Market Overview:

Executive Summary

The global water pump market size was projected to be US$ 50.2 billion in 2023. By the end of 2024, the industry is likely to reach a valuation of US$ 51.9 billion. During the forecast period, the global market for water pump market is expected to garner a 4.4 % CAGR and reach a size US$ 77.2 billion by 2034.

A water pump is a tool utilized to enhance water pressure for moving it from one location to another. Water pumps are utilized globally to provide water for various purposes such as agriculture, municipalities, industries, and homes. Water pumps are commonly used to move wastewater in sewage treatment facilities. Water pumps are typically powered by electricity, although they can also be operated using alternative energy sources like gasoline or diesel engines.

The growth of oil & gas industries is expected to drive up the demand for pumps, consequently fueling the growth of the water pumps market. For example, based on the report from the North America Midstream Infrastructure Association, the increase in oil & gas infrastructure is expected to reach $895 million by 2035, up from $685 million in 2018. Moreover, standard valves can be conveniently enhanced with automatic actuator systems or automatic control systems, contributing to the expansion of the water pumps market.

In addition, there has been a notable rise in the demand for water pumps from the food & beverages industry, particularly in developing nations in Asia-Pacific and Latin America. A pump body typically includes a body, seat, and stem, which may or may not be made from a single material. Furthermore, industrial pumps are typically custom designed and manufactured, or available as pre-designed valves to meet industry needs.

Furthermore, there has been an increase in the use of pumps in various industries such as oil & gas, food & beverages, power generation, water & wastewater, chemicals, and other key processing sectors. In addition, due to the increase in agriculture and the growing demand for processed food, the food & beverages processing industry has experienced significant growth in countries like India, Brazil, and others. As a result, there is a significant need for water pumps in processing industries, which is driving the expansion of the water pumps market.

Moreover, the expected fluctuations in raw material prices are likely to hinder the expansion of the water pumps market. Contrarily, technological innovation in water pumps in anticipated to provide lucrative opportunities for the water pump market growth. In 2020, the sales of water pumps declined significantly as various industries experienced reduced demand because of government-mandated lockdowns.

Due to the COVID-19 pandemic, production of various products for the water pump end-user has been disrupted, primarily due to extended lockdowns in major global countries. This has significantly impacted the growth of the water pump market during the pandemic. There was a significant demand for equipment and machinery from leading manufacturing countries such as the U.S., Germany, Italy, the UK, and China. However, this demand was severely impacted by the spread of coronavirus, resulting in a halt in the demand for equipment and machinery. Manufacturers in the equipment and machinery industry need to prioritize safeguarding their employees, operations, and supply chains to address current challenges and adapt to the changing landscape post the decline in COVID-19 cases.

Definition

The water pump industry is a lively sector that focuses on the production, delivery, and use of devices created to move water effectively in different situations. These pumps are essential for maintaining a sustainable and dependable water supply in various industries and sectors. The market includes a variety of pump types, such as submersible pumps, surface pumps, agricultural pumps, residential pumps, specialty pumps, solar pumps, and others, each designed for particular requirements and settings.

When it comes to types of motors, the market offers various power sources, with AC pumps being the most common and efficient. DC pumps, using direct current, and other advanced motor types add to the variety of solutions that are accessible. Power levels, starting from pumps with up to 5 HP and going up to those surpassing 20 HP, demonstrate the flexibility of pump technology, serving purposes from small residential use to demanding industrial operations.

The water pump market is also divided by its applications, showing the different requirements of industries and communities. Agriculture depends on pumps for irrigation to improve crop yields and support farming operations. Water treatment pumps play a crucial role in public health by helping to clean and distribute safe water. Home pumps cater to the household needs for water supply, increasing pressure, and managing wastewater. Industries like oil and gas, general manufacturing, and chemical processing rely on specific pumps to assist in their operations.

