As per Future Market Insights (FMI), the global market for centrifugal pumps is anticipated to rise at a CAGR of 4.6% between 2021 and 2031, surpassing a valuation of US$ 29 Bn by the end of 2021.
Rising adoption of centrifugal pumps in industrial sector owing to its features including, plain design, ease of repair, easy operations, and maintenance will create positive growth opportunities for the market.
Surging demand for multi-stage centrifugal pumps driven by ease in installation, high energy-efficiency, low internal friction losses and optimized control and operation are spurring sales prospects. According to the study, the multi-stage pump will account for 55% of the market share by the end of 2031.
Besides this, the market will continue gaining from application in processes industries such as chemical, food processing, manufacturing, and pharmaceuticals. FMI has estimated the industrial sector to account for nearly 60% of centrifugal pumps sales in 2021.
Regionally, North America will remain a highly lucrative market. Demand outlook remains fairly positive for the U.S. and Canada markets in North America. Sales in Canada are expected to rise at a healthy CAGR of 4% over the forecast period driven by increasing scope for applications in oil rigs and crude oil industry.
GCC countries such as the UAE, Qatar, Oman, Bahrain, Iraq, and Kuwait will continue offering lucrative prospects for growth. The presence of numerous oil reserves across the regions will remain a primary growth driver.
Besides this, investment to bolster upstream production will continue creating attractive opportunities for growth.
“Increasing shift towards incorporating Internet of Things will enable pump operators to monitor velocity, flow rate, and more from remote locations, thereby driving sales of centrifugal pumps over the forecast period.” says the Future Market Insights analyst.
Key Takeaways from Centrifugal Pumps Market Survey
- Germany is leading the market for centrifugal pumps in Europe and is estimated to account for nearly 18% of the market share in 2021.
- The centrifugal pumps market in China is likely to register a healthy growth, surging at a CAGR of 6% over the forecast period 2021-2031.
- In North America, Canada is will exhibit high demand for centrifugal pumps. It is expected to register a CAGR of 4% between 2021 and 2031.
- Gulf Cooperation Council (GCC) countries are likely to emerge as one of the most lucrative markets, accounting for over 44% in Africa and Middle East.
- Based on application, the industrial sector accounted for over 60% of centrifugal pumps market in 2021.
- Growing construction activities of commercial and residential spaces are propelling scope for expansion of the market.
- Surge in demand from process industries is driving sales of centrifugal pumps.
- Focus on energy efficient alternatives is hampering sales of centrifugal pumps.
- Cavitation effect in centrifugal pumps will restrict the market growth.
For information on the Research Approach used in the Report, Request Methodology@ https://www.futuremarketinsights.com/ask-question/rep-gb-498
Key players in the market are focusing on expansions and innovations to gain a competitive edge in the market. For instance,
In 2021, Kirloskar Brothers Limited, a pump manufacturing company, announced the launch of a new manufacturing division named, Advanced Technology Product Division (ATPD) for nuclear end use applications.
Other market players are undertaking mergers and acquisitions to strengthen their position in the market. For instance,
In 2019, ITT Corporation announced the acquisition of Rheinhütte Pumpen Group, a market-leading manufacturer and designer of centrifugal and axial flow pumps, from Aliaxis Group S.A. This strategic acquisition will contribute in expanding ITT’s portfolio of highly engineered industrial pump technologies.
Some of the leading players operating in the centrifugal pumps market profiled by Future Market Insights are:
- Ebara Corporation
- Xylem Inc.
- Sulzer AG
- Flowserve Corporation
- Wier Group
- KSB Group
- Shakti Pump
- Kirloskar Brothers Ltd.
- WILO SE
- Tsurumi Manufacturing Co., Ltd.
- DESMI A/S
- WPIL Limited
- HERMETIC-Pumpen GmbH
- 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
More Valuable Insights on Market
FMI, in its new report, offers an unbiased analysis of the global centrifugal pumps market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in centrifugal pumps market with detailed segmentation:
By Product Type:
- Single Stage Pump
- Multi Stage Pump
- Axial & Mixed Flow Pump
- Submersible Pump
- Seal Less & Circular Pump
By Application Type:
- Industrial Centrifugal Pumps
- Oil & Gas
- Water & Wastewater
- Food & Beverage
- Agricultural Centrifugal Pumps
- Domestic Centrifugal Pumps
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
Key Questions Covered in the Centrifugal Pumps Market Report
- The market survey also highlights projected sales growth for centrifugal pumps market between 2021 and 2031
- The report offers insight into centrifugal pumps demand outlook for forecast period 2021-2031
- Centrifugal pumps market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
- Centrifugal pumps market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry