NEW YORK, Sept. 30, 2021 /PRNewswire/ -- From $707.2 million in 2020, the European water pump market value is expected to rise at a CAGR of 1.8% during 2020–2030 and reach $848.3 million by 2030.
The key growth driving factor for the market are:
Rapid Urbanization: As per the World Bank, the urban population of the European Union (EU) rose from 322 million in 2010 to 335 million in 2020. Additionally, the organization reports that the share of the urban population in the total population of Europe surged from 73.9% in 2015 to 74.9% in 2020. This is credited to the fact that people are constantly moving to urban areas from rural places in search of jobs and a better standard of living. Moreover, the governments of many European countries are focusing on infrastructure development, which is propelling the growth of the European water pump market.
Depleting Groundwater Level: Climate change has caused the rapid depletion of the groundwater level. As per a report published by the National Aeronautics and Space Administration (NASA), Europe witnessed its warmest winter in 2019–2020. Moreover, as per the Copernicus Climate Change Service (C3S), Europe witnessed the start of a meteorological drought condition in early 2020, in the spring, which led to drier weather than normal during the months of April and May.
The COVID-19 pandemic has negatively impacted the European water pump market. This is ascribed to the fact that the lockdowns in many countries caused disruptions in the supply chain and affected the distribution and assembly of domestic pumps. Additionally, owing to the shortage of funds, organizations are focusing much on research and development (R&D). Furthermore, there are many small players who are operating on low profit margins. However, with the lifting of the lockdowns, the situation is predicted to change, and the sales of water pumps are expected to rise in the coming years.
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The centrifugal category dominated the European water pump market, under the type segment, in the past. These pumps find extensive usage due to their ability to operate with high efficiency while pumping low-viscosity fluids, such as water, and their low costs. Furthermore, the availability of centrifugal pumps in various shapes and sizes provides end users with the flexibility to buy as per their needs.
The water supply category is predicted to exhibit the higher growth rate in the European water pump market in the coming years, within the operation segment. This is ascribed to the wide application area of water supply pumps, including rainwater harvesting and groundwater intake.
Germany contributed the highest revenue to the European water pump market in the past owing to the existence of stringent wastewater treatment policies in the country that mandate the usage of such machines even at domestic sewage treatment plants. In addition, the government requirement for reducing the pumps' power consumption is predicted to propel the sales of energy-efficient variants in the country in the coming years.
Browse detailed report on Europe Water Pump Market Size and Growth Forecast to 2030
The leading players in the European water pump market are Xylem Inc., KSB SE & Co. KGaA, Grundfos Holding A/S, DAB PUMPS S.p.A., Wilo SE, Ebara Corporation, GARDENA GmbH, Sulzer Ltd., S.A. Armstrong Limited, Patterson Pump Company, Metabowerke GmbH, and Pedrollo S.p.A.
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