Market Dynamics:

Trend

Surface Pumps Expected to Witness Significant Growth

Surface pumps are utilized to move surface water from depths of 10-20 feet. They can be positioned next to a lake or on the water's surface for a floating pump. Surface pumps are more cost-effective than submersible pumps and are strongly suggested for situations where water needs to be transported over long distances.

The capacity of off-grid solar water pumps has consistently increased over the past five years and has now reached 256,156 units as of 2021. The main use for the systems has been in India's irrigation systems, where they are used to cover large distances to water the crops.

The solar water pump market is expected to continue growing steadily because of ongoing technological advancements aimed at improving its flexibility in agriculture. For instance, in February 2021, scientists at the Indian Institute of Technology Bhubaneswar introduced a solar energy system that can be conveniently relocated from one farm to another to pump water for irrigation. The entire system includes solar panels and an inverter to operate a surface-mounted pump.

Another important upcoming development is the "Unidirectional Solar Water Pump Systems," a new project by the major company Shakti Pumps. In April 2022, Shakti Pumps obtained their first patent to create a system with equal grid power generation capabilities. Additionally, the technology enables controlling the pump output based on water requirements, which helps conserve electricity and water. All these advancements are predicted to drive the growth of the surface solar pump market in the upcoming period.

Drivers

Agricultural Expansion and Irrigation Needs

India's water pumps market is greatly impacted by the country's extensive agricultural sector, which continues to be a key factor in economic growth. Since a significant part of India's population relies on agriculture, the need for water pumps is strongly connected to the growth of agricultural operations. As farmers aim to boost productivity and crop yield, the need for effective water management systems, such as irrigation pumps, becomes crucial.

The Green Revolution in the 1960s was a significant moment, and since then, there has been an ongoing attempt to update agriculture through technological advancements. Water pumps are essential for maintaining a steady and dependable water source for crops, particularly in areas with limited rainfall. With the government and farmers putting more resources into modern irrigation techniques, the need for efficient water pumps is rising, leading to advancements and competition in the market.

Restraints

High cost associated with the product

The market growth is expected to be limited by the high initial price of the smart pump. Smart pump systems have progressed to incorporate wireless technology for enhanced control over extended distances. However, this could require a significant initial investment, making it difficult for many end users to afford on their own.

However, they might receive government aid in the future as they understand the benefits of using smart pumps for saving energy during the current energy crisis. Additionally, due to requiring less physical work and offering more attractive characteristics, smart pumps are better choices for pumping in the mining and metal industries. Therefore, the market's growth has been restricted by its decrease.

Opportunities

Urbanization and Water Infrastructure Demand

With urbanization increasing worldwide, the need for strong water systems in cities and suburban areas has reached very high levels. Fast population growth in urban areas has resulted in a greater demand for dependable water supply, effective wastewater control, and sustainable irrigation methods. This increase in city growth is a major factor driving the water pump market, providing opportunities for manufacturers and stakeholders to create and apply new solutions to tackle the specific challenges presented by crowded areas. The need for water infrastructure solutions in densely populated areas provides a good opportunity for innovation. The incorporation of smart pump technologies, motivated by the desire for effectiveness and environmental friendliness, not only addresses the issues caused by urban growth but also establishes the market as an important factor in improving water systems in urban areas.

Challenges

Climate Change and Water Scarcity

Climate change and how it affects weather patterns have led to inconsistent and uncertain rainfall in numerous regions of India. This presents a major problem for farming methods, requiring the use of water pumps to efficiently use water. Moreover, areas experiencing water scarcity problems, either because of weather conditions or excessive extraction of groundwater, depend on water pumps for transferring and managing water. The growing recognition of water shortage and the importance of sustainable water usage methods are encouraging the use of advanced water pump technologies.

 Efforts to reduce the effects of climate change and adjust to changing water availability patterns are driving the expansion of the water pumps market as stakeholders look for creative ways to tackle these issues. Ultimately, the India water pumps market is influenced by a variety of factors, including the agricultural environment, urban growth, government regulations, technological advancements, rural progress, and the significant issues related to climate change. Comprehending these factors is important for industry members to adjust to changing market conditions and help with the sustainable growth of water management infrastructure in the nation.

