Centrifugal Pump Market

Market Synopsis:

The Global Centrifugal Pump Market was valued at USD 36.1 Billion in 2021 and is projected to reach a value of USD 49.7 Billion by 2028. Over the projection period, the Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 5.5%.

A Centrifugal Pump is a mechanical tool used to raise fluid pressure as it is transported. It transfers the rotational kinetic energy into hydrodynamic energy to accelerate fluids like chemicals, wastewater, sludge treatment liquids, water, oil, resins, and bleaches. The fluid further enters the pump impeller, which is positioned close to the axis of rotation, is accelerated, transported radially into a diffuser, and then departs. One of the key drivers pushing the market's expansion is the country's rapid industrialization. In addition, the rising product demand from the wastewater treatment industry is further bolstering market growth. The pharmaceutical and food & beverage sectors' increasing need to replace outdated industrial pumps is also boosting the market's expansion. In addition, the oil and gas sector has adopted numerous products to undertake exploratory operations in offshore and deep-water regions worldwide. Various technological developments, including the creation of 3D-printed impellers and modeling software, are also contributing to the industry's growth. These developments help produce a higher flow rate and output pressure while lowering production costs and improving pump performance. Additional factors are anticipated to fuel the market, such as rising desalination investments in industrial facilities and rising demand for energy efficient Centrifugal Pumps.

Market Segmentation:

The Centrifugal Pump Market is segmented based on Operation Type, Type, Stage, Vertical, and Region. Based on the Operation Type, the market is further segmented into Electrical, Hydraulic, and Air Driven. Furthermore, based on the Type, the market is further bifurcated into Overhung Impeller, Vertically Suspended, and Between Bearings. In addition, based on the Stage, the market is further divided into Single Stage and Multistage. Furthermore, based on the End Users, the market is further segmented into Industrial, and Commercial & Residential.

Based on Operation Type:

The Electrical category dominated the market in 2021 and is expected to continue its dominance in the forecast period. The liquid is frequently pumped using Electrical Centrifugal Pumps. The Electrical power of the pump uses an electric motor, raising the fluid's kinetic energy. Industrial, agricultural, and home applications use electrical Centrifugal Pumps. Due to its excellent dependability and tremendous efficiency, the Centrifugal Pump Market is benefitted. In addition, since the Centrifugal Pump is already submerged in the fluid, it never needs to be primed. This reason will bolster the market's expansion due to the rising demand.

Based on Stage:

The Single Stage category dominated the market in 2021 and is forecast to continue this trend in the projection period. Slurry pumping, home, commercial, and industrial sewage pumping make up most of its applications. The most popular Centrifugal Pump is appropriate for usage when the total dynamic head (TDH) is low to moderate. Single Stage Centrifugal Pump are predicted to become more popular due to their dependability and cheap maintenance costs in applications with moderate dynamic heads, such as water pumping stations, which are among the most widespread uses for Centrifugal Pumps.

Asia Pacific is projected to grow at the highest CAGR during the forecast period

The Asia Pacific area is forecast to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period. Due to the reduced labor and raw materials costs, the region is attracting investors to establish production facilities. In addition, low manufacturing costs and backing from local governments contribute to expanding industrial operations. Another factor propelling the Asia Pacific market for Centrifugal Pumps is rising Research and Development (R&D) expenditures. In addition, China and India have been identified as two of the world's economies, expanding the fastest by the International Monetary Fund (IMF). This trend is anticipated to increase industrial activity and population, which would, in turn, significantly contribute to boosting the need for water and wastewater treatment facilities and the regional market for Centrifugal Pumps.

Recent Developments:

• In April 2021, with ESRI, the world authority on location intelligence, Xylem Inc. The two businesses will provide services to utilities everywhere. Together, these two businesses will develop solutions, market their products, and engage in collaborative selling.
• In November 2020, Danish water utility company Ringkobing- Skjern Fosyning A/S granted Sulzer a contract to supply pumps for Denmark's significant flood defense project. The corporation built two additional pumping stations to reduce the escalating water levels caused by rain, drainage, and cloudburst water. For the Ringkobing pumping station, the business will provide three VUPX peak load pumps in addition to one XFB baseload pump.

Competitive Landscape:

The key players in the Global Centrifugal Pump Market include- Grundfos (Denmark), Xylem (US), KSB (Germany), Flowserve (US), Sulzer (Switzerland), Wilo (Germany), Weir (UK), ITT Corporation (US), CIRCOR International (US), Baker Hughes - A GE Company (US), Gardner Denver (US), Pentair (US), Ebara Corporation (Japan), Kirloskar Brothers Limited (India), Tsurumi Manufacturing (Japan), Leo (China), HCP Pump (Taiwan), Proril (Taiwan), CNP Pumps (India), PSP Pumps (India), Zhejiang Doyin Technology (China), Alfa Laval (Sweden), SPT Pumpen (Germany), Grindex (Sweden), Xavitech (Sweden), Vansan (Turkey), Griswold - A PSG Dover Company (US), Schlumberger (US), Mody Pumps (US), WEG (Brazil) and others.

Segmentation of the Global Centrifugal Pump Market: