Press release
Centrifugal Pump Market Forecast to Surpass $51.5 billion by 2028 with a CAGR of 5.4%
According to a new market research report, the global centrifugal pump market is estimated to grow from USD 39.7 billion in 2023 to USD 51.5 billion by 2028, at a CAGR of 5.4% during the forecast period.View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/centrifugal-pump-market-17494785.html
Centrifugal pumps play a vital role across various stages of the oil & gas industry, spanning from exploration and processing to transportation to end consumers, covering the entire value chain of the industry. These pumps are predominantly employed for fluid transfer purposes in this sector. As the post-pandemic economy recovers and experiences growth, coupled with supply limitations arising from challenging geopolitical circumstances, there is a projected upsurge in oil & gas exploration and production. This, in turn, is expected to drive an increase in the demand for centrifugal pumps during the forecast period.
Key Market Players
The major players in the centrifugal pump market are Xylem Inc. (US), Sulzer (Switzerland), KSB (Germany), Grundfos Holding A/S (Denmark), and Flowserve Corporation (US).
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This research report categorizes the centrifugal pump market by type, operation type, stage, end user, and region.
On the basis of type:
Overhung Impeller
Between Bearing
Vertically Suspended
On the basis of operation type:
Electrical
Hydraulic
Air-driven
On the basis of stage:
Single Stage
Multistage
On the basis of end user:
Industrial
Oil and Gas
Water and Wastewater
Mining and Metal
Chemicals
Power Generation
Food and Beverages
Pharmaceuticals
Pulp & Paper
Agriculture
Automotive
Textiles
Commercial and residential
On the basis of region:
Asia Pacific
Europe
North America
South America
Middle East
Africa
Electrical segment is expected to be the largest segment in the market
Electrical centrifugal pumps find applications in both open-pit and bore well scenarios. The growth of the electrical segment in the market can be attributed to the remarkable reliability and efficiency provided by these pumps. Additionally, electrical centrifugal pumps eliminate the need for priming as they are already submerged in fluids. The market is expected to be driven by the increasing adoption of solar water pumps, which often include electrical centrifugal pumps.
Asia Pacific is expected to be the largest region in the centrifugal pump market
Asia Pacific is expected to be the largest centrifugal pump market during the forecast period. The growth of the global and regional economies is significantly influenced by increased investments in the construction industry. Countries like China, India, Indonesia, and others in the Asia Pacific region are actively investing in infrastructure development projects, which in turn drives the demand for centrifugal pumps and contributes to market growth. Additionally, the agriculture sector holds great importance in emerging economies, where conventional irrigation techniques are commonly used. To enhance irrigation efficiency and agricultural productivity, governments of many emerging economies are providing subsidies and incentives. This further boosts the demand for centrifugal pumps in the region.
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Recent Developments
In January 2023, Grundfos Holding A/S acquired Water Works Inc. based in San Diego, US, and expanded the water treatment solutions platform inside the Industry division. Water Works got integrated intos MECO, strengthening the Group's water solutions offerings to the life science and biopharmaceutical segments.
In January 2023, Xylem Inc. entered into an agreement under which Xylem will acquire Evoqua, a leader in mission-critical water treatment solutions and services.
In March 2022, Flowserve Corporation entered into a partnership agreement with Gradiant to help address the most challenging problems in water and wastewater treatment. This partnership will combine Flowserve's flow control solutions and product expertise with Gradiant's water treatment technology to provide unparalleled total water treatment solutions for the customers.
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