According to a report by Persistence Market Research, various end-use industries, particularly chemicals, power, and oil and gas, are undertaking refurbishment activities of plants and various pumping systems to increase production efficiency. Growing demand for retrofitting, upgrades, and replacement of aging assets and industrial systems in developed regions is projected to drive the growth of the water pumps market during the forecast period (2019–2029).
The global water pumps market is estimated to reach $64 billion valuation by the end of 2029. Adoption of IoT-enabled smart pumping systems in industrial activities for performance monitoring and energy efficiency will drive global water pumps market growth. Market focus on technological up-gradations, such as smart water pumps for water management systems, will offer major opportunities to enhance sales of water pumps among developing economies in Asia.
Efficiency of water pumps is projected to play a key role in propelling the demand for centrifugal pumps. Deployment of water pumps with high efficiency has resulted in a 15% rise in sales in developed economies such as the U.S., and this number is expected to grow during the forecast period. South Asia and East Asia are projected to be prominent regional markets for water pumps on the back of growing application in agriculture, water and wastewater treatment, and domestic applications, especially in India and China.
Water Pumps Market Participant Insights
The global water pumps market is fragmented, owing to the presence of a large number of international and domestic manufacturers. Moreover, numerous manufacturers are offering identical products of varying capacities as per end user requirements. Leading market players are focusing on enhancing their presence in developing economies such as India, Indonesia, and Thailand, to expand their market presence, resulting in intensifying market competitiveness in emerging markets. This will also increase value-addition in product offerings through portfolio rationalization. Some of the key participants mentioned in the water pumps market report are Xylem Inc., Grundfos, Sulzer AG, and Wilo SE.
