Latin America Pumps Market Size

Latin America Pumps Market Analysis

The Latin American pumps market is expected to register a CAGR of 5% during the forecast period. Increased expenditures in exploration and production operations by the region's oil and gas companies are expected to raise demand for pumps in the oil and gas sector. The growing amount of infrastructure modifications, such as modifying or installing new pipes, is expected to boost the market.

• Due to strict energy and environmental regulatory policies, the market is expected to grow during the forecast period. For instance, according to the International Energy Agency's 2014 policy, a motor-driven unit should ideally be designed to save 20-30% of energy.
• The growing number of construction projects for residential and commercial spaces in Latin America is a significant factor driving the need for pumps and supporting market growth. Apart from that, the increasing demand to supply water and enhance its pressure for various activities is predicted to increase the usage of pumps in multiple industries, including chemicals, metal production, marine, food and beverage, and others. In the long run, the growing demand from the industries indicated above would further drive the expansion of this market.
• Keeping in mind the dynamic requirement of the market, the manufacturers are also concentrating on introducing new products. However, new energy efficiency standards could demand manufacturers redesign pumps, which might be expensive and time-consuming, hindering market expansion.
• In 2020, the COVID-19 pandemic considerably affected the growth of the pumps market in Latin America, which halted operations and import-export activities. The market is predicted to grow modestly for the forecast period, with demand mostly coming from end-user industries, such as water and wastewater treatment and oil and gas.