Markets and Research have announced the inclusion of the Development, Share, Global Water Pump Market Size, Demand and Growth Forecast to 2022’ report to their offering.
The world’s water pump market in the year 2015 was valued at 42.4 billion US dollars and is projected to grow at a compound annual growth rate (CARG) of 5.9 percent between 2016 to 2022. The rapid industrialization in developing nations, increasing water scarcity, increasing disposable income plus the expanding construction industry and the increasing urbanization levels are among the driving factors of the growth of the water pump market.
Water pump refers to the most ever-changing mechanical devices with lots of applications in a variety of industries and households. The rapid urban population growth has led to increased pressure on the available water infrastructure, which includes the treatment and the removal waste water and the utility water delivery. In a bid to curb this particular situation, various governments especially in Africa and Asia, are expected to invest heavily in their irrigation and drinking water schemes.
In 20111, the Chinese government, in its Twelveth Five Year Scheme, put aside 112 billion US dollars for renovating its piping and water treatment systems. Over the past few years, the use of all pumps has incredibly increased in urban areas. The urban population lifestyle is more modern and fast-paced, compared to that of the people in the countryside. Most of the manufacturers currently offer numerous types of water pumps, with the intention of ensuring that the growing household demands are met.
Among the many applications, the municipal water and waste water sector accounted for the biggest share of the 2015 global market. This sector is expected to retain its dominance, during forecast time. Between the two technologies, the centrifugal water pump segment was responsible for a larger share of the world’s water pump market during the year of 2015.
The Asia-Pacific accounted for 42.9 percent, which was the largest in the global market for the water pumps. Moreover, Asia-Pacific is anticipated to see the highest compound annual growth rate of about 6.6 percent between 2016 to 2022. Increasing levels of industrialization and the rise in disposable income are among the major driving factors for the growth of the Asia-Pacific water pump market, especially in nations such as China and India.