Because of the rapid economic growth, increasing disposable income of people, primarily in emerging countries, and swift urbanization, the construction industry is predicted to grow at a considerable pace in the coming years. For example, in the U.S., the industry is among the key contributors to the overall economic growth. The U.S. construction industry has over 680,000 employers and more than 7 million employees, who together build structures worth about $1.3 trillion each year. Similarly, the Indian construction industry contributes about 8% to the country’s gross domestic product (GDP). The development of smart cities, shipping infrastructure, and highways is contributing to the growth of the country’s construction niche.
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As water pumps are used widely in the construction industry, its growth is resulting in the rising demand for these devices. A water pump makes use of hydraulic as well as mechanical principles, throughout a piping system. In the construction industry, these pumps are utilized at the project sites for removing excess water, which can accumulate because of high water table or heavy rains. The pump allows the quick movement of water, for minimizing downtime. Due to these factors, the water pump market is projected to grow at a substantial pace in the years to come.
Geographically, the Asia-Pacific region was the largest water pump market in the past. This can be attributed to the swift industrialization and rising disposable income, majorly in emerging economies, such as India and China. The demand for water pumps was the highest in China; however, India is also projected to create a considerable demand for these devices in the coming years. The expansion of different industries in the region, such as chemical, energy, and oil & gas, is expected to increase the adoption of water pumps.
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This Study Covers
• Historical and the present size of the market segments and understand their comparative future potential
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
• Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
• Major players operating in the water pump market and their service offerings
• Recent strategic developments by the major players in the market