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Centrifugal Pump Market Detailed Analysis and Forecast
Centrifugal Pump Market
Growing Emphasis on Wastewater treatment to Provide Growth Opportunities for Centrifugal pump Market Players during 2021-2028
According to our latest market study on "Centrifugal Pump Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Stage, Operation type, Type, and Sector," the market is expected to reach US$ 36,879.0 million by 2028 from US$ 25,154.3 million in 2021; it is estimated to grow at a CAGR of 5.6% from 2021 to 2028.
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Centrifugal pumps are widely used equipment in wastewater treatment facilities. Developed regions such North America and Europe have modern wastewater management facilities with well-established practices; however, in developing regions such as Asia Pacific and Middle East & Africa, the popularity of such practices is gradually increasing. According to the World Health Organization (WHO), ~50% of the total population is anticipated to live in water-stressed regions by 2026. According to Sustainable Water Alliance, countries such as Iran and Saudi Arabia are anticipated to deploy several new water and wastewater facilities by 2026. Moreover, in June 2021, an official of Saudi Water Partnership Company (SWPC) announced its plans to partner with the Saudi Arabian private sector with an investment of US$ 4 billion for water and wastewater projects. Under these projects, the country aims to deploy 158 projects, including 11 desalination plants and 147 wastewater plants, which would be operational by end of 2023.
Meanwhile, in 2021, China's National Development and Reform Commission made announcements regarding its plans to improve sewage water treatment capabilities as well as to focus on the conversion of sewage into reusable resources by 2026. Thus, such initiatives by governments are generating ample growth opportunities for the centrifugal pumps market players.
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The COVID-19 pandemic has had a detrimental influence on the global centrifugal pump market due to lockdowns implemented in the majority of countries across the world since December 2019. These pumps are majorly used at industrial and residential properties to pump water. They are also widely used in agriculture, municipal water and wastewater treatment plants, electricity production plants, and petroleum and chemical industries, among others. The centrifugal pumps benefit by enabling ease of operation, consistency in distribution, option for horizontal or vertical installation, and lowering of maintenance costs.
The demand for these products has decreased in the recent months due to business shutdown worldwide. On the other hand, the market for these pumps is expected to revive in the following months.
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EBARA CORPORATION, Grundfos Holding A/S, KIRLOSKAR BROTHERS LIMITED, KSB SE & Co. KGaA, PLEUGER INDUSTRIES, Sulzer Ltd, The Weir Group PLC, Tsurumi Manufacturing Co., Ltd., WILO SE, and Xylem Inc. are among the major companies operating in the centrifugal pump market.
The centrifugal pump market is segmented based on stage, operation type, type, sector, and geography. Based on stage, the centrifugal pump market is sub-segmented into single stage and multistage. Based on operation type, the centrifugal pump market is categorized into electric, hydraulic, and air driven. Based on type, the market is segmented into overhung impeller, vertically suspended, and between bearing. Based on sector, the market is segmented into oil and gas, chemicals and petrochemicals, mining, power generation, automotive, agriculture, HVAC, wastewater management, and others. Additionally, based on region, the centrifugal pump market is segmented into Europe, Asia Pacific, and Middle East & Africa.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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