Septmber 10, 2015: The global water pump market was valued at US$ 40.45 billion in 2015 and is expected to grow at a compounded annual growth rate (CAGR) of 5.6 per cent during 2015-2020 period. The estimates are based on the latest report from Acute Market Reports.
The rapid growth of the urban population is creating pressure on the existing water infrastructure, which includes delivery of utility water and removal and treatment of wastewater. To overcome this situation, various governments in Asia and Africa are expected to increase their spending on irrigation and drinking water schemes.
Some of the drivers behind the growing demand of global water pumps include growing construction industry and rising disposable income, growing water scarcity, rapid industrialization in developing economies, and rising level of urbanization. Growing threat from unorganized players in Asia-Pacific is one of the major restraints for water pump market.