Centrifugal Water Pump Market Provides Information On The Historical And Current Market Size And The Future Potential Of The Market
The global centrifugal water pump market was valued at $26,649.2 million in 2015, and it is expected to grow at a CAGR of 4.5% during 2016 – 2022. The factors driving the growth of the global market include increasing level of urbanization, rapid industrialization in developing economies, growing water scarcity, and growing construction industry and increasing disposable income.
In 2015, Asia-Pacific dominated the global centrifugal water pump market, accounting for approximately 43.3% share, which is expected to become 44.8% by 2022. The increasing level of urbanization, rapid industrialization and increasing disposable income are some of the major growth driving factors in the Asia-Pacific centrifugal water pump market, particularly in countries, such as India and China. China was the largest market for centrifugal water pumps in the region in 2015; however, India is expected to witness the highest growth during the forecast period. Moreover, economic growth along with industrialization has increased the demand for centrifugal water pumps. The major companies operating in the Asia-Pacific centrifugal water pump market include Torishima Pump Mfg. Co. Ltd., Kirloskar Brothers Limited, and Ebara Corporation.
GLOBAL CENTRIFUGAL WATER PUMP MARKET SEGMENTATION
• Municipal Water and Wastewater
• Oil and Gas
• North America
o Rest of North America
o Western Europe
o Eastern and Central Europe
o Rest of Asia-Pacific
• Rest of the World (RoW)
o South Africa
o Saudi Arabia
The growing construction of residential and non-residential buildings is driving the demand for centrifugal water pumps. With the increase in infrastructure investment, the demand for centrifugal water pumps will increase. The increasing disposable income of people across the globe has enhanced their living standards with increased spending on houses, thus contributing to the increased demand for centrifugal water pumps.
Among the various end-users, the municipal water and wastewater segment held the largest share in the global centrifugal water pump market in 2015. The rapid growth of urban population is creating pressure on the existing water infrastructure, which includes delivery of utility water and removal and treatment of wastewater. To meet this growing demand, various governments in Asia and Africa are expected to increase their spending on irrigation and drinking water schemes.