Impact of COVID-19

The COVID-19 pandemic has stopped the production of various items for water pump users, mainly because of long-lasting lockdowns in key global countries. This has significantly reduced the need for water pumps during the epidemic.

The United States, Germany, the United Kingdom, Italy, and China, all major manufacturing countries greatly affected by the coronavirus pandemic that stopped the need for equipment and machinery, used to be the main buyers of these items. In response to urgent situations and adapting to new ways of working as COVID-19 cases decrease, manufacturers of equipment and machinery need to focus on protecting their staff, operations, and supply chains.

Segmentation Analysis:

Segmentations

By Type

Submersible pumps are designed to be immersed in the fluid they are pumping, typically used for various applications such as deep well water supply, mining, and offshore drilling. Surface pumps, also known as centrifugal pumps, operate above the water level and are commonly used for irrigation, water supply in industries, and other general applications. Agricultural pumps cater specifically to the needs of farming, facilitating water transfer, irrigation, and crop watering, crucial for the success of agricultural activities. Residential pumps are tailored for home use, providing water supply, pressure boosting, and wastewater management in households. Specialty pumps address unique requirements, such as chemical transfer, slurry pumping, and other specialized applications where standard pumps may not suffice. Solar pumps utilize solar energy for power, offering a sustainable solution for various pumping needs, especially in remote or off-grid locations.

• Submersible Pump
• Surface Pump
• Agricultural pumps
• Residential pumps
• Speciality pumps
• Solar pumps
• Others

By Motor Type

AC pumps operate on alternating current and are widely used in various applications due to their efficiency and reliability. DC pumps run on direct current and find applications in situations where a specific voltage or power source is required, such as solar-powered systems. The others category includes pumps that utilize alternative motor types, addressing specific needs and preferences in various industries.

• AC Pumps
• DC Pumps
• Others

By Power

Pumps with power up to 5 HP cater to smaller-scale applications, including residential water supply, small-scale irrigation, and light industrial use. This range accommodates medium-sized applications, offering increased power for more substantial water transfer and industrial processes. Pumps in this category are suitable for larger-scale applications, including industrial processes, large-scale irrigation, and water treatment plants. High-power pumps are designed for heavy-duty industrial applications, such as large-scale water supply, mining, and oil and gas operations. The others category encompasses pumps with power specifications outside the defined ranges, addressing unique and specialized requirements.

• Up to 5 HP
• 5 HP to 10 HP
• 10 HP to 20 HP
• More than 20 HP
• Others

By Application

Based on application, the water pump market is bifurcated into oil & gas, chemicals, power generation, water & wastewater, and others. In 2021, the oil & gas segment held the highest revenue share in the water pump market. Due to the tremendous need for water pumps from almost all its operations, the oil and gas sector consumes the most water pumps. In addition, the infrastructure of the oil and electricity industries has seen significant investment due to the rise in worldwide energy demand. Additionally, European nations have prioritized the production of electricity from renewable resources, including solar, geothermal, and hydraulic energy.

• Agriculture
• Water Treatment
• Residential
• Oil and gas
• Water and wastewater
• General industry
• Chemical
• Others

Geography Chapter

Asia-Pacific is projected to dominate the market

The Asia-Pacific region is currently undergoing strong industrialization and infrastructure development, especially in countries like China, India, and Southeast Asia. Growing sectors like manufacturing, construction, mining, and power generation need a significant number of pumps for different uses, such as water supply, wastewater management, and process industries.

The Asia-Pacific area has a sizable and quickly expanding population along with a notable rise in urbanization. This change in population leads to a greater need for water supply sanitation systems and infrastructure development, both of which necessitate pumps. Urbanization leads to an increased demand for pumps in residential, commercial, and industrial areas, which helps the region maintain a strong position in the pumps market.

