BURNABY, British Columbia, May 27, 2014 /PRNewswire/ --
Industrial Sector Continues to Remain Largest End User for Global Water Pumps Market
The global water pumps market is growing rapidly on account of strong demand from the developing countries such as China and India. These emerging economies are witnessing rising urbanization and industrialization, which is leading to increasing water scarcity, and as a result pushing the demand for water recycling projects. Rising application of water pumps in the industrial segment is one of the key growth drivers for the global water pumps market. Oil & gas and water & wastewater treatment continue to be the major end user industries for water pumps market, globally. Moreover, global demand for oil & gas is expected to increase from USD2642.5 billion in 2010 to USD3699.4 billion by 2015, consequently, boosting the demand for water pumps.
According to a recently published report by TechSci Research, "Global Water Pumps Market Forecast & Opportunities, 2019", the global water pumps market is projected to grow at a CAGR of around 4% during 2014-19. Centrifugal water pumps is the dominating segment in the global water pumps market, holding more than 70% of the market share in 2013. The demand for centrifugal water pumps is supported by their growing utilization in both industrial and non-industrial segments, with industrial segment continuing to dominate and oil & gas being the largest end user industry.
"Emerging markets in the water & wastewater treatment industry are driving the market growth of global water pumps market. As one of the emerging trends in global water & wastewater treatment market, the mobile water treatment services market has grown at a CAGR of about 8% during 2009-13 and is expected to witness a two-fold increase during 2014-19. This is expected to further augment the demand for water pumps, globally through 2019.", said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
"Global Water Pumps Market Forecast & Opportunities, 2019" 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. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with major drivers, challenges and opportunities in the global water pumps market.
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SOURCE TechSci Research