Centrifugal Pump Market Fast growth at a CAGR of 5.6% to forecast period by 2028

The Centrifugal Pump Market is projected 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. Steady growth of the global economy has propelled industrialization and urbanization in the past few decades, which has subsequently favoured the growth of construction industry. Western Europe has matured residential construction and nonpresidential construction industries, and these industries are growing at a steady pace in the Eastern Europe. Moreover, governments of European countries are emphasizing on the deployment of transport infrastructure projects. For instance, the Brenner Base Tunnel project, a new 55-kilometer-long German-Austrian railway line in the Eastern part of Alps, is scheduled for completion by 2028. Further, the world's longest immersed rail and road tunnel between Germany and Denmark, which it would be built by Femern A/S, received an approval in 2020. The construction of the Ceneri Base Rail Tunnel, which is anticipated to connect the Mediterranean and the North Sea in future, was completed in September 2020. In April 2020, RZD International completed the Cortanovci railway tunnel and viaduct in Serbia. Thus, the continuous rise in these projects is bolstering the demand for centrifugal pumps.

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Centrifugal Pump Market Company Profiles Analysis:

• 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
• Xylem Inc.

Impact of COVID-19 Pandemic on Centrifugal Pump Market

According to the latest situation report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst-affected countries due to the COVID-19 pandemic. In 2020, the world economy suffered severe consequences of the global outbreak. The pandemic has led to disruptions in primary industries including electronics, semiconductor, and manufacturing. A sharp decline in the growth of mentioned industries is limiting the centrifugal pump market growth.

Market Segmentation:

By Stage (Single Stage and Multistage), Operation Type (Electric, Hydraulic, and Air Driven), Type (Overhung Impeller, Vertically Suspended, and Between Bearing), and Sector (Oil & Gas, Chemicals & Petrochemicals, Mining, Power Generation, Automotive, Agriculture, HVAC, Wastewater Management, and Others)

Note - The Covid-19 (coronavirus) pandemic is impacting society and the overall economy across the world. The impact of this pandemic is growing day by day as well as affecting the supply chain. The COVID-19 crisis is creating uncertainty in the stock market, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments. The overall effect of the pandemic is impacting the production process of several industries. This report on 'Centrifugal Pump Market' provides the analysis on impact on Covid-19 on various business segments and country markets. The reports also showcase market trends and forecast to 2028, factoring the impact of Covid -19 Situation.

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Major highlights of the report:

• All-inclusive evaluation of the parent market
• Evolution of significant market aspects
• Industry-wide investigation of market segments
• Assessment of market value and volume in past, present, and forecast years
• Evaluation of market share
• Tactical approaches of market leaders
• Lucrative strategies to help companies strengthen their position in the market

Adoption of Modern Farming Practices to Fuel Centrifugal Pump Market Growth

Rising awareness among masses about the long-term effects of pesticides and fertilizers used in agricultural practices has triggered the demand for organic food produce. Modern farming methods such as hydroponics and vertical farming use controlled indoor environment, and they can be employed to grow vegetables and fruits organically, without the use of pesticides and fertilizers. Centrifugal pumps are widely used for circulating water in fields. Moreover, these techniques allow producers to adopt organic farming practices as well as to ensure optimum utilization of limited space. Thus, the increasing adoption of modern farming practices owing to growing demand for organic food is projected to generate ample growth opportunities for the centrifugal pumps market players.

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