Projections for Market Growth: 2023-2033
The global dewatering pump market is expected to experience significant growth from 2023 to 2033, with an impressive CAGR of 5.2%. The market is predicted to reach US$ 7,356.8 million in 2023 and surpass a valuation of US$ 12,213.6 million by 2033.
Historical Analysis: Growth Trends 2018-2022
According to Future Market Insights’ historical analysis, the global dewatering pump market witnessed flourishing sales at a CAGR of 3.9% between 2018 and 2022. The global market crossed a valuation of US$ 6,981.0 million in 2022. Growth in the historical period was attributed to surging construction activities worldwide.
Drivers of Market Expansion: Industry Insights
Industries such as oil & gas, power, and chemicals are investing in refurbishing their plants. A rapid expansion in the dewatering pump market has been witnessed due to increased construction activities in the infrastructure sector. Moreover, the rising resource demand in the mining sector would also boost sales. Growing industrialization and expanding urbanization in developing and underdeveloped countries would augment growth. Increasing focus on retrofitting, upgrading, and replacing aging components would also drive dewatering pump sales.