Centrifugal Pump Market

Centrifugal Pump Market

Growth Factors of Centrifugal Pump Market

The centrifugal pump market size was valued at USD 33.69 billion in 2023, and the market is now projected to grow from USD 35.53 billion in 2024 to USD 59.95 billion by 2032, exhibiting a CAGR of 6.76% during the forecast period of 2023-2030.

The COVID-19 pandemic has hampered the centrifugal pump market growth. The pump market slowed down because of halts in the operation of various end-use industries. The requirement for metallurgical and thermal coal has reduced, while the demand for gold and iron has amplified. Due to the pandemic, the mining industry remained slow since many companies were not given permission to operate their mines with full labor strength. The demand for these kinds of pumps is expected to slow down due to the slowing mining activities globally.

The centrifugal pump market share globally has been contributed due to the widespread application across a wide range of industries to increase industry size. The constant need to boost pressure and supply water to conduct a variety of operations has propelled centrifugal units in different verticals such as food & beverage, marine, metal manufacturing, chemicals, and many others. However, several factors, counting viscosity, temperature, specific gravity, pressure, density, and vapor pressure of the working fluid are governing the applicability of these products in different capacities and sizes.

A notable trend of centrifugal pumps is the growing integration of innovative technologies to efficiently operate products. Centrifugal pump is prone to pump different fluids containing a number of impurities that may obstruct the system's productivity. Consequently, maintaining the operating conditions of the pumps plays a critical role in enhancing the overall efficiency and life of products. Various industry participants have effectively established advanced technologies resembling network-based monitoring, the Internet of Things (IoT), and many others to remotely diagnose error conditions.

Comprehensive Analysis of Centrifugal Pump Market

The centrifugal pump market and power & energy industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the power industry. These segmentations are methodically segregated by types of flow, stage, and end-user. The flow segment is such as axial flow, radial flow, and mixed flow. The stage section is single-stage and multi-stage. The end-user part is such as residential, commercial, agricultural, and industrials. However, the industrial end-user is further sub-divided into water and wastewater, oil and gas, power generation, mining, chemical, food and beverages, and others.

The Asia Pacific region is conducive to the global centrifugal pump market, leading to a recall of USD 13.45 billion due to the high requirement for energy in the region. Along with a multifold boost in manufacturing and processing industries harmonize the regional position. Key countries operating in the territory are China, India, Japan, Australia, and Southeast Asian nations are contributing to the market expansion.

The top players in the market play a crucial role in the power & energy industry assuring industrial prospectus growth and setting market standards. These players include, GRUNDFOS (Denmark),KSB Company (Germany), Wilo Group (Germany), Flowrox (Finland), Sulzer (Switzerland), Xylem (U.S.), Dover Corporation (U.S.), The Weir Group PLC (Scotland), Ebara Corporation (Japan), ITT Corporation (U.S.), Flowserve Corporation (U.S.), and Kirloskar Brothers Limited (India), these market players provide a level-playing competitive landscape.

In April 2021, Xylem Inc. announced partnership with ESRI. The two companies will offer utilities around the world. These two companies practiced joint technical road mapping, solution development, joint marketing, and collaborative selling.

Segmentation Table

Global Centrifugal Pump Market Scope

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Unit Value (USD Billion)

Growth Rate CAGR of 6.76% from 2024 to 2032

Segmentation By Flow

- Axial Flow

- Radial Flow

- Mixed Flow

By Stage

- Single-Stage

- Multi-Stage

By End-User

- Residential

- Commercial

- Agriculture

- Industrial

By Geography

- North America (By Flow, By Stage, By End-User, By Country)

- U.S. (By End-User)

- Canada (By End-User)

Europe (By Flow, By Stage, By End-User, By Country)

- U.K. (By End-User)

- Germany (By End-User)

- France (By End-User)

- Italy (By End-User)

- Spain (By End-User)

- Russia (By End-User)

- Rest of Europe (By End-User)

Asia Pacific (By Flow, By Stage, By End-User, By Country)

- China (By End-User)

- Japan (By End-User)

- Singapore (By End-User))

- South Korea (By End-User)

- India (By End-User)

- Rest of Asia Pacific (By End-User)

Latin America (By Flow, By Stage, By End-User, By Country)

- Brazil (By End-User)

- Mexico (By End-User)

- Rest of Latin America (By End-User)

Middle East & Africa (By Flow, By Stage, By End-User, By Country)

- GCC (By End-User)

- South Africa (By End-User)

- Rest of Middle East & Africa (By End-User)


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