Europe Water Pumps Market Forecast to Create Absolute Dollar Opportunity of US$ 3.4 Bn through 2031
As per Future Market Insights (FMI) analysis, the europe water pumps market is projected to be valued at ~US$ 11.4 Bn in 2021, expanding at a CAGR of ~3.6% over the forecast period of 2021-2031.
Pump manufacturing is a thriving industry driven by both small and large enterprises in Europe. These end-use sectors are confronting rising energy conservation demand as well as far-reaching environmental issues in the fight against climate change.
Water and wastewater treatment has been the most receptive sector among the various industrial verticals in terms of adoption, with significant expenditures made and planned towards facility modernization, which includes asset monitoring and integration of industrial internet of things (IIOT).
Several organizations have been actively upgrading their water treatment plants with smart pumps. As a next step, companies have planned to invest in IIoT based solutions that helps to acquire and interpret the data generated from these assets with power of algorithms and machine learning capabilities that aids to predict failures, increase productivity and drive innovation. However the degree of investment in IIOT is largely governed by the water sector’s legal framework.
Key Takeaways of Water Pumps Market Study
- As per Future Market Insights, Germany, U.K. and Russia are key markets accounting for nearly half of water pumps sales in the Europe market value share in 2021.
- The Water Pumps market in U.K. is expected to rise at nearly 2.8% CAGR over the forecast period. Overseas customers prefer manufacturing and engineering expertise of U.K. over other countries.
- The value share of 2 HP water pumps is more than one-fourth of the Europe market. These high pressure pumps are used in agriculture and irrigation applications, easy to operate, can be suitable for potable purposes as well as the robustness and durability makes it preferred choice among the end-users.
- Water pumps market is a highly consolidated with the top players holding nearly 65-70% of water pumps sales within Europe.
“Studies and research have been conducted in recent years to offer improved energy-efficiency in water pumps. Energy and environmental concerns can provide an excellent foundation for pump application innovation and European pump manufacturers are leading the way in this field. EU legislation has mandated minimum energy efficiency requirements for clean water pumps and circulators, which is expected to positively affect the market growth,” says a Future Market Insights analyst.
During the forecast period, water pumps market is expected to be aggressively driven by automation. With the positive influence from industry 4.0 and the rising implications of quality management systems to enhance efficiency of operations and reduction of error rate, there will be surge in sales of Water Pumps and manufacturers are likely to generate higher revenues from Water Pumps.
The market for Water Pumps in Europe is extremely consolidated, with the top players accounting for over 65-70% of the market in 2020. These market participants are vying to expand their geographic footprints by targeting new markets in European countries. They are integrating IOT enabled technology to track the runtime and optimize equipment efficiency. Some of the key players in the market include tier-1 companies such as Xylem Inc, Grundfos, Flowserve Corporation, Andritz Group, Ebara Corporation, KSB AG, Sulzer Ltd, Gormann Rupp, Franklin Electric and ITT Inc.
About Future Market Insights (FMI)
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