According to estimates, the Europe Water Pumps Market will increase annually (YoY) by 3.8% and reach $8 Billion in 2021. The study predicts a 3.6% CAGR in demand for water pumps in Europe between 2021 and 2031.
The market for water pumps in Europe as a whole will see sales of axial and mixed flow pumps rise by over 4.3% CAGR. By 2020, sales of water pumps would account for 53% to 55% of all pumps sold in Europe.
As per Future Market Insights (FMI) analysis, the Europe water pumps market is projected to be valued at ~US$ 11.4 Billion in 2021, expanding at a CAGR of ~3.6% over the forecast period of 2021 to 2031.
In Europe, the production of pumps is a booming sector supported by both small and major businesses. In the battle against climate change, these end-use sectors must deal with expanding energy conservation demands as well as significant environmental problems.
With large investments made and planned for facility modernization, including asset monitoring and the integration of the industrial internet of things, water and wastewater treatment has been the most adoptive industry among the many industrial verticals (IIOT).
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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.
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“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.
Competitive Landscape
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.
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Between 2016 and 2020, the Europe water pumps market expanded at a CAGR of over 0.5%. Many of the significant advances in pump technology have their origins in long-established European enterprises, which have been aided by a variety of specialist technical groups as well as government funding.
Pump production is one of the few industrial sectors in which Europe continues to perform at least on pace with, if not better than, its worldwide competitors.
It has enjoyed a strong positive trade balance with other major alliances in Asia and the Americas for many years, and it continues to do so.
Future Market Insights (FMI) expects the europe water pumps market to expand at over 3.6 % CAGR through 2031.
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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