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Albany, New York, Aug. 07, 2019 (GLOBE NEWSWIRE) -- Transparency Market Research (TMR) finds that the global water pump market is extremely consolidated in nature. The players such as Flowserve Corporation, ITT Pumps, Wilo SE, Sulzer, Ebara Corporation, KSB Inc., Xylem Inc., and Alfa Laval are some of the key players holding major share in the global water pump market. Additionally, for maintaining grip on the market, the key players are trying to offer advanced technology-based pumps. For this, the key players are entering into mergers and acquisitions, thus, leading to increased consolidation in the global water pump market.
However, players are witnessing sluggish growth due to inorganic growth of business and thus, the market is witnessing low competition level over past few years. This is a key reason encouraging small and new vendors to enter in the market.
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Surge in Industrialization Boosts the Market Growth
According to TMR, the global water pump market is estimated to expand at a CAGR of 4.9% from 2017 to 2025 to attain value of US$66,852 million by 2025 from a value of 43,599 US$ million accumulated in 2016. This growth is attributable to the rising number of recycling and treatment plants for water and waste water globally and especially in the emerging economies. Rising industrialization in India and China coupled with rising need for clean water is boosting adoption of water treatment procedures and in turn augmenting demand for water pumps. Further, the water pumps have application in several domestic applications such as gardening facilities and water coolers.
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Boom in the agriculture and construction industry are increasingly demanding for effective and efficient water pumps which benefits its market growth. Additionally, efficiency of extracting liquids at once is augmenting adoption of the water pumps across the industrial as well as construction sites. Substantial rise in the application of the pumps has benefited the market growth in recent years; and it is estimated to be same in coming years.
Availability of Wide-ranging Platforms Drives the Market Growth
Booming e-commerce industry has offered better opportunities for both consumers and manufacturers by making it largely available. These online portals are expanding availability of water pumps, thereby promoting products in order to cater to a customers across the world. Increase in the promotional campaigns through online sales channels is estimated to offer most lucrative opportunities for the key players in the global water pumps market in the coming years.
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Surge in initiatives by governments from several countries coupled with extensive support from governments from emerging economies for pharmaceutical sector is impacting positively on the sales of water pumps market globally. Additionally, the policies such as 13th Five year plan in China and Ganga rejuvenation policy in India are anticipated to provide additional traction to the growth prospects of the global water pumps market in coming years.
Asia Pacific to Be Dominant Over the Forecast Period
Regionally, the Asia Pacific region is estimated to remain dominant accounting for major share in the water pump market over the forecast period. This is attributable to the rising infrastructural developments in the countries in the region including India, China, and Indonesia. Additionally, the region is estimated to expand at a CAGR of 5.8% during the forecast period. However, North America is a mature market for water pump and is estimated to expand at 4.5% CAGR during the estimated time period.
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This information is encompassed in the report by TMR, titled, “Water Pump Market (Pump Type - Centrifugal Pump, Reciprocating Pump, and Rotary Pump; End use - Oil and Gas and Refining, Chemical, Power Generation, Water and Wastewater, and General Industry) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025.”
For the study, the water pump market has been segmented as follows:
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