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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