Global water pumps market projected to surpass $54B by 2020, report shows
According to a report recently published by TechSci Research, the global water pumps market is projected to surpass $54 billion by 2020, attributed to increasing industrialization in various end-use industries such as water and wastewater treatment, chemicals, power, and oil & gas.
BURNABY, CANADA, May 18, 2015 -- According to a report recently published by TechSci Research, the global water pumps market is projected to surpass $54 billion by 2020. The growth is attributed to increasing industrialization in various end-use industries such as water and wastewater treatment, chemicals, power, and oil & gas, among others. Further, continuing increase in water and wastewater treatment service tariffs and growing replacement of water pumps in developed markets are expected to drive this market over the next five years.
The report, titled "Global Water Pumps Market Forecast & Opportunities, 2020," indicates that the Asia-Pacific region is currently the leading contributor in the global water pumps market, accounting for largest revenue share in 2014. Moreover, the dominance of Asia-Pacific can be attributed to high growth in water and wastewater treatment and power sector.
The region is witnessing high demand from developing countries such as China and India, wherein an upsurge in the infrastructural development projects in process industries, rising standards of living and growing urbanization are resulting in increasing water scarcity and higher demand for better sanitation, which is consequently providing the required impetus to water recycling projects.
"Centrifugal water pumps dominated global water pumps market in 2014. This segment is expected to retain its dominance over the forecast period as well," said Karan Chechi, TechSci research director. "The demand for centrifugal water pumps is supported by their growing use in both industrial and non-industrial segments, with [the] water and wastewater treatment industry being the largest end user in industrial segment. Major end user industries for positive displacement pumps include wastewater treatment, food & beverage, pharmaceutical, and chemical industries."
"Global Water Pumps Market Forecast & Opportunities, 2020" has evaluated the future growth potential of global water pumps market and provides statistics and information on market structure, industry behavior and trends. The report includes water pumps market projections and demand forecasting and is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. In addition, the report also identifies and analyzes emerging trends along with major drivers, challenges and opportunities in the global water pumps market.
About TechSci Research
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. The organization provides market research consulting services in six verticals -- Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. It uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. TechSci Research has more than 100 client engagements with fortune 500 clients. For more information, visit www.techsciresearch.com.