Dublin, April 04, 2023 (GLOBE NEWSWIRE) -- The "Global Water Pump Market Size, Share & Industry Trends Analysis Report By Type, By Driving Force, By Application, By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Water Pump Market size is expected to reach $71.7 billion by 2028, rising at a market growth of 4.5% CAGR during the forecast period.
Key Market Players
List of Companies Profiled in the Report:
- Atlas Copco AB
- Baker Hughes Company
- Flowserve Corporation
- Grundfos Holding A/S
- Sulzer Ltd.
- Ebara Corporation
- Xylem, Inc.
- KSB SE & Co. KGaA
- Kirloskar Brothers Limited (Kirloskar Group)
- Husqvarna Group
A water pump is a tool that raises water pressure so that it may be moved from one place to another. Modern water pumps are utilized globally to deliver water for agricultural, industrial, municipal, and residential uses. In sewage treatment facilities, wastewater is also transported using water pumps. Electricity is often used to power water pumps; other energy sources like gasoline or diesel engines are also used.
The need for pumps rises as the oil and gas sectors expand, which is expected to accelerate the expansion of the water pump market. In addition, the demand for water pumps is increasing due to the ease with which ordinary valves may be modified utilizing automated actuators or control systems.
Additionally, the food and beverage sector, particularly in developing countries, has seen significant growth in demand for water pumps. The major components of a pump body are the body, seat, and stem, which may or may not be made of the same material.
Additionally, industrial pumps are often made to order and come with pre-designed valves tailored to the business's needs. Further, the use of pumps is increasing in the oil and gas, food and beverage, power generating, water and wastewater treatment, chemicals, and other significant processing sectors. Additionally, due to increased agriculture and demand for processed foods, nations like India, Brazil, and others have seen substantial expansion in the food and beverage processing business.
This has led to a significant increase in the need for water pumps in the processing sectors, boosting the market for water pumps. Additionally, it is projected that changes in the price of raw materials would impede the expansion of the water pump market. On the other hand, it is launched that technical advancements in water pumps would provide profitable prospects for expanding the water pump market.
Market Growth Factors
Centrifugal water pumps have a simple design and a low fuel need
Centrifugal pumps don't have a leakage problem and may pump away dangerous liquids without losing their performance. Furthermore, due to their straightforward construction, centrifugal pumps are far less likely to experience wear and tear than other pumps.
These elements will probably increase the centrifugal pump segment's water pump market share. The increased emphasis on wastewater purification and saltwater desalination for household use is also one of the significant market trends for industrial water pumps. This is driving up demand in wastewater treatment facilities for centrifugal water pumps.
Demand for water pumps has increased in industrial settings.
Water pumps are also widely used in the oil and gas and refining sectors for various purposes, including pipelines, pumping stations, cooling loops, circulation for heat exchangers, cooling systems, water supply and drainage, hot water discharge, and cooling and refrigeration systems.
The use of water pumps is spreading around the globe due to increasing investments in the exploration and extraction of conventional oil and gas. In addition, the oil and gas industry's upstream operations are anticipated to increase output levels, which will fuel the water pump market projection. This supports the growth of the regional market.
Market Restraining Factor
High cost associated with the product
The market expansion is anticipated to be constrained by the high initial cost of the smart pump. Intelligent pump frameworks have advanced to use wireless technology for greater control over greater distances. However, doing so may have a very high startup cost, which many end users would need help to afford.
Nevertheless, they may get government assistance over the coming years as they realize how clever pumps may help with energy conservation in the face of the present energy crisis. Furthermore, since they need less manual labor and have more compelling features, smart pumps are superior pumping options for the mining and metal sectors. As a result, the market's expansion has been limited by its decline.
Scope of the Study
By Type
- Centrifugal
- Positive Displacement
By Driving Force
- Electric Driven
- Engine Driven
By Application
- Oil & Gas
- Water & Wastewater
- Chemicals
- Power Generation
- Others
For more information about this report visit https://www.researchandmarkets.com/r/w53c4y
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