The Asia-Pacific area is seeing substantial expansion in the oil and gas sector. Nations such as China, India, and Indonesia have been expanding their exploration and production operations, necessitating pumps for extracting, transporting, and refining processes. The growth of the oil and gas industry in the area helps the Asia-Pacific region to lead in the pumps market.

For example, based on the statistical analysis of global energy, gas output in the Asia-Pacific area rose by over 1% from 2021 to 2022 and over 3% from 2012 to 2022, indicating the growth in oil and gas exploration and production in the region.

The Asia-Pacific area has also become a major manufacturing centre worldwide, with countries such as China, Japan, South Korea, and India playing an important part. The manufacturing industry needs pumps for different uses such as fluid management, chemical processing, and industrial operations. The area's strong presence in manufacturing leads to an increased need for pumps, which helps to strengthen its position in the market being analysed.

North America is becoming a hub for the growth of the water pump market.

North America is projected to have the highest Compound Annual Growth Rate (CAGR) of 4.5% in the Global Water Pump Market over the forecast period. Growth of the water pump market in the region is expected to be driven by rising household activities in developing countries like Canada and the United States. Moreover, the North American market for water pumps is expected to be influenced by increasing government initiatives in the United States to reuse wastewater in the projected timeframe.

North America is experiencing a significant effect because of a combination of factors, mainly influenced by the region's increasing need for effective water management solutions. Due to the growing urbanization and industrialization, there is a greater demand for dependable water supply, wastewater treatment, and irrigation systems throughout the continent. This increase in demand is causing changes in the water pump market, leading to the adoption of advanced technologies to fulfill the varied and complex water infrastructure needs of North American communities and industries.

The influence of the water pump industry in North America is defined by a complex interaction of increasing need, technological progress, environmental concerns, and specific requirements of the sector. The market's capacity to adjust to these factors makes it a significant player in supporting strong and effective water management systems throughout the continent.

Company Landscape  

Information about competitors is included in the competitive landscape of the smart water pumps market. Information provided includes an overview of the company, its financial situation, revenue, market opportunities, investment in research and development, new market strategies, international presence, production locations and facilities, production capabilities, strengths and weaknesses of the company, product launches, range of products, dominant applications. The data points above only pertain to the companies' focus on the smart water pumps market.

Several key companies in the smart water pumps market include Colfax Corporation, Flowserve Corporation, GRUNWL, GRUNDFOS, ITT INC., KSB SE & Co. KGaA, Kirloskar Brothers Limited (India), Pentair plc, Regal Beloit Corporation, SEEPEX GmbH, Spirax-Sarco Engineering plc, Sulzer Ltd, WILO SE, Xylem., and Yaskawa America, Inc., among others. 

Recent Market Developments

On January 03, 2023, MECO, a Grundfos company, acquired California-based Water Works to strengthen its ultrapure water treatment portfolio. Water Works offers MECO a broader product portfolio with smaller capacity, high purity water systems, and superior service capabilities in California. It further mentions that it is excited to join MECO and reinforce its leadership in providing water solutions to biopharmaceutical and life science customers.

On July 12, 2022, Ebara International Corporation launched its new in-line pump model 3E/SES for the global market, except for Japan. The new launch is estimated to enable the company to strengthen its product line as well as meet its local consumers’ needs and expand its sales channel in the global market.

Feb-2023: Flowserve Corporation took over Velan Inc, the Canadian manufacturer of highly engineered industrial valves. Through this acquisition, Flowserve Corporation would be able to integrate Velan’s firm standing in the cryogenic, nuclear, defense, and industrial markets along with a highly complementary product portfolio to advance its own Decarbonization, Digitization (3D) strategy, and Diversification as well.

Jan-2023: Xylem Inc. acquired Evoqua, a leader in mission-critical water treatment solutions and services. Through this acquisition, Xylem Inc. would be able to handle affordability, water scarcity, and resilience at a much greater scale. Moreover, both organizations combined would provide an outstanding portfolio of integrated services, advanced technologies, and application knowledge across the water cycle.

