Vietnam Pumps Market: Record a CAGR of 8.1%During 2024-32
As per the research report by Report Cube, the Vietnam Pumps Market was valued at USD 789.1 million is estimated to grow at a CAGR of about 8.1% during the forecast period, 2024-32.
The need for pumps in a variety of applications is rising owing to the expanding industrial sectors & increasing population. The Pumps Market in Vietnam is a reflection of the dynamic terrain of the nation, which is rapidly urbanizing, industrializing, and building infrastructure. The demand for water pumps in the agriculture sector for irrigation is also infusing the industry’s growth graph.
Furthermore, the market has started to rely more on imports lately. Due to low labor & operational costs in Japan & China, the majority of European pump suppliers set up their manufacturing operations in these countries. Moreover, several domestic manufacturers have been unable to manufacture pumps locally due to the high spending & working capital expenses. Thus, as a result of domestic manufacturers producing & selling pumps, the number of consumers, including governments buying pumps from these brands has amplified. This, in turn, is aiding in enhancing the Vietnam Pumps Market share.
Additionally, due to the lack of major competitors in this growing market, companies are free to determine the rates they want to charge for a variety of positive displacement & centrifugal pumps. End consumers have become increasingly picky about the efficiency, quality, and aftersale services of these pumps when making a purchase. Also, new industrial manufacturing facilities & the rising demand for water filtration projects have led to a surge in the Vietnam Pumps Industry sales.
The constantly expanding energy sector, which prioritizes renewable energy sources, such as wind power, solar power, and hydropower is augmenting the potential of the Vietnam Pumps Market. In hydroelectric plants, where they are used for water circulation & pressure maintenance, pumps play a crucial role in power generation. Also, as the oil & gas industry continues to grow, dependable pumping solutions are required for the transfer, refining, and extraction process. Thus, the growing energy industry is creating profitable opportunities for the market in the forecast years, further states the research study, Vietnam Pumps Market Analysis, 2024.
Analyzing the Vietnam Pumps Market Segmentation
Centrifugal Pumps to Dominate the Vietnam Pumps Market
By pump type, the Vietnam Pumps Market is bifurcated into: Centrifugal Pumps (Submersible Pumps Single Stage Submersible Pumps, Multi-stage Submersible Pumps, and Non-Submersible Pumps) and Positive Displacement Pumps (Rotary Pumps & Reciprocating Pumps).
Among all the pump types, the Centrifugal Pumps to uphold a potential share of the Vietnam Pumps Market during 2024-32. These highly versatile pumps are employed in varied industries, including water & wastewater, manufacturing, construction, and agriculture. Their versatility in managing diverse fluids, like chemicals & water, renders them the preferred choice for an extensive array of uses. These pumps are crucial for the distribution & control of water in both rural & urban areas. They are deployed in irrigation systems to provide water to the crops.
Vietnam Pumps Market Companies Analysis
With the strategic analysis & market study the leading companies, including EBARA Vietnam Pump Company Limited, Grundfos Vietnam Co., Ltd., Hai Duong Pump Manufacturing Joint Stock Company, Intech Pumps, Iwaki Pumps Vietnam, KSB Vietnam Co., Ltd., Sai Gon Industrial Service, Tsurumi Pump Viet Nam Co., Ltd., WILO Vietnam Co. Ltd