Centrifugal Pump Market to Exhibit Strong Growth owing to Expansion of Process Industries and Rising Water and Wastewater Treatment

Centrifugal Pump Market Scope & Overview

The centrifugal pump market was valued at USD 38.4 billion in 2022 and is projected to reach USD 58.93 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.5% during the forecast period from 2023 to 2030, as reported by SNS Insider.

A centrifugal pump is a type of mechanical device used to transport fluids, typically liquids, from one location to another. It works on the principle of centrifugal force, hence the name. This force is generated by the rotation of an impeller within the pump housing.

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Key Players Covered in Centrifugal Pump market report are: Wilo Group, GRUNDFOS, KSB Company, Flowrox, Sulzer, Xylem, The Weir Group PLC, Flowserve Corporation, Ebara Corporation, Kirloskar Brothers Limited, Dover Corporation, ITT Corporation., and other key players

Market Analysis

One of the primary drivers for the future growth of the centrifugal pump market is the increasing global demand for energy. As economies continue to develop and urbanize, the need for energy, particularly in emerging markets, is on the rise. Centrifugal pumps are extensively used in power generation plants for water circulation, cooling systems, and boiler feed applications. With the growing demand for electricity, the demand for centrifugal pumps in the power sector is expected to surge.

Impact of Recession

Recessions have a significant impact on the centrifugal pump market, resulting in reduced demand, lower sales, and financial challenges for manufacturers and suppliers. The long-term effects depend on the severity and duration of the recession, with infrastructure investment and industrial activity being key factors. However, as the economy recovers, the market has the potential to rebound, driven by government stimulus, increased infrastructure spending, and a focus on innovation and sustainability.

Segmentation Analysis

As the centrifugal pump market evolves, the dominance of the Axial Flow and Hydraulic segments continues to grow. These segments offer superior performance, increased efficiency, and versatility across a wide range of industrial applications. With ongoing technological advancements and a shift towards sustainable and energy-efficient solutions, it is expected that the Axial Flow and Hydraulic segments will continue to shape the future of the market.

Centrifugal Pump Market Segmentation as Follows:

By Flow

·        Axial Flow

·        Radial Flow

·        Mixed Flow

By Operation Type

·        Hydraulic

·        Electrical

·        Air-Driven

By Stage

·        Single-Stage

·        Multi-Stage

By End-user

·        Commercial

·        Residential

·        Agricultural

·        Industrial

o   Water & Wastewater

o   Oil & Gas

o   Power Generation

o   Mining

o   Chemical

o   Food & Beverage

o   Others

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Regional Status & Analysis

The Asia Pacific region has emerged as the dominant force in the global centrifugal pump market, driven by robust economic growth, urbanization, and industrialization. With its expanding infrastructure and increasing demand for fluid handling systems, the region offers immense opportunities for pump manufacturers and suppliers.

Conclusion

The future prospects of the market appear promising due to increasing energy demands, water and wastewater management needs, and growth in the chemical industry, technological advancements, and expansion into emerging industries.

Frequently Asked Questions/ Key Reasons to Purchase this Report

What is the projected outlook for centrifugal pump market growth?

·        The market is projected to reach a value of USD 58.93 billion by the year 2030.

What are the major factors influencing the centrifugal pump market?

·        The adoption of centrifugal pumps in emerging industries, such as renewable energy and desalination, is expected to provide significant growth opportunities.

Who are the leading players in the centrifugal pump market?

·        Wilo Group, Dover Corporation, The Weir Group PLC, Flowserve Corporation, GRUNDFOS, KSB Company, Flowrox, Sulzer, Xylem, Ebara Corporation, Kirloskar Brothers Limited, ITT Corporation.

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