Multistage Pumps Industry - Regional Synopsis
APAC Market Forecast
Asia Pacific industry is estimated to hold largest revenue share of 30% by 2037. This growth of the market in this region is set to be dominated by rising growth in demand for dewatering which is further boosting demand for pumps in the region. For many sectors, dewatering pumps are a vital part of machinery. Moreover, with the growth of metal mining and other activity, the market is growing in the Asia Pacific region. Additionally, there has been a surge in demand for distilled water in this region. Lead-acid batteries, medical equipment, car air conditioning, and other gadgets that might be harmed by mineral buildup are all sterilized with distilled water in this region. Therefore, the market is observing an upward moment in this region.
North American Market Analysis
The North America multistage pumps market is also projected to have significant growth during the forecast period. This could be on account of the growing demand for natural gas. In 2022, the United States' natural gas consumption reached over 31 trillion cubic feet. Compared to the previous years about 29 trillion cubic feet, this was a record high. Several North American nations have enacted or proposed decarbonization measures in an attempt to hasten the shift to a low-carbon economy. These policies are based on a variety of measures, including the implementation of net carbon-neutral clean energy standards, standards for renewable portfolios, economy-wide carbon reduction objectives, and technology usage mandates. As a result, the demand for natural gas is growing which is further projected to dominate the market growth in this region.
