Volute Pump Market: What are the short and long-term actions taken by key players during Coronavirus pandemic? Fortune Business Insights Report (Market Watch)

Market Watch published an article on how the global volute pump market growth is expected to be driven by the exponentially increasing world population. According to the Intergovernmental Panel on Climate Change (IPCC), by 2030, the global population will have reached 8.3 billion, with the majority of the people being in the working-age bracket of 15 to 59 years. IFPRI estimates that this meteoric rise in population will result in a 34% increase in demand for food by 2030. This means that governments across the globe, especially in developing countries, will have to substantially increase their investment in irrigation facilities. According to IFPRI, currently, less than 33% of the world’s cultivable land is irrigated and yet irrigated lands contribute 40% of the global food production. This will lead to a spike in demand for volute pumps as they are vital for irrigating large tracts of agricultural lands, which will favor the growth of their market in the forecast period.