North and Latin America Water Pumps Market
The North and Latin American water pumps market has experienced significant growth in recent years due to the increasing need for clean, safe drinking water. With the population of North and Latin America expected to increase by over 20% by 2050, this need is only expected to grow further. As such, it is important to understand the North and Latin American water pumps market in order to effectively plan for and meet this growing demand.
The water pumps market in North America and Latin America is anticipated to reach a revenue of US$ 13,412.8 million by the end of 2024, after amassing an estimated US$ 9,422.9 million revenues in 2016. This growth is projected to occur at a moderate CAGR of 4% over the next eight years.
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The North and Latin American water pumps market is estimated to be worth roughly US$ 6.5 billion in 2020. The region’s share of the global market stands at around 11%, with Brazil being the largest contributor at around 49%, followed by Argentina at 36%, Mexico at 8%, Colombia at 4%, and Chile at 3%. This suggests that North and Latin American countries are playing an increasingly important role in the global water pump industry.
The growth of this market can be attributed to the increase in population and rapid industrialization and urbanization across the world. Additionally, the rise in awareness about the benefits of using water pumps has led to an increase in their adoption worldwide.
- KSB AG
- Flowserve Corporation
- Sulzer AG
- Ebara Corporation
- The Weir Group PLC
- Wilo SE
- Xylem Inc.
- Kirloskar Brothers Limited
- Ruhrpumpen Group
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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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