The key drivers for the centrifugal pump market include intensified demand for water and wastewater management in developed countries; surged investments in global construction industry; high demand for centrifugal pumps from agricultural sector.
High demand for centrifugal pumps in the agricultural sector and increasing investments in the construction industry attributing to rapid urbanization are the key factors driving the growth of the centrifugal pumps market. Likewise, the up-gradation of aging and construction of new water & wastewater treatment facilities and adoption of solar-powered centrifugal pumps are expected to offer lucrative opportunities for the submersible pumps market during the forecast period.
The global centrifugal pump market size is projected to reach USD 48.8 billion by 2026 from an estimated value of USD 36.6 billion in 2021, at a CAGR of 5.9%.
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Key Market Players:
The key players in the centrifugal pump market include companies such as Xylem (US), Sulzer (Switzerland), KSB (Germany), Wilo (Germany), Grundfos (Denmark), and Flowserve (US). Major strategies adopted by the players are product launches, contracts & agreements, collaborations, partnerships, and mergers & acquisitions, from January 2017 to January 2017. Contracts & Agreements was the most commonly adopted strategy.
Grundfos is one of the leading providers of advanced pumps. It offers circulator pumps, centrifugal pumps, submersible motors, and intelligent pump systems and associated accessories.
Flowserve is a manufacturer of flow control systems. It offers aftermarket services for these systems. Its portfolio includes pumps, valves, seals, automation solutions, and aftermarket services to support various end-use industries such as oil and gas, chemicals, power generation (including nuclear, fossil, and renewable energy sources), and water management.
This research report categorizes the centrifugal pump market based on type, operation type, stage, end user, and region.
Based on Operation type:
- Electrical
- Hydraulic
- Air-Driven
Based on Type:
- Overhung Impeller
- Vertically Suspended
- Between Bearing
Based on Stage:
- Single Stage
- Multistage
Based on end user:
- Industrial
- Oil and Gas
- Water and Wastewater
- Mining and Metal
- Chemicals
- Power Generation
- Food and Beverages
- Pharmaceuticals
- Pulp and Paper
- Agriculture
- Automotive
- Textiles
- Commercial & Residential
Based on the region:
- Asia Pacific
- Europe
- North America
- South America
- Middle East
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Asia Pacific is expected to be the largest and fastest-growing market during the forecast period.
In this report, the centrifugal pump market has been analyzed for six regions, namely, Asia Pacific, Europe, North America, South America, Middle East, and Africa. Asia Pacific region has been segmented, by country, into China, Japan, India, South Korea, Bangladesh, and Rest of Asia Pacific. Rest of Asia Pacific includes Thailand, Australia, and Singapore. The major applications for centrifugal pumps in the region include water & wastewater treatment, commercial & residential complexes, and the agricultural sector. Factors driving the adoption of centrifugal pumps in the agricultural sector in Asia Pacific include the growing demand for food, rising pressure to improve yields with limited available resources, and increasing requirement to protect crops from unexpected climatic changes. Furthermore, rapid industrialization and infrastructural developments in the region offer growth opportunities for the Asia Pacific centrifugal pump market.
