The North and Latin America Water Pumps Market, By Product Type (Centrifugal Pump and Positive Displacement Pump), By Application (Centrifugal Pump Application (Domestic, Water Treatment (Industrial, commercial), Agriculture & Irrigation, Mining, Wastewater Treatment (E.T.P., S.T.P.), Oil & Gas, and Other Industrial) and Positive Displacement Pump Application (Chemical, Water & Wastewater, Power, Pulp & Paper, Oil & Gas, and Others)), By Capacity (Small, Medium, and High) – North & Latin America Forecast to 2030, is expected to be valued at US$ 16.8 Billion by 2027, witnessing a CAGR of 4.7% during the forecast period (2023-2030), as highlighted in a report published by Coherent Market Insights.
North and Latin America Water Pumps Market: Drivers
Infrastructure Development
The growing need for water infrastructure development, including water supply and wastewater treatment facilities, is a significant driver for the water pumps market. Increasing urbanization and population growth in the region necessitate the expansion and upgrade of water distribution and management systems, driving the demand for water pumps.
North and Latin America Water Pumps Market: Opportunities
Mining and construction projects
The mining and construction industries in the region often require dewatering and water management solutions. Water pumps are used for draining water from excavation sites, controlling groundwater levels, and managing wastewater. The growth of these industries presents opportunities for pump manufacturers and suppliers to cater to their specific requirements.
North and Latin America Water Pumps Market: Restraints
Groundwater Decline and Depletion
Groundwater holds immense value both globally and within the United States. In areas where access to surface water such as lakes and rivers is limited or restricted, groundwater plays a vital role in fulfilling the water requirements of people worldwide. In the United States, groundwater serves as the primary source of drinking water for approximately half of the total population and nearly all rural inhabitants. Moreover, it supplies over 50 billion gallons per day to meet agricultural needs. Nevertheless, the excessive extraction of groundwater, known as groundwater depletion, has emerged as a significant concern linked to its utilization. Numerous regions across the United States are presently grappling with declining water levels due to the long-term and continuous pumping of groundwater.
Market Trends
Expansion of digitalization and remote monitoring capabilities
Digitalization is transforming the water pumps market. Remote monitoring and control systems allow operators to monitor pump performance, diagnose faults, and make adjustments remotely. These technologies improve system reliability, reduce maintenance costs, and enable proactive maintenance, ensuring uninterrupted water supply.
North and Latin America Water Pumps Market- Impact of Coronavirus (Covid-19) Pandemic
The North and Latin America water pumps market experienced the impact of the COVID-19 pandemic, resulting in both challenges and opportunities. The pandemic disrupted the global supply chains, leading to delays in the production and delivery of water pumps. The restrictions on construction activities and industrial operations during lockdowns also affected the demand for water pumps in these sectors. However, the increased focus on hygiene and sanitation during the pandemic drove the demand for water pumps in healthcare facilities, public buildings, and residential applications. Additionally, the growing need for water infrastructure to support healthcare facilities and temporary medical facilities further bolstered the market. As the region gradually recovers from the pandemic, the water pumps market is expected to rebound, driven by the resumption of construction projects, infrastructure development, and the ongoing emphasis on water conservation and efficient water management practices.
North and Latin America Water Pumps Market: Competitive Landscape
North and Latin America Water Pumps Market is highly competitive, owing to the rising launch of new technologies due to ongoing R&D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on a regional as well as global basis. Some of the key players are KSB AG, Ruhrpumpen Group, Flowserve Corporation, Kirloskar Brothers Limited, Sulzer AG, Xylem Inc., Ebara Corporation, Wilo SE, GRUNDFOS, and The Weir Group PLC.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/north-and-latin-america-water-pumps-market-3291
Key Takeaways:
Global market was valued at US$ 11.6 Billion in 2022 and is forecast to reach a value of US$ 16.8 Billion by 2030 exhibiting CAGR of 4.7% between 2023 and 2030
Welding Consumables Market: Recent Developments
In October 2021, Xylem Inc., a global water technology company, has successfully acquired Anadolu Flygt, a prominent Turkish firm known for its expertise in providing pump and water treatment systems, as well as exceptional installation and after-sales services. This strategic acquisition by Xylem Inc. will significantly enhance its footprint in the Middle East, Africa, and Turkey region, solidifying its position as a leading player in the industry.
In August 2021, CPC Pumps International Inc., a Canadian-based company that specializes in designing and manufacturing custom engineered and mission-critical centrifugal pumps, has been successfully acquired by Atlas Copco AB, a well-established organization. This strategic acquisition not only strengthens Atlas Copco AB's presence in the North America region but also reinforces its standing as a prominent industry player.
In November 202, Husqvarna AB introduced the HUSQVARNA W50P, a medium-sized water pump designed for drainage and irrigation purposes. With its quick-starting engine and advanced pump housing, this product ensures efficient and dependable performance, even in challenging conditions.
