The United Nations (UN) forecasts that approximately 68% of the global population will reside in urban areas by 2050. According to the Population Division of the UN Department of Economic and Social Affairs (UNDESA), the urban population stood at 4.2 billion in 2018, and it is expected to reach 6.7 billion by 2050. Thus, the increasing urban population, owing to the ample employment opportunities offered in urban areas, is leading to the construction of numerous housing units. The surging number of housing projects is creating a huge requirement for water pumps, worldwide.
Moreover, the depleting groundwater levels and worsening water quality are also expected to fuel the water pump market at a CAGR of 5.9% during forecast period. According to P&S Intelligence, the market generated $42,435.1 million revenue in 2015. For instance, the "Composite Water Management Index" by the National Institution for Transforming India (NITI) Aayog states that around 600 million people in India are experiencing high-to-extreme water stress. Moreover, according to the NITI Aayog, the groundwater reserve of India stands at 433 billion cubic meters (BCM).
Geographically, Asia-Pacific (APAC) led the water pump market in the preceding years, due to the soaring disposable income of people and escalating industrialization in the region, especially in India and China. In this region, China adopted the highest number of water pumps due to the expanding energy, chemical, and oil and gas industries. Whereas, India will adopt water pumps at the highest rate in the forthcoming years, owing to the surging number of housing and commercial projects in the country.
Therefore, the booming urban population and the depleting groundwater reserves will fuel the adoption of water pumps, across the world.
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