New York, June 17, 2024 (GLOBE NEWSWIRE) -- Overview
The Global Centrifugal Pump Market is expected to reach USD 55,035.6 million in 2024, with a CAGR of 3.8% from 2024 to 2033.
The global need for centrifugal pumps is pushed by the infrastructural development, production sector growth, and extensive investments in agriculture. These pumps are crucial for diverse sectors, together with agriculture, enterprise, and oil & gas. These pumps are essential for a variety of industries including agriculture, industry, and oil and gas, offering benefits such as smooth flow and low maintenance Technological advances, such as 3D printed impellers, improve productivity and efficiency.
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Additionally, initiatives under SDG 6 related to water quality and enhanced R&D related to environmentally friendly technologies, exemplified by the Sulzer A-RO pumps are driving the market growth.
Important Insights
- Market Value: The global centrifugal pump market is projected to reach USD 77,287.2 million in 2033 from a base value of USD 55,035.6 million in 2024, at a CAGR of 3.8 %.
- By Flow Analysis: Radial flow pumps are predicted to dominate in the global centrifugal pump market based on flow as it holds 68.4% of the market share in 2024.
- By Type Analysis: Overhung impeller is predicted to dominate based on type in this market as they hold the highest market share in 2024.
- By Stage Analysis: Single stage is predicted to dominate in the global centrifugal pump market based on stage as it holds the highest market share in 2024.
- By End-user Analysis: The Agriculture sector is expected to be the dominant end-user in the global market with the highest market share by the end of 2024.
- Regional Review: North America is expected to dominate this market as it holds 48.9% of the market share in 2024.
Latest Trends
- Modern inventions in pump technology: The global centrifugal pump market is expanding because of the regular innovation in the technology. Some of the features that make these innovative pumps attractive include high performance alongside low energy demands across several sectors like oil and gas and wastewater management.
- Expansion to Emerging Markets: The centrifugal pump market has been rapidly growing in the Asia-Pacific region due to the increasing industrialization and development of infrastructure. Major factors that have attributed to this growth are enhanced construction activities, new investments on water and wastewater treatment facilities.
Centrifugal Pump Market: Competitive Landscape
Centrifugal pump manufacturers employ strategies like mergers, acquisitions, joint ventures, new product development, and geographical expansions to enhance market presence. For example, Xylem, Inc. opened a global pump production facility in Egypt to produce Split-Case Centrifugal and End-Suction pumps for irrigation, and HVAC, & expand its industrial influence. This flow permits Xylem to higher serve customers and meet evolving marketplace demands at the same time as leveraging regional growth possibilities.
Some of the prominent market players:
- Xylem
- Ebara Corporation
- GRUNDFOS
- Wilo Group
- The Weir Group PLC
- ITT Corporation
- Kirloskar Brothers Limited
- Gardner Denver Inc.
- Sulzer Management Ltd.
- Flowrox
- Baker Hughes
- Other Key Players
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Centrifugal Pump Market Scope
| Report Highlights | Details |
| Market Size (2024) | USD 55,035.6 Mn |
| Forecast Value (2033) | USD 77,287.2 Mn |
| CAGR (2024-2033) | 3.8% |
| Leading Region in terms of Revenue Share | Asia Pacific |
| Percentage of Revenue Share by Leading Region | 48.9% |
| Historical Data | 2017 – 2022 |
| Forecast Data | 2025 – 2033 |
| Base Year | 2023 |
| Estimate Year | 2024 |
| Segments Covered | By Flow, By Type, By Stage, By End-Use |
| Regional Coverage | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
Growth Drivers
- The growing population is currently putting pressure on the supply of clean water as a resource: The increased demand for clean water globally fuels the growth of the centrifugal pump market, critical in the provision of water and efficient wastewater management.
- Expansion of the Oil and Gas Industry: The oil and gas industry, in particular, is one of the key drivers of the growth of centrifugal pumps since these are used for transport and processing of fluids. The industry is expected to maintain its dominance in the market due to the continuous exploration and production of oil and gas.
Restraints
- High Initial Investment Costs: There are conditions that hinder the market growth such as the high initial costs of advanced centrifugal pump systems. While having numerous advantages in the long run, the high costs at the beginning are major drawbacks that can hinder small and medium-sized companies from embracing automation throughout their supply chain.
- Maintenance and Operational Challenges: Market risks such as wear and tear of machinery and equipment, cavitation, and the need to regularly service the equipment slows market progress. They cause downtimes and higher operational costs and affect sales, in particular if there are financially oriented branches that are sensitive to prices. Many improvements within the market are required to advance the designs as well as materials that are used.
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Growth Opportunities
- Optimization of Pump Systems for Energy Saving: Cost-effective Pumping Systems bear the potential for high growth. Social factors that influence the selection of energy-efficient pumps include increased fuel prices as well as limited environmental legality. This is one of the key aspects of the manufacturers’ R&D focused on improving the efficiency of the pumps in order to push market expansion.
- New Trends in the Field of Renewable Energies: Unlike solar power plants, geothermal plants, and biofuel production, centrifugal pumps discover new uses in renewed energy projects. This integration is valuable for market development and is considered to be a large opportunity for growth.
Market Analysis
The single-stage centrifugal pump segment dominates due to its consistent operation, low-pressure needs, and high flow rate, making it ideal for slurry, sewage, and industrial pumping. It offers high reliability and low maintenance costs. The multi-stage segment is expected to grow significantly by 2032, driven by optimal energy use, ease of installation, and suitability for diverse applications like irrigation and firefighting.
Centrifugal Pump Market Segmentation
By Flow
- Axial Flow
- Radial Flow
- Mixed Flow
By Type
- Between Bearing
- Axially Split
- Radially Split
- Overhung Impeller
- Close-Coupled
- Separately Coupled
- Vertically Suspended
- Sump Pumps
- Deep Well Pumps
By Stage
- Single-Stage Pump
- Multi-Stage
By End-Use
- Residential
- Domestic Water Supply Pumps
- Garden Pumps
- Sump Pumps
- Commercial
- Booster Pumps
- HVAC Pumps
- Fire Protection Pumps
- Industrial
- Agriculture
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Regional Analysis
The Asia Pacific region is projected to lead the global centrifugal pump market with a 48.9% share in 2024, driven by a growing population and favorable financial conditions. North America is set for substantial growth from 2024-2033 due to technological advancements and increased R&D. Europe’s growth is fueled by stringent water treatment policies and industrial automation. In Latin America, abundant gas and oil reserves and infrastructure expansions drive demand for centrifugal pumps.
By Region
North America
- The U.S.
- Canada
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
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Recent Developments in the Centrifugal Pump Market
- January 2023: Grundfos Holding A/S acquired Water Works Inc., integrating it into MECO to enhance water treatment solutions for life sciences and biopharmaceuticals.
- January 2023: Xylem Inc. agreed to acquire Evoqua, a leader in critical water treatment solutions and services, to strengthen its position in the water treatment industry.
- March 2022: Flowserve Corporation partnered with Gradiant to combine flow control solutions with advanced water treatment technology.
- April 2022: GSD launched the ISH/ISP high-efficiency centrifugal pump with sensors for real-time monitoring, predictive alarms, and energy efficiency analysis via the GSD IoT system.
- March 2023: KSB acquired Bharat Pumps, with KSB SupremeServ managing spare parts and services for over 5,000 BP&CL products in India.
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