Centrifugal Pumps are mechanical devices designed to increase the pressure of various fluids during transportation in diverse industries. Centrifugal pumps transport a variety of liquid such as chemicals, water & wastewater, sludge treatment chemicals and corrosive materials such as bleach, acid, oil, resin and more. Different kinds of centrifugal pumps are available in the centrifugal pumps market for diverse applications such as single-stage pumps, multi-stage pumps, axial & mixed flow pumps, submersible pumps and sealless & circular flow pumps. Depending upon the requirement, these pumps are used in varying capacities. On account of their effectiveness and versatility in use, submersible pumps should dominate the centrifugal pumps market throughout the forecast period.
Global demand for centrifugal pumps may gain traction with an increase in infrastructural development activities worldwide. Governments of emerging nations such as India and China are focusing on industrialization, thereby supporting the growth of centrifugal pumps. Furthermore, urbanization along with increasing demand for water from the agricultural sector is predicted to boost the demand for centrifugal pumps. Deployment of centrifugal pumps is anticipated to be significant from wastewater and water treatment industries and the agricultural sector throughout the assessment period. Moreover, increasing investment for desalination plants over the globe should directly benefit the centrifugal pumps market.
However, volatile oil and gas prices are likely affecting the centrifugal pumps market because of continuous cost-cutting and holding investments by E&P companies. Moreover, creating new business opportunities in a low product replacement scenario is poised to be a major challenge for the centrifugal pumps market players. Companies are focusing on the development of energy-efficient pumps and pumps running on green energy such as solar pumps.
Product Type Analysis
The global centrifugal pumps market based on product type is segmented as single-stage pumps, multi-stage pumps, axial & mixed flow pumps, submersible pumps and sealless & circular flow pumps. The submersible pump segment is projected to account for 28.4% market share in terms of value by the end of 2017, having a CAGR of 5.5% between 2017 and 2027. The single-stage and multi-stage pumps are anticipated to account for a collective share of 54.6% in terms of revenue in 2017, expanding at a CAGR of 3.9% and 5.2% respectively between 2017 and 2027.
Some of the major players reported in the study of global submersible pump market include: Flowserve Corporation, KSB AG, Sulzer AG, Ebara Corporation, Grundfos Holding A/S, Xylem Inc., ITT Inc., The Weir Group PLC, Wilo SE, Tsurumi Manufacturing Co., Ltd., Kirloskar Brothers Ltd., DESMI A/S, WPIL Limited, HERMETIC-Pumpen GmbH, Shakti Pumps (India) Ltd., Klaus Union GmbH & Co. KG, Ruhrpumpen Group, HOMA Pumpenfabrik GmbH, CP Pumpen AG, Toyo Denki Industrial Co. Ltd., Speck Pumpen Walter Speck GmbH & Co. KG