July 14, 2020
According to the research report titled ‘Global Water Pumps Market Size study with COVID-19 impact, by Type (Centrifugal Water pumps and Positive Displacement Water Pumps), by Application (Agriculture, Chemical, Petroleum, Mining, Electronics and Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global water pumps market was worth USD 58.66 billion in the year 2019 and is anticipated to showcase a y-o-y growth rate of 5.20% between 2020 and 2026.
Notably, water pumps are mechanically operated devices which are used in households as well as across various industry verticals such as petroleum, mining, chemical, wastewater treatment and agriculture. These pumps are designed with essential auxiliary equipment to regulate and divert the flow of any liquid or water through pipes.
Rapid expansion of wastewater treatment industries and extensive use of water pumps in this industry vertical for controlling & managing water pressure are major factors driving the market growth. As per International Wastewater Association, wastewater flow rate is estimated to reach 61,000 m3/day by the year 2030 in Aqaba. It further predicts that wastewater treatment capacity in Bangkok will increase by 12,000 m3/day by 2030.
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Technological breakthroughs in water pumps is also aiding the market expansion. However, the advent of COVID-19 pandemic has resulted in imposition of strict lockdowns across the globe, which has adversely impacted the economic growth of nations as well as productivity of end-user sectors, thereby hampering the product sales.
Water pumps can be classified based on their method of displacement into centrifugal pumps and positive displacement pumps. Based on application spectrum, global water pumps market is split into electronics, mining, petroleum, chemical, agriculture and others.
Regionally, North America water pumps industry is estimated to generate lucrative revenues in the forthcoming years, primarily due to technological advancements in the product. On the other hand, Asia-Pacific market is predicted to expand considerably during the study period. Increasing number of wastewater treatment facilities is creating significant growth opportunities for key players in the region, thereby stimulating the industry outlook in Asia-Pacific.
Pentair plc, Flowserve Corporation, WILO SE, Sulzer Ltd., ITT Inc., Grundfos, Xylem Inc., KSB SE & Co. KGaA, Dab Pumps S.p.A. and Ebara Corp. are the major contenders in global water pumps industry.