Press release
Leading Element Driving Change in the Centrifugal Pump Market in 2025: Centrifugal Pumps Market Growth Driven By Expansion In The Agriculture Sector Driver
Centrifugal Pump Market Size
In recent times, the market size of centrifugal pumps has seen significant growth. The market size is projected to increase from $40.85 billion in 2024 to $43.46 billion in 2025, maintaining a 6.4% compound annual growth rate (CAGR). The previous growth can be attributed to a surge in agricultural demand, the increasing use of solar water pumps, heightened food production requirements, evolving residential and commercial infrastructure, along with an aging population.
Anticipations are high for a robust expansion of the centrifugal pump market in the coming years, with projections suggesting that it will amplify to a substantial $54.95 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 6.0%. This projected growth during the forecast period can be associated with several factors such as the surge in single-stage centrifugal pumps, heightened requirements for freshwater, augmented demand for electric variants, escalating construction expenditure, and a rise in oil and gas production. The period is also expected to witness various key trends such as technological innovations, a shift towards solar-based centrifugal pumps, integration of contemporary technologies, development of cutting-edge technologies, and the evolution of energy-efficient centrifugal pumps.
What Are the Forces Behind the Rapid Growth of the Centrifugal Pump Market?
The growth of the centrifugal pumps market is anticipated to be driven by the expansion of the agricultural sector. The agricultural sector is defined as that segment of the economy concerned with the production, processing, and distribution of crops, livestock, and other agricultural goods. Reasons for the sector's expansion include changes in dietary habits, increasing environmental consciousness, and more investment in agricultural research, development, and infrastructure. By providing dependable and efficient water management, irrigation, and related solutions, centrifugal pumps can boost the efficiency and productivity of agriculture. For example, according to a February 2024 report by the Department for Environment Food & Rural Affairs, a government agency in the UK, the average farm business income (FBI) on all UK farms rose significantly from $50,461 (£46,500) in 2020/21 to $78,133 (£72,000) in 2021/22. Thus, the growing agricultural sector fuels the centrifugal pumps market.
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Who Are the Dominant Companies Influencing Centrifugal Pump Market Trends?
Major companies operating in the centrifugal pump market are General Electric Company, Dover Corporation, Schlumberger Ltd., Baker Hughes Co., Ingersoll Rand Inc., WEG S.A., Alfa Laval AB, Ebara Corporation, Grundfos Holding A/S, Pentair plc, Flowserve Corporation, Sulzer Brothers Ltd., ITT Inc., Weir Group plc, Gardner Denver LLC, CIRCOR International Inc., Ruhrpumpen Group, DESMI A/S, Shakti Pump Ltd., HERMETIC-Pumpen GmbH, Klaus Union GmbH & Co. KG, CP Pumpen AG, HOMA Pumpenfabrik GmbH, The PROLAC HCP Pump, Mody Pumps Inc., PSP Pumps Pvt. Ltd.
How Is the Centrifugal Pump Market Evolving?
Leading businesses in the centrifugal pump market are prioritizing the creation of innovative products like magnetic drive (mag-drive) pumps, which are engineered to improve effectiveness, decrease maintenance, and increase safety by eradicating the requirement for shaft seals. Mag-drive pumps, another name for them, are a variation of centrifugal pumps designed to eliminate traditional shaft seals, reducing maintenance expenses and preventing dangerous fluid leaks. For example, in February 2024, DESMI, an industrial pump enterprise based in Denmark, introduced its mag-drive centrifugal pumps meant to securely manage corrosive and volatile fluids. These pumps contain a hermetically sealed design and a highly efficient magnetic coupling system, assuring dependable and safe functionality in harsh settings. The technology in these pumps improves operational safety and efficiency, satisfying the needs of industries, such as chemical processing and pharmaceuticals, that demand strict fluid handling standards.
What Are the Different Segmentations in the Centrifugal Pump Market?
The centrifugal pumpmarket covered in this report is segmented -
1) By Type: Overhung Impeller, Between Bearing, Vertically Suspended
2) By Stage: Single Stage, Multistage
3) By Operation: Electrical, Air-Driven, Hydraulic
4) By End-User: Industrial, Agricultural, Domestic
Subsegments:
1) By Overhung Impeller: Single Stage Overhung Impeller Pumps, Multi-Stage Overhung Impeller Pumps, End Suction Overhung Impeller Pumps
2) By Between Bearing: Horizontal Between Bearing Pumps, Vertical Between Bearing Pumps, Multi-Stage Between Bearing Pumps
3) By Vertically Suspended: Vertical Inline Pumps, Vertical Turbine Pumps, Submersible Vertical Suspended Pumps
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Which Region Is at the Forefront of the Centrifugal Pump Market?
Asia-Pacific was the largest region in the centrifugal pump market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the centrifugal pump market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Centrifugal Pump Global Market Report?
- Market Size Analysis: Analyze the Centrifugal Pump Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Centrifugal Pump Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Centrifugal Pump Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Centrifugal Pump Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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