Growing need for water and wastewater treatment facilities to boost market growth
Over two-thirds of people on earth reside in regions with a water shortage for at least one month per year. The majority of those who experience this level of water scarcity reside in China and India. As a result, the demand for wastewater treatment is anticipated to increase water usage efficiency and supply water to the municipal and industrial sectors.
The United Nations University Institute of Water, Environment and Health estimates that high-income nations will treat around 74% of the industrial and municipal wastewater they produce in 2020, compared to 43% for upper-middle-income nations and about 26% for lower-middle-income nations. The need for water treatment facilities, and consequently, pumps in water treatment facilities, is anticipated to rise in emerging countries due to rising environmental awareness and a growing water deficit.
The initial problem of a large initial expenditure has been lessened by the modular design of wastewater treatment plants, allowing an affordable alternative. Therefore, it is anticipated that demand for pumps will rise throughout the projection period due to growing worries about the environmental effects of wastewater and water scarcity, strict government restrictions, and lowering costs of water treatment plants.
Furthermore, infrastructure improvements and increased industrial activity have contributed to the pumps market's expansion. The need for pumps has surged, particularly as the chemical industries worldwide have expanded quickly. The use of pumps in chemical transfer systems has expanded due to recent developments in corrosion-resistant pumps. Chemicals like sulfuric acid and sodium hydrochloride can be transported easily with the aid of these pumps.
The development of the pumps market in recent years has also been assisted by unique inventions such as leak detection pressure switches that guarantee safety during chemical activities. Therefore, this factor has enhanced the pumps market CAGR globally in recent years.
Additionally, several emerging nations, like India, are aggressively seeking international alliances to access overseas markets. India, in particular, is promoting technical advancement and upgrading its small-scale enterprises to enter high-tech industries like aerospace and defense by providing financial support.
Furthermore, a lot of little-known pumps producers are actively offering prices for high-quality substitutes to the pricey pumps on the market. In recent years, these purchases and initiatives have raised the market value of pumps.
However, energy-efficient items are more valuable in Europe, Asia, and North America. In order to produce energy-efficient products across all industries, the governments of those nations have also implemented strict government rules. The Indian government has provided information on using solar water pumps for subsidized electricity.
The installation of irrigation facilities has been encouraged by such nationwide announcements to farmers and agriculturalists. Thus, driving the growth of the pumps market revenue.
The global pumps market is poised for robust growth, driven by increasing demand across various sectors, including water and wastewater management, oil and gas, and industrial applications, reflecting a broader trend towards enhanced efficiency and sustainability.
U.S. Department of Energy