How is Growing Construction Industry Driving Water Pump Market?
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Because of the rapid economic growth, increasing disposable income of people, primarily in emerging countries, and swift urbanization, the construction industry is predicted to grow at a considerable pace in the coming years. For example, in the U.S., the industry is among the key contributors to the overall economic growth. The U.S. construction industry has over 680,000 employers and more than 7 million employees, who together build structures worth about $1.3 trillion each year. Similarly, the Indian construction industry contributes about 8% to the country’s gross domestic product (GDP). The development of smart cities, shipping infrastructure, and highways is contributing to the growth of the country’s construction niche.
As water pumps are used widely in the construction industry, its growth is resulting in the rising demand for these devices. A water pump makes use of hydraulic as well as mechanical principles, throughout a piping system. In the construction industry, these pumps are utilized at the project sites for removing excess water, which can accumulate because of high water table or heavy rains. The pump allows the quick movement of water, for minimizing downtime. Due to these factors, the water pump market is projected to grow at a substantial pace in the years to come.
Other than the construction industry, some of the major end users of these devices are the energy, municipal water and wastewater, oil and gas, and chemical industries. In the past, the municipal water and wastewater industry made the most use of water pumps. A major reason for this is the growing urban population that is creating a huge pressure on the existing systems for delivering utility water, which can only be done after the treatment of water. It is expected that various governments in Asia and Africa will increase the focus on irrigation activities and further launch drinking water schemes, for meeting this surging demand for clean water.
There are two types of water pumps, namely centrifugal and positive displacement, between which the former were more in demand in the past. Centrifugal pumps are0 rotodynamic devices which use a rotating impeller for increasing the pressure and rate of flow of a fluid. These pumps are particularly utilized for moving fluids through a piping system. Centrifugal pumps consist of two elements, i.e. the rotary element and stationary element. These pumps have applications in hot water circulation systems, fire protection systems in industries, buildings, and wells.
Geographically, the Asia-Pacific region was the largest water pump market in the past. This can be attributed to the swift industrialization and rising disposable income, majorly in emerging economies, such as India and China. The demand for water pumps was the highest in China; however, India is also projected to create a considerable demand for these devices in the coming years. The expansion of different industries in the region, such as chemical, energy, and oil & gas, is expected to increase the adoption of water pumps.
Hence, the rapidly growing construction industry and swift industrialization in developing countries is leading to the increasing installation for water pumps.
