Centrifugal pump market sales are expected to exceed US$ 29 billion globally in 2021, increasing at a CAGR of 4.6% from USD 24.3 billion in that year. The main factors driving the growth of the centrifugal pump market are increased investments in the construction industry as a result of rapid urbanisation and a high demand for centrifugal pumps in the agricultural sector.
FMI forecasts healthy growth in the oil and gas industry, particularly in China, the United States, the Middle East, and Africa. Centrifugal pumps are critical in the industry for ensuring accurate and repeatable transportation and pumping operations. As a result, the increased activity in the oil and gas sector around the world is driving demand for centrifugal pumps.
Manufacturers must assess life cycle costs and make smart purchasing decisions easier. Centrifugal pump manufacturers must compare the cost of energy and the return on investment for centrifugal pumps to the costs of purchase and installation.
Most regional and global players are restrained by the presence of numerous Chinese players offering low-cost centrifugal pumps. These players’ increasing price pressure is influencing key suppliers to offer high-quality, dependable, efficient, and technologically advanced centrifugal pumps at competitive prices.
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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.
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 the 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 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-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.
Find More Valuable Insights in Centrifugal Pump Market
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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Centrifugal Pumps Market by Category
By Product Type:
- Single Stage Pump
- Small
- Medium
- High
- Multi Stage Pump
- Small
- Medium
- High
- Axial & Mixed Flow Pump
- Small
- Medium
- High
- Submersible Pump
- Small
- Medium
- High
- Seal Less & Circular Pump
- Small
- Medium
- High
By Application Type:
- Industrial Centrifugal Pumps
- Oil & Gas
- Chemical
- Water & Wastewater
- Food & Beverage
- Pharmaceutical
- Power
- Others
- Agricultural Centrifugal Pumps
- Domestic Centrifugal Pumps
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