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Source: https://store.rationalstat.com/store/global-pumps-market/

Category: Technology

The global pump market is expected to record a modest growth rate of around 3.5% between 2019 and 2028. Demand for pumps is expected to increase worldwide as end-user acceptance of pumps increases in a variety of applications. Increasing public and private spending on modern water infrastructure is driving the growth of the global pump market. Countries are building state-of-the-art flood protection systems in flood-prone areas, and demand for pumps is expected to skyrocket. Growing concerns about water table depletion will further drive water conservation efforts and boost the growth of the global pump market. In addition, increasing use of pumps in industrial applications such as chemicals and pharmaceuticals is another important factor that has a positive impact on market growth. Intensifying construction activity and rapid industrialization in developing countries are driving growth indicators for the mining, oil and gas industries and water infrastructure, which are the most important factors in the global market.

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