North and Latin America Water Pumps Market 2022
The water pumps market in North America and Latin America is anticipated to reach a valuation of US$ 13,412.8 million by the end of 2024, after amassing an estimated US$ 9,422.9 million revenues in 2016. This growth is projected to occur at a moderate CAGR of 4% over the next eight years.
The water pumps market is growing at a fast pace due to the increasing demand for clean and safe drinking water. Water pumps are used to extract groundwater from wells or to pump water out of flooded areas. They are also used in various industrial applications, such as in cooling towers, air-conditioning systems, and fire-fighting systems.
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The growth of this market can be attributed to the increase in population and rapid industrialization and urbanization across the world. Additionally, the rise in awareness about the benefits of using water pumps has led to an increase in their adoption worldwide.
Key Companies-
- KSB AG
- Flowserve Corporation
- Sulzer AG
- Ebara Corporation
- GRUNDFOS
- The Weir Group PLC
- Wilo SE
- Xylem Inc.
- Kirloskar Brothers Limited
- Ruhrpumpen Group
- Others
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Key Deterrents for Adoption of Water Pumps in North & Latin America
- Availability of cheap Chinese water pumps: North American and Latin American manufacturers of water pumps are constantly at risk of losing market presence to newly-entered Chinese pump makers. Consumers in these regions end up opting for cheap Chinese water pumps, which tend to go kaput in short span of time. On the other hand, availing Chinese water pumps becomes more practical for consumers with tight budget, especially for deploying them in agricultural activities.
- Durability & energy efficiency of centrifugal pumps: Manufacturers of centrifugal water pumps in this region are improving the operating life of their products. This has decelerated the rate at which water pumps get replaced. Low replacement rate has dragged down the aftermarket sales of water pumps in North America and Latin America, thereby impeding the aggregate market revenues.
- Budget limitations in industrial and agricultural sectors: Expenditure on water pumps fares on a tightrope in North America. Submersible pumps are also expected to impact the adoption of centrifugal water pumps in this region. Latin America’s industrial sector is likely to trim its gross expenditure, which will incidentally impact the sales of water pumps in this region. Low profit margins in North America’s agriculture industry have also slowed down the rate at which water pumps were being installed or replaced in farming activities.
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Key Questions Answered in North and Latin America Water Pumps Market Report –
Who are the Major Manufacturers and Suppliers of North and Latin America Water Pumps?
What will the North and Latin America Water Pumps Market growth rate in Future?
What are the key factors driving the global North and Latin America Water Pumps Market?
Who are the key manufacturers in North and Latin America Water Pumps Market space?
What are the opportunities and threats faced by the vendors in the global North and Latin America Water Pumps industry?
What are sales, revenue, and price analysis by regions of North and Latin America Water Pumps industry?
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