Company Profile

Kirloskar Brothers Limited (KBL) is a top-quality pump manufacturing company that specializes in the engineering and manufacturing of fluid management systems. Founded in 1888 and officially formed in 1920, KBL is the main company of the Kirloskar Group. KBL offers comprehensive fluid management solutions for major infrastructure projects in water supply, power plants, irrigation, building and construction, oil and gas industry, and marine and defense. KBL produces industrial, agriculture, and household pumps, valves, and hydro-turbines.

Over time, KBL has created new products that have helped it establish a unique position worldwide. It is a worldwide corporation and has the most advanced technologies available. It is also India’s biggest centrifugal pump maker with nine manufacturing sites in India as well as other international branches and operations in the Netherlands, South Africa, Thailand, the United Kingdom, and the United States of America. KBL has more than 16,000 channel partners worldwide and is backed by a top-notch network of authorized service and refurbishment centers across India.

KBL is the initial Indian pump manufacturing company to receive certification for Integrated Management System, (ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, ISO 50001:2018).

Conclusion:

The water pump industry is leading efforts to tackle important worldwide issues concerning water control, and its path is characterized by creativity, flexibility, and a dedication to environmental friendliness. As cities grow and industries increase, there is a greater need for effective water supply, wastewater treatment, and irrigation solutions on a global scale. The market's reaction has involved the incorporation of advanced technologies, such as smart pump systems, that improve efficiency and help optimize the water system as a whole.

Moreover, particular regional trends, like the significant increase in North America expected to have a Compound Annual Growth Rate (CAGR) of 4.5%, highlight how the market adapts to local demands and circumstances. The increase in demand in this area is driven by higher local activities and a forward-thinking attitude towards water recycling, as shown by government programs in the United States. North America's focus on sustainable practices matches wider global patterns, highlighting the importance of the water pump market in promoting environmentally friendly solutions.

The influence of the water pump industry goes beyond technological progress, involving a thorough focus on sustainability. Energy-saving pumps, compliance with environmental rules, and industry-specific adjustments demonstrate the market's dedication to responsible and strong water management. When dealing with issues like climate change, water scarcity, and increasing populations, the water pump market becomes a key player in ensuring access to clean water, protecting the environment, and meeting the various needs of communities and industries globally.

Some significant business changes in the Water Pump Market:

• In November 2022, Atlas Copco AB acquired Shandong Jinggong Pump Co., Ltd., a Chinese company that produces industrial vacuum pumps and systems. With this purchase, Atlas Copco AB can coordinate this move with its strategy of producing locally for local markets and would become part of a skilled machine and manufacturing company in China.

In August 2022, Baker Hughes Company acquired AccessESP, a top provider of advanced technologies for artificial lift solutions. With this purchase, Baker Hughes Company would be assisted in changing its main business focus by focusing on advanced technologies that support growth opportunities and enhance its range of products

Scope of the report:

By Type

• Submersible Pump
• Surface Pump
• Agricultural pumps
• Residential pumps
• Speciality pumps
• Solar pumps
• Others

By Motor Type

• AC Pumps
• DC Pumps
• Others

By Power

• Up to 5 HP
• 5 HP to 10 HP
• 10 HP to 20 HP
• More than 20 HP
• Others

By Application

• Agriculture
• Water Treatment
• Residential
• Oil and gas
• Water and wastewater
• General industry
• Chemical
• Others

By key players

• Kirloskar Brothers Limited
• R.I. Pumps Private Limited
• Crompton Greaves Consumer Electricals Limited
• KSB Limited
• Sulzer Pumps India Private Ltd.
• Taro Pump sets Private Limited
• WILO Mather and Platt Pumps Private Limited
• Grundfos Pumps India Private Ltd.
• Shakti Pumps (India) Limited
• WPIL Limited