Future of Executive Summary Middle East & North Africa (MENA) Centrifugal Water Pumps Market: Key Dynamics, Size & Share Analysis
The Middle East & North Africa (MENA) Centrifugal Water Pumps Market size was valued at around USD 8.9 billion in 2023 & is estimated to reach around 12.5 billion by 2030. The market is expected to grow at a CAGR of around 5.8% during the forecast period, i.e., 2024-30. Various benefits of centrifugal water pumps including reduced friction, magnetic coupling, energy efficiency, reliability, low maintenance, size, and application versatility are helping hands in the continuous growth of the pumps in the market. Low-viscosity fluids including solvents, water, light oils, and chemicals, simple solutions are offered by centrifugal pumps to these high-capacity pumping applications, including irrigation, water supply & circulation, and the transfer of chemicals in various plants
Top Market Challenges Impacting the Middle East & North Africa (MENA) Centrifugal Water Pumps Market Growth
Fluctuating Raw Materials Price & Increasing Inflation Rate to Hinder Market Growth – The high inflation in the region is causing volatility in raw material prices, and impacting all the sectors with rising prices and unstable raw material costs. The high oil price in the region led by the Russia-Ukraine war hit the overall import-export balance and added to the high interest rates. The fluctuations in raw material prices are driven by many economic reasons, such as the Israel–Palestine war and political instability in various regional economies. These variations adversely affect the market players by making it difficult for them to decide the accurate prices of pumps in the market.