Chicago, May 30, 2024 (GLOBE NEWSWIRE) -- Centrifugal Pump Market size is expected to reach USD 51.5 billion by 2028, at a CAGR of 5.4% during the forecasted period, as per the recent study by MarketsandMarkets™. Centrifugal pumps play a vital role across various stages of the oil & gas industry, spanning from exploration and processing to transportation to end consumers, covering the entire value chain of the industry. These pumps are predominantly employed for fluid transfer purposes in this sector. As the post-pandemic economy recovers and experiences growth, coupled with supply limitations arising from challenging geopolitical circumstances, there is a projected upsurge in oil & gas exploration and production. This, in turn, is expected to drive an increase in the demand for centrifugal pumps during the forecast period.
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488 - Tables
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Scope of the Report
List of Key Players in Centrifugal Pump Market:
- Xylem Inc. (US)
- Sulzer (Switzerland)
- KSB (Germany)
- Grundfos Holding A/S (Denmark)
- Flowserve Corporation (US)
Drivers, Opportunities and Challenges in Centrifugal Pump Market:
- Driver: Rising demand from agriculture sector
- Restraint: Cavitation effect and dry-run failures in centrifugal pumps
- Opportunity: Increased adoption of solar water pumps
- Challenge: High competition from unorganized sector
Based on type, the market has been categorized into overhung impeller, between bearing, and vertically suspended. The market is dominated by overhung impeller type of centrifugal pumps. One common application of overhung impeller centrifugal pumps is in water supply systems for residential and commercial settings. Their compact design makes them a preferred choice in these environments where space is limited. As a result, the overhung impeller segment is projected to dominate the Centrifugal Pump Market during the forecast period, driven by their increased usage in industrial and commercial applications.
Based on operation type, the market has been categorized into below electrical, hydraulic, and air-driven. Within the oil and gas industry, centrifugal pumps serve crucial roles in various applications. They are utilized for main oil line transfer, seawater lifting, effluent treatment, boiler feeds, and more. When it comes to artificial lifts carrying moderate to high fluids from wellbores, electrical centrifugal pumps prove to be efficient and reliable. One significant advantage of these pumps is their ability to prevent the formation of vapor cavities in liquids. They find application in both open-pit and bore well scenarios.
Key Findings of the Study:
- By stage, single stage segment is expected to be the fastest-growing market segment during the forecast period.
- By End User, the pharmaceuticals segment in industrial end user is expected to be the fastest-growing during the forecast period
- “Asia Pacific is projected to be the fastest-growing region during the forecast period”
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This report segments the Centrifugal Pump Market based on end user into Based on end user, the Centrifugal Pump Market has been classified into industrial, and residential & commercial. The industrial segment has been further segmented into oil and gas, water and wastewater, mining and metal chemicals, power generation, pharmaceuticals, food & beverage, pulp and paper, agriculture, automotive, and textiles. The industrial segment holds the largest market share of the Centrifugal Pump Market. Centrifugal pumps can handle any kind of debris (stones, sticks, sand, mud, or trash) that can fit through the opening. These are used in feeding filter presses, digestion tanks & thickeners, and pumping stations. They are also used in dosing applications in wastewater treatment processes. The demand for centrifugal pumps in the mining and metals industry is being driven by new infrastructure development projects taking place across the fast-growing economies of Asia Pacific. Such initiatives propel the growth of the Centrifugal Pump Market for the mining and metals industry.
Asia Pacific is the fastest-growing region in the Centrifugal Pump Industry. The rising population and resulting increase in electricity demand are anticipated to fuel market growth. The industrial sector has fueled the demand for additional power and is anticipated to expand the market for centrifugal pumps in the power generation industry in the region.
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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