The Europe water pumps market is projected to be valued at about US$11.4 billion in 2021, expanding at a CAGR of around 3.6% over the forecast period of 2021-2031, as per Future Market Insights (FMI) analysis.
Pump manufacturing is dubbed a “thriving” industry driven by both small and large enterprises in Europe. These end-use sectors are confronting rising energy conservation demand as well as far-reaching environmental issues in the fight against climate change.
Water and wastewater treatment has been the most receptive sector among the various industrial verticals in terms of adoption, with significant expenditures made and planned towards facility modernisation, which includes asset monitoring and integration of the Industrial Internet of Things (IIoT).
Several organisations 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 help to acquire and interpret the data generated from these assets with the power of algorithms and machine learning capabilities that aid 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 FMI’s Water Pumps Market Study:
- Germany, UK and Russia are key markets accounting for nearly half of water pump sales in the Europe market value share in 2021.
- The water pumps market in the UK is expected to rise at nearly 2.8% CAGR over the forecast period. Overseas customers indicated their preference for the manufacturing and engineering expertise of the UK 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, are easy to operate, and can be suitable for potable purposes as well as their robustness and durability make them a preferred choice among the end-users.
An analyst from FMI commented: “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 impact the market growth.”
During the forecast period, the water pump market is expected to be aggressively driven by automation. With the positive impact of Industry 4.0 and the rising implications of quality management systems to enhance the efficiency of operations and reduction of error rate, FMI foresees a surge in sales of water pumps and manufacturers are likely to generate higher revenues from water pumps.