asia-Pacific, and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024"
Some of the factors driving the growth of the global water pump market are increasing industrialization and urbanization, high demand for water pumps from various sectors, and water scarcity in certain parts of the region. Additionally, substantial opportunities can be forecasted, driven by rising construction of new water recycling plants, wastewater treatment plants, and brownfield projects in the coming years. Though, high competition and accessibility to substandard products may hinder the growth of the market.
Technology, end-user and geography are the key segments considered in the global water pump market. Technology segment is categorized into centrifugal water pump, and positive displacement water pump. Among which, centrifugal water pump held the largest market share, whereas, positive displacement water pump is anticipated to dominate with fastest CAGR. End user is further classified into municipal water and wastewater, chemical, oil & gas, energy, and others. Municipal water and wastewater, and chemicals dominated the segment with maximum market share in 2016.
By geography, the market has been bifurcated into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Asia-Pacific dominated the market with largest market share of 42.9% in 2016, driven by, increasing disposable income, increased used for pumps in agriculture sector, and surge in brownfield projects. Additionally, the region is projected to grow at the fastest CAGR during the forecast period 2016 – 2024. Moreover, Europe held the second largest market share in 2016 with 22.2%.
Major market players comprise Gardner Denver, Inc., Torishima Pump Mfg. Co., General Electric Company, Weir Group PLC, Weatherford International Inc, ITT Inc., PROCON Products, KSB Group, Kirloskar Brothers Limited, and Sulzer Ltd., among others.