News

Mar 21, 2023

Centrifugal Pump Market worth $51.5 billion by 2028

CHICAGO, May 17, 2023 /PRNewswire/ -- Centrifugal Pump Market is projected to

CHICAGO, May 17, 2023 /PRNewswire/ -- Centrifugal Pump Market is projected to reach USD 51.5 billion in 2028 from USD 39.7 billion in 2023 at a CAGR of 5.4% according to a new report by MarketsandMarkets™. The growing power demand requires power plants to expand their generation capacity, resulting in an increased need for centrifugal pumps in these facilities. Additionally, centrifugal pumps are extensively utilized in wastewater treatment, as well as the chemicals and petrochemicals sectors.

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Browse in-depth TOC on "Centrifugal Pump Market"

426 - Tables61 - Figures333 - Pages

Centrifugal Pump Market Scope:

Report Coverage

Details

Market Size

USD 51.5 billion in 2028

Growth Rate

5.4% of CAGR

Largest Market

Asia Pacific

Market Dynamics

Drivers, Restraints, Opportunities & Challenges

Forecast Period

2023-2028

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Centrifugal Pump Market by Type, Operation Type, Stage, End User, and Region

Geographies Covered

Asia Pacific, North America, Europe, South America, Middle East, and Africa

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Increased adoption of solar water pumps

Key Market Drivers

Rising demand from agriculture sector

Overhung impeller segment, by type, is expected to be the largest segment during the forecast period

Based on type, the Centrifugal Pump Market has been segmented into overhung impeller, vertically suspended, and between bearing. Overhung impeller centrifugal pumps have impellers mounted on the end of shafts that overhang their bearings. The overhung impeller segment is projected to account for the largest size of the Centrifugal Pump Market during the forecast period, as these pumps are increasingly being used in industrial and commercial applications. With compact designs, centrifugal pumps of the overhung impeller type are typically single stage pumps that occupy minimal floor space.

Electrical segment is expected to be the largest segment in the market

Electrical centrifugal pumps find applications in both open-pit and bore well scenarios. The growth of the electrical segment in the market can be attributed to the remarkable reliability and efficiency provided by these pumps. Additionally, electrical centrifugal pumps eliminate the need for priming as they are already submerged in fluids. The market is expected to be driven by the increasing adoption of solar water pumps, which often include electrical centrifugal pumps.

Asia Pacific is expected to be the largest region in the Centrifugal Pump Market

Asia Pacific is expected to be the largest Centrifugal Pump Market during the forecast period. The growth of the global and regional economies is significantly influenced by increased investments in the construction industry. Countries like China, India, Indonesia, and others in the Asia Pacific region are actively investing in infrastructure development projects, which in turn drives the demand for centrifugal pumps and contributes to market growth. Additionally, the agriculture sector holds great importance in emerging economies, where conventional irrigation techniques are commonly used. To enhance irrigation efficiency and agricultural productivity, governments of many emerging economies are providing subsidies and incentives. This further boosts the demand for centrifugal pumps in the region.

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Key Market Players:

Product launches are among the key growth strategies adopted by a few leading companies, including Xylem Inc. (US), Sulzer (Switzerland), KSB (Germany), Grundfos Holding A/S (Denmark), and Flowserve Corporation (US), to enhance their position in the Centrifugal Pump Market. Apart from product launches, companies operating in this market also focus on contracts and agreements to enhance their market share and regional presence.

Recent Developments

In January 2023, Grundfos Holding A/S acquired Water Works Inc. based in San Diego, US, and expanded the water treatment solutions platform inside the industry division. Water Works got integrated intos MECO, strengthening the Group's water solutions offerings to the life science and biopharmaceutical segments.

In January 2023, Xylem Inc. entered into an agreement under which Xylem will acquire Evoqua, a leader in mission-critical water treatment solutions and services.

In March 2022, Flowserve Corporation entered into a partnership agreement with Gradiant to help address the most challenging problems in water and wastewater treatment. This partnership will combine Flowserve's flow control solutions and product expertise with Gradiant's water treatment technology to provide unparalleled total water treatment solutions for the customers.

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SOURCE MarketsandMarkets