Launch of Infrastructure Development Projects Fueling European Water Pump Market Growth
Launch of Infrastructure Development Projects Fueling European Water Pump Market Growth
Blog Article
The European water pump market revenue stood at $707.2 million in 2020, and it is predicted to surge to $848.3 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 1.8% from 2020 to 2030. The major factors driving the expansion of the market are the rapid depletion of ground water level, increasing consumer spending, surging infrastructure development activities, and rapid urbanization in the region.
Rapid urbanization is one of the major European water pump market growth drivers. As per the World Bank, the urban population in the European Union member countries surged from 322 million in 2010 to 335 million in 2020. Additionally, according to the organization, the share of the urban population in the total population of the region increased to 74.9% in 2020 from 73.9% in 2015. Hence, with the rising urbanization rate, many governments are increasingly focusing on developing better infrastructure, as the booming population is creating pressure on the already existing drinking water and utility water infrastructure of the region.
Besides, the rapid depletion of ground water is also propelling the progress of the European water pump market. As per a report published by the National Aeronautics Space Administration (NASA), in Europe, the 2019–2020 winter was the warmest till date and the spring was also warmer and drier than normal. Moreover, the meteorological drought condition began in eastern Europe in early 2020 spring and moved across the continent, resulting in drier-than-normal weather in May and April, as per the findings of the Copernicus Climate Change Service (C3S).
Depending on type, the European water pump market is divided into condensate, pressure booster, self-priming, submersible, and centrifugal. Out of these, the centrifugal category contributed the highest revenue to the market between 2015 and 2020, and it is predicted to retain its dominance in the coming years as well. This is credited to the simple design and ease of operation of these pumps, which exhibit high efficiency. These pumps also have the ability to handle diverse capacities and heads, while generating a high flow rate.
Germany dominated the European water pump market in the past. This was because of the enactment of stringent wastewater treatment policies, which domestic sewage treatment plants are required to adhere to. In addition, as per EUROPUMP, which is also called the European Association of Pump Manufacturers, the demand for reducing the energy consumption of pumps will propel the need for energy-efficient water pumps, which will, in turn, fuel the growth of the regional market in the coming years.
Thus, it can be concluded from the above paragraphs that the sales of water pumps will shoot up in Europe in the years to come, primarily because of the rapid urbanization, depletion of ground water level, and increasing implementation of massive infrastructure development initiatives by the governments of several countries in the region.
Source: P&S Intelligence