Doubts Related to the Bulk Terminals Explained in the Report with Major Key Companies like ITT , Ruhrpumpen Group, KSB AG, Xylem , Flowserve , Wilo SE, Sulzer AG, Weir Group
Market Dynamics- Drivers
Growing infrastructure development worldwide is expected to drive growth of the global centrifugal pump market during the forecast period
The demand for centrifugal pumps has increased significantly in the recent past, owing to rising infrastructure development across the globe. Governments of developing countries such as China and India are focusing on urbanization, which in turn, is expected to fuel demand for centrifugal pumps, particularly in domestic, Water & wastewater treatment industries. Thus, these factors are expected to drive growth of the global centrifugal pump market during the forecast period. For instance, in 2015, the Government of China targeted urban wastewater infrastructure investments of around US$ 60 Bn.
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Rising demand from SMEs and process industries is expected to propel the global centrifugal pump market growth over the forecast period
Centrifugal pumps have witnessed massive demand from process industries, especially in pulp, chemical, paper, and food and beverage industries. Furthermore, increasing demand for energy-efficient manufacturing operations in developed countries is expected to boost expenditure on new pumping equipment, thereby driving demand for a centrifugal pump. Moreover, this demand is typically witnessed by SMEs in emerging economies such as India and China. Therefore, these factors are expected to propel the global centrifugal pump market growth in
APAC held dominant position in the global centrifugal pump market in 2019, accounting for 33.4% share in terms of value, followed by Europe, North America and RoW respectively.
The global centrifugal pump market was valued at US$ 36,700 Mn in 2019 and is forecast to reach a value of US$ 52,918 Mn by 2027 at a CAGR of 4.7% between 2020 and 2027.
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Global Centrifugal Pump Market - Impact of Coronavirus (Covid-19) Pandemic
Due to Covid-19 pandemic, many industries witnessed significant shift in their business. There is significant impact on centrifugal pump market, as these centrifugal pumps are used in oil & gas industries. Due to lockdown imposed by countries, the demand and price of the crude oil has fallen. For instance, in March 2020, in US the price of the crude oil has decreased from US $61.06 to $23.36. Additionally, every country has banned international and domestic travel, due to this there is had huge drop in the consumption of Aviation Turbine Fuel (ATF) across the globe. All these factors have significant impact on Centrifugal pump market and there is huge drop in the demand of centrifugal pumps.
Major companies operating in the global centrifugal pump market are ITT Corporation, Ruhrpumpen Group, KSB AG, Xylem Inc., Flowserve Corporation, Wilo SE, Sulzer AG, Weir Group plc, Ebara Corporation, and Grundfos AG.
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