The Centrifugal Pumps Market is expected to grow favourably through 2021, with a global valuation exceeding US$ 29 billion in that year. According to FMI, global sales of centrifugal pumps are expected to grow at a CAGR of 4.6 percent between 2021 and 2031.
The agricultural sector will grow faster than industrial applications, which are expected to be in high demand. According to FMI, demand for centrifugal pumps in the agricultural sector will rise by 4.7 percent between 2021 and 2031.
According to FMI’s annual market analysis, the industrial and domestic segments of the centrifugal pump market will total US$ 24.3 billion in 2021.
In terms of volume, the centrifugal pump market is driven by strong demand from the water and wastewater sector, as well as the food and beverage industry. The COVID-19 pandemic reduced demand for centrifugal pumps in 2020.
However, the water and wastewater segment of the industry was less affected due to the World Health Organization’s (WHO) latest guidelines on water sanitation standards, which bodes well for sales in the near future. Despite the economic consequences of the crisis in many countries, the market’s long-term outlook will remain positive.
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FMI predicts healthy growth in the oil and gas industry, particularly in economies such as China, 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.
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 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.
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“Developing nations are exhibiting high demand for centrifugal pumps for industrial and commercial 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.
Competitive Landscape
The centrifugal pumps market is highly consolidated, with key players accounting for more than four-fifth of the market share. These players are likely to invest in technology developments and the expansion of their networks in order 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.
Key Points Covered in Centrifugal Pumps Market Study
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on XYZ and How to Navigate
- Recommendation on Key Winning Strategies
Find More Valuable Insights
The research report analyzes demand for 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 on the basis of product type, application, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand side.
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End-Use over the next 10-years.
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