Water Pump Market: Valued at USD 44.9 Billion in 2023 & to Achieve 4.5% CAGR in 2024-32
As per the research report by Report Cube, the Global Water Pump Market size was valued at nearly USD 44.9 billion in 2023, and is estimated to grow at a CAGR of about 4.5% during the forecast period, 2024-32.
Pumps are used to transfer fluid at a higher pressure or to transport it at a faster rate of discharge. They are employed in producing chemicals, in oil & gas exploration, and precisely dose reactants & reagents during compound synthesis in addition to increasing fluid pressure. Owing to the increasing industrialization, it is presumed that water pump sales would enhance in the following years. Furthermore, it is predicted that the global agriculture sector would expand tremendously in the future, eventually affecting the demand scale of the Water Pump Industry. Additionally, due to the significant changes in the global climate & the occurrence of droughts, wastewater management is becoming increasingly essential.
Additionally, wastewater treatment is necessary in residential, commercial, and industrial settings, as a result, the growth of wastewater treatment across a variety of end-users is having an impact on the market demand. The growing need for large-capacity pumps, primarily in industrial operations, agricultural, and water supply, is driving the growth of the Water Pump Market. As the necessity for efficient water management systems increases worldwide, large-capacity pumps are required to carry significant amounts of water over long distances, usually in areas facing water scarcity or rapid development. Large pumps are essential for dewatering, cooling, and wastewater treatment in industries, including energy production & construction, as well as for irrigation in agriculture.
Moreover, the growth of the global urban population & enhanced manufacturing output are drawing in significant new funding. As a result of these upgrades, which should be made to both new & existing facilities, water pumps are presumed to be more in demand over the forecast years. Improvements in pump technology have led to enhanced pump reliability, better basic process operations, and a long-term decrease in routine operating procedures. The chemical, agriculture, and other industries engage numerous enterprises that use highly developed pumps. In addition, procedures are concentrating on the introduction of new products in order to meet the evolving demands of the companies, further states the research study, Water Pump Market Analysis, 2024.
Analyzing the Water Pump Market Segmentation
Centrifugal Pumps to Dominate the Water Pump Market
By mode of delivery, the Water Pump Market is bifurcated into: Centrifugal Pumps and Positive Displacement Pumps.
Centrifugal Pumps is anticipated to account for the potential share of the Water Pump Market through 2032. Given that these pumps come in a huge variety of sizes & shapes and are frequently deployed in both big & small industrial applications, such as axial flow pumps, mixed flow pumps, etc., supports this. Additionally, the wide range of pumps are used in petroleum, sewage, chemical, and several other industries, thus likely to enhance the popularity of centrifugal pumps.
Asia-Pacific to Dominate the Global Water Pump Market
The Asia-Pacific region occupies the forefront of the Global Water Pump Market, due to the region’s extensive agricultural lands & expanding end-users that are contributing to increasing demand for water pumps. Further, to decarbonize various industrial sectors, such as oil & gas, chemicals, and others, this region’s need for clean energy has been rising significantly to reduce their dependency on imported fossil fuels as their primary energy sources. Thus, owing to these reasons, the Asia-Pacific Water Pump Market is investing heavily in renewable energy projects across the continent.
Water Pump Market Companies Analysis
With the strategic analysis & market study the leading companies, including Gardner Denver, Torishima Pump Mfg. Co., General Electric Company, Weir Group PLC, Weatherford International Inc, ITT Inc., PROCON Products, KSB Group, Kirloskar Brothers Limited, Sulzer Ltd., Atlas Copco, Baker Hughes Incorporated, Busch LLC, ClydeUnion Pumps, Ebara Corporation, Flowserve Corporation, Halliburton Company, ULVAC Technologies, Jyoti Ltd, Shakti Pumps India Ltd, CNP Pumps India Pvt Ltd, CRI Pumps Pvt Ltd are predicted to contribute in the growing market outlook.