According to a new report published by Allied Market Research, titled, “Water Pump Market," The water pump market size was valued at $56.1 billion in 2021, and is estimated to reach $86.3 billion by 2031, growing at a CAGR of 4.4% from 2022 to 2031.
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A water pump is a machine that is used in moving water through pipelines. These pumps are operated by various energy sources such as electricity, fuel engines, or wind power. Water pumps are important tools for a variety of residential, light commercial, or agricultural operations, and can play a particularly important role in rural areas or drain and fill swimming pools and dams or be used for agricultural irrigation.
Furthermore, automation and control in water pumps improve their functioning in hazardous applications such as oil & gas, chemical processing, nuclear power generation plants, and others. In addition, implementation of automation technologies has assisted in reducing the wastage of liquids passing through the pipes, resulting in reduction of costs. Various industries adopt automation and control technologies by upgrading their pre-installed water pumps, which, in turn, drives the water pump market growth.
Moreover, focus on increasing the production of oil & gas in North America has created a high demand for industrial pumps in the region. In addition, increase in growth of metal & mining activities is one of the key factors driving the growth of the global water pumps market. The COVID-19 pandemic has negatively affected the water pumps market mainly due to the halt in international trade, prolonged lockdowns, and ceased manufacturing processes.
The water pump market is segmented on the basis of type, driving force, application, and region. By type, it is divided into centrifugal pumps and positive displacement pumps. By driving force, the water pump market is classified into electric-driven and engine driven. By application, it is divided into oil & gas, chemicals, power generation, water/wastewater, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
In 2021, Asia-Pacific held the highest water pump market share and is anticipated to secure the leading position during the forecast period. Asia-Pacific includes majority of developing countries, such as India, Vietnam, and Indonesia, which exhibit lucrative opportunities for the water pumps market. Asia-Pacific includes majority of developing countries, such as India, Vietnam, and Indonesia, which exhibit lucrative opportunities for the water pumps market. Moreover, growth in infrastructure development in emerging countries, such as India and China, is anticipated to cater to the growth of the water pumps market. For instance, China invested around $20 billion on a mega petrochemical project complex in Yantai, Shandong, China. Further the bio-pharmaceutical sector in Asia is growing rapidly, owing to large spending on life sciences, biotechnology, pharmaceuticals, and healthcare industry by local governments. Such growth perspectives in industrial growth aid in boosting the demand for water pumps, which is expected to drive the water pumps market significantly.
Various manufacturers in the water pump market such as ATLAS COPCO, Baker Hughes, EBARA CORPORATION, Flowserve Corporation, Grundfos, Husqvarna AB adopted various strategies such as product launch, acquisition, and partnerships to sustain the intense competition. For instance, in November 2021, Husqvarna AB launched a HUSQVARNA W50P, which is a medium-sized water pump for drainage and irrigation. It is a quick-starting engine and a high-end pump house enabling effective and reliable work even in difficult conditions. Such strategies is anticipated to boost the growth of the water pumps market.
However, during the pandemic lockdown, various manufacturers in the water pump market had to stop their business in countries such as China, Australia, U.S., UAE, and countries in Europe. This break directly impacted sales of water pump manufacturing companies. In addition, the lack of manpower and raw materials constricted the supply of raw materials for water pump; and negatively influenced the growth of the market. However, after two years of COVID-19 outbreak and the introduction of vaccinations, the severity of the pandemic has significantly reduced and key players in the market are recovering rapidly.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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