August 22, 2024 06:00 ET | Source: FACT.MR FACT.MR
Rockville, MD, Aug. 22, 2024 (GLOBE NEWSWIRE) -- According to Fact.MR, the global water pump market is estimated to reach US$ 52.4 billion by 2024 and is forecasted to expand at a CAGR of 4.4% from 2024 to 2034. sump pump drainage outside
Demand for water pumps is rising due to the growing need for power generation, particularly in developing nations. Industries such as mining, construction, and agriculture account for high demand for water pumps for tasks such as irrigation, dewatering, and water recycling. Substantial investments by developing nations in infrastructure development are also driving market growth. According to reports, the United States plans to invest US$ 1.1 trillion in water management infrastructure over 20 years.
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Key Takeaways from Market Study
"Water pump market growth is being driven by increasing investments in water management infrastructure worldwide, rising demand for high-capacity water pumps, and the transition from diesel to electric pumps for greater efficiency and cost-effectiveness,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Water Pump Market
Key Players in the water pump market are KSB SE & Co. KGaA, Xylem Inc., Sulzer Ltd., Torishima Pump Mfg. Co., Danfoss A/S, ITT INC., Flowserve Corporation, Ebara Corporation, WILO SE, Grundfos Holding, The Weir Group PLC, Alfa Laval, Kubota Corporation, AxFlow Holding AB, Kirloskar Brothers Ltd., Franklin Electric Co. Inc.
Key market players are focusing on constantly innovating their product offerings to meet the varied demands of clients. Manufacturers are investing in energy-efficient technologies, such as variable frequency drives (VFDs) and high-efficiency motors, to minimize energy consumption and reduce the carbon footprint associated with water pumping operations. This trend aligns with global efforts to achieve more sustainable water management practices.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the water pump market, presenting historical market data (2019 to 2024) and forecast statistics for the period of 2024 to 2034.
The study reveals essential insights based on pump type (centrifugal pumps, positive displacement water pumps, other pumps) and end use (oil & gas and refining, chemicals, power generation, water & wastewater, general industry), across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Oceania, and the Middle East & Africa).
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