Press Release

Global Water Pumps Market to Surpass USD 74 billion by 2023

Growth in end-use industries coupled with increasing industrialization to drive global water pumps market through 2023

According to a recently published TechSci Research report, “Global Water Pumps Market Forecast and Opportunities, 2023”, global water pumps market is projected to surpass USD74 billion by 2023. The market is growing on account of increasing industrialization and growth in various end-use industries such as water & wastewater treatment, chemicals, power, and oil & gas, among others. Further, continuing increase in water & wastewater treatment service tariffs and growing replacement of water pumps in developed markets are expected to drive global water pumps market over the forecast by 2023.


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 & wastewater treatment and power sector. There are over 437 nuclear plants across the world that generate electricity, of which, 114 nuclear plants are in Asia alone. 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.


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“Centrifugal water pumps dominated global water pumps market in 2014. This segment is expected to retain its dominance over the forecast period as well. The demand for centrifugal water pumps is supported by their growing use in both industrial and non-industrial segments, with water & wastewater treatment industry being the largest end user in industrial segment. Major end user industries for positive displacement pumps include wastewater treatment, food & beverage, pharmaceutical, and chemical industries.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.


Global Water Pumps Market By Type, By End Use, By Region, Competition Forecast & Opportunities, 2023” has evaluated the future growth potential of global water pumps market, and provides statistics and information on market structure, industry behavior and trends. The report includes water pumps market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with major drivers, challenges and opportunities in the global water pumps market.

 

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