While industrial applications are expected to register maximum demand, growth exhibited by the agricultural segment will be at a higher pace. FMI has forecasted the centrifugal pumps demand to rise by 4.7% between 2021 and 2031 in the agricultural segment.
Strong demand from the water and wastewater sector and the food and beverage industry drives the centrifugal pump market in terms of volume. Demand for centrifugal pumps slumped in 2020 due to the COVID-19 pandemic.
However, the water and wastewater segment of the industry was not affected as much due to the latest guidelines issued by World Health Organization (WHO) on water sanitation standards which bodes well for sales shortly. Despite the economic impact of the crisis in many countries, the market’s long-term outlook will remain optimistic.
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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 the demand for centrifugal pumps.
Global demand for centrifugal pumps is directly correlated to infrastructure development activities worldwide. Governments of developing countries such as China and India are focusing on urbanization, which in turn is anticipated to fuel demand for centrifugal pumps, particularly in domestic, Water and wastewater treatment industries
The presence of numerous Chinese players offering low-priced centrifugal pumps acts as a restraint to most regional and global players. Increasing price pressure from these players is influencing key suppliers to offer high-quality, reliable, efficient and technologically-advanced centrifugal pumps at competitive rates.
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 the 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.
Centrifugal Pump Market Competitive Landscape
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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Find More Valuable Insights in Centrifugal Pump Market
The research report analyzes the demand for a centrifugal pump. The global centrifugal pump market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends & market background. As per Future Market Insights’ research scope, the market has been analyzed based on product type, application, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market on both, the supply side and demand side.
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