Global Water Pumps Market to Surpass $54bn by 2020
The global water pumps market is projected to surpass $54 billion by 2020, according to a TechSci Research report.
Global Water Pumps Market Forecast & Opportunities, 2020 says the market is growing on account of increasing industrialization and growth in various end-use industries such as water and wastewater treatment, chemicals, power, and oil and gas, among others. Further, continuing increase in water and wastewater treatment service tariffs and growing replacement of water pumps in developed markets are expected to drive global water pumps market over the next five years.
Asia-Pacific is the leading contributor in global water pumps market, accounting for largest revenue share in 2014. The dominance of Asia-Pacific can be attributed to high growth in water and wastewater treatment and power sector. The region is witnessing high demand from developing countries such as China and India, wherein an upsurge in the infrastructural development projects in process industries, rising standards of living and growing urbanization, are resulting in increasing water scarcity and higher demand for better sanitation, which is consequently providing the required impetus to water recycling projects.
Centrifugal water pumps dominated the global water pumps market last year and will continue to retain its dominance over the forecast period, says research director Karan Chechi. “The demand for centrifugal water pumps is supported by their growing use in both industrial and non-industrial segments, with water and wastewater treatment industry being the largest end user in industrial segment. Major end user industries for positive displacement pumps include wastewater treatment, food and beverage, pharmaceutical, and chemical industries.”
A report published last December by TechNavio says smart pumps will contribute to the growth of the global water desalination pumps market, which is expected to grow at a CAGR of 7.7 percent from 2015 to 2019.
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