VERTICAL MULTISTAGE CENTRIFUGAL PUMP MARKET ANALYSIS

Factors such as rising urbanization across the world and rapid growth in the global population, which has led to increase in infrastructural and construction activities and this is expected to aid in growth of the market For instance, according to World Bank ,the urban population in 2014 was 53.8% of global population, which reached up to 54.3% in 2016, globally. Development in infrastructural activities results in increasing construction activities, which eventually creates high demand for vertical multistage centrifugal pump. These pumps are used to extract water from surface, further creating new sources of water for the residential, industrial, and commercial purposes, which in turn, is expected to propel the market over the forecast period (2018-2026). Moreover, increasing government investments in infrastructure development is another factor fostering growth of the market. For instance, in January 2016, according to the press release of Financier Worldwide Magazine, around US$ 700 billion and US$ 800 billion is invested in infrastructure development worldwide each year, of which around US$ 550 billion is invested in emerging economies. Therefore, increasing infrastructural development is expected to drive growth of the vertical multistage centrifugal market over the forecasted period.