In terms of revenue, the Global Centrifugal Pump Market is expected to reach USD 49.7 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 5.40% from 2022 to 2028.
Fluids are moved between and inside facilities using Centrifugal Pumps. The market profited from significant developments in the materials utilized to make these pumps. Thanks to research and development in material sciences, businesses have developed versions that can sustain high pressure. The global economy is expanding rapidly. The market for Centrifugal Pumps is expanding because of several video-related factors. Destructors include expanding urbanization, a strong emphasis on water conservation and wastewater management, and rising public expectations for water conservation. Additionally, there is an increase in infrastructure construction, particularly in industrial areas, due to the depletion of subsurface water. The market is expanding because of the increasing worry about how to order treatment and desalination.
Key Highlights from Report:
· The market for Electrical Centrifugal Pumps was the largest because they are utilized in many industries to increase productivity and handle solids and liquids. The liquid is frequently pumped using electrical Centrifugal Pumps. They power the pump using an electric motor, raising the fluid's kinetic energy. Industrial, agricultural, and home settings use electrical Centrifugal Pumps.
· A Single Stage Centrifugal Pump segment is expected to hold a significant share in the market during the forecast period. It is made to have a low head or flow and just has one impeller. It is mostly used for home, light industrial, slurry pumping, and sewage pumping. The total dynamic head (TDH) should be low to moderate for this type of Centrifugal Pump, which is the most widely used type. It is anticipated that demand for single-stage pumps would increase due to their dependability and cheap maintenance costs in applications with moderate dynamic heads, such as water pumping stations, which are some of the most typical applications for Centrifugal Pumps.
· The Asia-Pacific is predicted to hold most of the market share for Centrifugal Pumps throughout the projection period. Due to the existence of several Centrifugal Pump manufacturers, the rising energy demand, and the implementation of strict government policies to minimize water pollution, Additionally, the development of several new power plants as well as the expansion of space heating and cooling systems are predicted to increase demand for Centrifugal Pumps. These elements might encourage market expansion.
Centrifugal Pumps move liquids in large quantities and offer effective flow rates. Centrifugal Pumps will likely become more popular as commercial and residential infrastructure advances. In addition, it is anticipated that the increasing use of pumps in various applications would increase demand for them. Additionally, the installation of sensors is anticipated to increase product sales. Positive displacement pumps are appropriate for high-pressure applications requiring the same flow to be produced at the same pace.
The Asia Pacific market is expected to maintain its dominant share in the market in 2021. A stable growth rate is anticipated for the expanding global pumps market throughout the projected period because of major players' product advancements and investments in new manufacturing facilities. The industry is expected to grow because of partnerships, mergers, and acquisitions among the world Centrifugal PumpMarket's top players. Partnerships and joint ventures between producers and providers of automation are also bolstering the growth momentum of the pumps market.
The Global Centrifugal Pump Market is Segmented as follows:
- Operation Type
- Air Driven
- Overhung Impeller
- Vertically Suspended
- Between Bearing
- Single Stage
- End Users
- Commercial & Residential
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Centrifugal Pump Market is:
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)
The Global Centrifugal Pump Market Scope can be Tabulated as below:
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|