Press release
Centrifugal Pumps Market is projected to Reflect 4.6% CAGR throughout 2015-2025
Refurbishing of ageing manufacturing plants and pumping systems, combined with increasing exploration activities for new sources of water is driving global demand for centrifugal pumps. However, long replacement cycles and proliferation of low cost pumps made in China, can pose challenges to growth. These insights are according to FMI’s new report, “Centrifugal Pumps Market: Global Industry Analysis and Opportunity Assessment, 2015-2025”, which estimates global centrifugal market revenues to increase at 4.6% CAGR and reach US$ 48.3 Bn by 2025.Browse Complete Report @ https://www.futuremarketinsights.com/reports/centrifugal-pumps-market
The key trends identified in the centrifugal pumps market include preference for energy-efficient centrifugal pumps, high adoption of micro-disc pumping, and incorporation of variable frequency drive technology. Reducing the pump life cycle costs and development of supply chain network are key opportunities that leading players will look to leverage on going forward.
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According to FMI, the industrial segment accounts for the highest demand for centrifugal pumps, representing nearly 67% revenue share in 2015. Key application areas where centrifugal pumps are used in the industrial segment include chemicals, water and wastewater treatment, power, oil and gas, pharmaceuticals, and food and beverage.
Region-wise, the report offers market analysis and forecast for North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa (MEA).
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Asia Pacific excluding Japan (APEJ) is the largest market for centrifugal pumps globally, with China and India accounting for significant revenue contribution to the global market. Many economies in APEJ, especially in ASEAN, are agriculture-driven, and this is creating sustained demand for centrifugal pumps in the region. Increasing arable land under cereal production, combined with micro-irrigation trend is expected to increase the deployment of small capacity centrifugal pumps in APEJ.
Key players operating in the global centrifugal pumps market include ITT Corporation, KSB AG, Flowserve Corp, Sulzer AG, Ebara Corporation, Grundfos AG, Weir Group Plc, Wilo SE, Xylem Inc, Ruhrpumpen Group and Vertiflow Pump Company.
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