The Global Centrifugal Pump Market Size is Poised to Reflect 4.01% CAGR by 2023| Growth, Demand, Future Opportunities & Forecast 2016 to 2023

 

According to Market Research Future (MRFR), the global Centrifugal Pump Market Size is projected to grow at 4.01% CAGR from 2016 to 2023 (forecast period). The report includes a comprehensive and in-depth review of the effect of the COVID-19 pandemic on the global centrifugal pump market.

A centrifugal pump is a mechanical device designed to move liquid by the transfer of rotational energy through the impeller. These types of pumps are primarily used for pumping water in industrial and residential areas. They are also commonly used in the agriculture sector, municipal water, wastewater plants, power generation plants, petroleum, and chemical industries. The benefits of the centrifugal pump include a continuous delivery, easy to operate, horizontally or vertically mountable, and moves at high speeds with minimal maintenance.

 

Market Dynamics

Factors such as increased urbanization and a high emphasis on water conservation and wastewater management will increase the demand for centrifugal pumps. In addition, growing infrastructure development will also promote the use of centrifugal pumps, especially in industrial areas. For example, as per the India Brand Equity Foundation (IBEF), India will require an investment of USD 777.53 billion in infrastructure by 2022 to ensure sustainable development. This would boost the market for centrifugal pumps.

The global market for centrifugal pump is expected to rise at a high rate during the forecast period, mainly due to growing concerns regarding wastewater treatment and desalination, for example, in December 2018, The US Department of Energy (DOE) announced plans to invest USD 100 million in energy-water desalination. Furthermore, the manufacturing sector uses a significant amount of water and, due to the depletion of groundwater reserves, the re-use of water has become imperative. Governments worldwide are concentrating on the development of strict regulatory policies to build sustainable water systems, such as the development of centralized systems for the proper distribution and design of water treatment models. Under the 13th Five-Year Plan (2016-2020), China plans to invest about RMB 559 billion or 0.75% of its GDP in its water treatment industry.

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The global market for centrifugal pumps is expected to see significant growth during the forecast period due to rising investments in infrastructure and water and wastewater treatment plants worldwide. As per the governor of New York, the US invested USD 27 million to upgrade the Niagara Falls Wastewater treatment plant in December 2018. This investment would improve primary treatment systems and equipment and improve the dewatering system requiring centrifugal pumps to pump water. Similarly, according to the Minister for Energy, Development and Environmental Protection, Germany spent EUR 2.5 million in 2013. Such investments in Europe, the US, and other countries worldwide will push the demand for centrifugal pumps in the water and wastewater treatment industry.

 

Market Segmentation

The global centrifugal pump market has been segmented based on type, stage, and end-user.

Based on type, the global Centrifugal Pump Market Size has been classified into overhung impeller, vertically suspended, and between-bearing. Vertically suspended is anticipated to be one of the leading markets during the assessment period due to advantages like, it used 75% less floor space than horizontal pumps with electric motor drives. Thus, an increase in the demand for multistage pumps in commercial buildings, petroleum, oil & gas, and industrial process services is the primary factor driving the market for vertically suspended centrifugal pumps.

Based on stage, the global Centrifugal Pump Market Sizehas been segmented into single-stage and multistage.

Based on end-user, the global Centrifugal Pump Market Sizehas been segmented into water & wastewater, oil & gas, chemical, power, and others. The water and wastewater segment of the global Centrifugal Pump Market Sizeis estimated to register the highest growth rate during the forecast period. 

 

Regional Analysis

Regionally, the global Centrifugal Pump Market Sizehas been segmented into North America, Asia Pacific, South America, Europe, and the Middle East & Africa. 

The Asia Pacific is projected to dominate the global market for centrifugal pumps due to increased investment in water and wastewater infrastructure in South East Asia and rapid industrialization in the region. In addition, the rising demand for water supply in the area, with its growing population, is supporting the demand for centrifugal pumps.

 

Key Players

The industry giants in the global Centrifugal Pump Market Sizeare Xylem (US), Grundfos (Denmark), ITT Corporation (US), Flowserve (US), KSB (Germany), Circor International (US), Sulzer (Switzerland), Wilo (Germany), Ebara Corporation (Japan), Someflu (France), Baker Hughes, A GE Company (US), Pentair (US), and Weir (UK).

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