Global sales of centrifugal pumps are set to be valued at over US$ 29 Bn in 2021, with a steady long-term projection, according to the latest insights by Future Market Insights (FMI). The report estimates the market to expand at 4.6% CAGR from 2021 to 2031. In the centrifugal pumps market, the industrial and domestic segments totaled US$ 24.3 billion for 2021, according to the annual market analysis conducted by FMI.
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Manufacturers need to evaluate life cycle costs and facilitate smart buying decisions. Centrifugal pump manufacturers need to analyze the cost of energy and return of investment for centrifugal pumps compared to purchase and installation costs.
Key Takeaways from Centrifugal Pump Market Study
- Multi-stage pumps are expected to hold over 50% of the global market share, supported by heavy-duty requirements of the oil and gas sector.
- Water and wastewater applications are projected to hold over a third of the overall market share by 2031-end, aided by infrastructure investments in emerging economies.
- The market in South Africa is projected to expand at a CAGR of around 5%, while that of Mexico accounts for approximately 4%, through 2031.
- The markets in India and South Korea are set to surge at a higher than 5% CAGR over the coming decade.
- Germany will hold the lead in Europe with a valuation of over US$ 1.2 Bn in 2021. Major investments in the natural gas sector will provide impetus.
“Developing nations are exhibiting high demand for centrifugal pumps for industrial and commercials applications, driven by rising investments into water and wastewater infrastructure by governments. This will enable growth in the overall market through 2031,” says a Future Market Insights analyst.
The centrifugal pumps market is highly consolidated, with key players accounting for more than four-fifths of the market share. These players are likely to invest in technology developments and the expansion of their networks to maintain their market shares.
Some of the key players in this industry include but are not limited to Ebara Corp., Xylem Inc., Sulzer AG, KSB Group, Flowserve Corp., and Kirloskar Brothers.
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By Product Type:
- Single Stage Pump
- Multi-Stage Pump
- Axial & Mixed Flow Pump
- Submersible Pump
- Seal Less & Circular Pump
By Application Type:
- Industrial Centrifugal Pumps
- Oil & Gas
- Water & Wastewater
- Food & Beverage
- Agricultural Centrifugal Pumps
- Domestic Centrifugal Pumps
- North America
- Latin America
- East Asia
- South Asia & Pacific
- The Middle East and Africa (MEA)
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FMI predicts healthy growth in the oil and gas industry, particularly in economies such as China, the U.S., the Middle East, and Africa. Centrifugal pumps are important for ensuring accurate and repeatable transportation and pumping operations in the industry. As a result, the rise in oil and gas sector activities around the world is driving demand for centrifugal pumps.