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North America & Latin America's Water Pump Market Revenues to Reach US$ 13.4 Bn During 2016-2024
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Nevertheless, a recent study developed by Persistence Market Research projects that revenues garnered from sales of water pumps across Latin America and North America will soar at a moderate CAGR of 4% over an eight-year forecast period. After amassing an estimated US$ 9,422.9 million revenues in 2016, the water pumps market in North America and Latin America is anticipated to reach a valuation of US$ 13,412 .8 million by the end of 2024.
Key Deterrents for Adoption of Water Pumps in North & Latin America
• Availability of cheap Chinese water pumps: North American and Latin American manufacturers of water pumps are constantly at risk of losing market presence to newly-entered Chinese pump makers. Consumers in these regions end up opting for cheap Chinese water pumps, which tend to go kaput in short span of time. On the other hand, availing Chinese water pumps becomes more practical for consumers with tight budget, especially for deploying them in agricultural activities.
• Durability & energy efficiency of centrifugal pumps: Manufacturers of centrifugal water pumps in this region are improving the operating life of their products. This has decelerated the rate at which water pumps get replaced. Low replacement rate has dragged down the aftermarket sales of water pumps in North America and Latin America, thereby impeding the aggregate market revenues.
• Budget limitations in industrial and agricultural sectors: Expenditure on water pumps fares on a tightrope in North America. Submersible pumps are also expected to impact the adoption of centrifugal water pumps in this region. Latin America's industrial sector is likely to trim its gross expenditure, which will incidentally impact the sales of water pumps in this region. Low profit margins in North America's agriculture industry have also slowed down the rate at which water pumps were being installed or replaced in farming activities.
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In the report, titled "Water Pumps Market: North & Latin America Industry Analysis and Forecast, 2016-2024," Persistence Market Research predicts that more than 90% of water pump revenues in Latin America and North America will be accounted by sales of centrifugal pumps. While over 936 thousand units of positive displacement pumps are estimated to be sold in the Americas during the forecast period, sales of centrifugal pumps will be raking in revenues worth over US$ 12 billion by the end of 2024. In 2016, centrifugal pumps worth nearly US$ 3 billion were estimated to be consumed by wastewater and water treatment plants across North America and Latin America. Oil and gas industries in this region have been predicted to have consumed over 200 thousand units of positive displacement pumps in 2016.
Compared to Latin America, North America will continue to have a large share in their collective regional market for water pumps. In 2016, the US water pumps market accounted for more than two-third of North America's water pump revenues, while Brazil and Mexico attributed to more than 50% growth in Latin America's water pumps revenues.
US-based companies Xylem Inc. and Flowserve Corporation are the leading native players in North America and Latin America's water pumps market. The market will continue to witness higher participation from European water pump manufacturers such as KSB AG, Weir Group Plc., Grundfos, and Sulzer AG. Japanese water pump manufacturer, Ebara Corp is also observed to be a key participant as the company has established two manufacturing plants in North America and one in Latin America.
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