Global sales of centrifugal pumps are set to be valued at over US$ 29 Bn in 2021, at a CAGR of 4.6%, from an estimated USD 24.3 billion in 2021. Increasing investments in construction industry attributing to rapid urbanization, and high demand for centrifugal pumps in the agricultural sector are the key factors driving the growth of the centrifugal pump market.
Germany accounts for nearly 18% of the market share in Europe 2021. The country is responsible mainly for centrifugal pump applications in the pharmaceutical, chemical, and food processing sector. Manufacturers in Germany have grown and emerged as world leaders. The transition from a local to a global marketplace has probably been the most significant change in this industry.
FMI predicts healthy growth in the oil and gas industry, particularly in economies such as China, U.S., the Middle East, and Africa. Centrifugal pumps are important for ensuring accurate and repeatable transportation and pumping operations in the industry. As a result, the rise in oil and gas sector activities around the world is driving demand for centrifugal pumps.
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Manufacturers need to evaluate life cycle costs and facilitate smart buying decisions. Centrifugal pump manufacturers need to analyze cost of energy and return of investment for centrifugal pumps compared to purchase and installation costs.
The presence of numerous Chinese players offering low-priced centrifugal pumps acts as a restraint to most regional and global players. Increasing price pressure from these players is influencing key suppliers to offer high-quality, reliable, efficient and technologically-advanced centrifugal pumps at competitive rates.
Global demand for centrifugal pumps is directly correlated to infrastructure development activities worldwide. Governments of developing countries such as China and India are focusing on urbanization, which in turn is anticipated to fuel demand for centrifugal pumps particularly in domestic, Water and wastewater treatment industries.
Key Takeaways from Centrifugal Pump Market Study
- Multi stage pumps are expected to hold over 50% of the global market share, supported by heavy duty requirements of the oil and gas sector.
- Water and wastewater applications are projected to hold over a third of the overall market share by 2031-end, aided by infrastructure investments in emerging economies.
- The market in the South Africa is projected to expand at a CAGR of around 5%, while that of Mexico accounts for approximately 4%, through 2031.
- The markets in India and South Korea are set to surge at higher than 5% CAGR over the coming decade.
- Germany will hold the lead in Europe with a valuation of over US$ 1.2 Bn in 2021. Major investments in the natural gas sector will provide impetus.
“Developing nations are exhibiting high demand for centrifugal pumps for industrial and commercials applications, driven by rising investments into water and wastewater infrastructure by governments. This will enable growth in the overall market through 2031,” says a Future Market Insights analyst.
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Centrifugal Pump Market Competitive Landscape
The centrifugal pumps market is highly consolidated, with key players accounting for more than four-fifth of the market share. These players are likely to invest in technology developments and the expansion of their networks in order to maintain their market shares.
Some of the key players in this industry include but are not limited to Ebara Corp., Xylem Inc., Sulzer AG, KSB Group, Flowserve Corp., and Kirloskar Brothers.
Find More Valuable Insights in Centrifugal Pump Market
The research report analyzes demand for centrifugal pump. The global centrifugal pump market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends & market background. As per Future Market Insights’ research scope, the market has been analyzed on the basis of product type, application, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand side.