New York, US, Oct. 21, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR),”Centrifugal Pump Market Research Report: Information by Type, Stage, End-User, and Region – Global Forecast till 2030", the global market will reach USD 46 billion at a 4.01% CAGR by 2030.
Centrifugal Pump Market Analysis
Over the couple of years, there has been a rapid increase in the construction of new residential & commercial constructions. Several public and private groups are making large investments in various developing and established countries to renovate current facilities and build new ones. These pumps assist in dealing with fluctuating or low-pressure challenges, as well as providing energy-efficient solutions to meet water transfer and HVAC needs in buildings. This will boost market growth in the forecast period.
Increasing Use of Innovative Technologies to Effectively Operate Product to offer Robust Opportunities
The centrifugal pump is prone to pumping fluids containing contaminants, which can reduce the system's productivity. As a result, maintaining the working parameters of the pumps is critical to boosting overall efficiency and product life. To remotely diagnose fault conditions, various industry participants have effectively proven sophisticated technologies such as network-based monitoring, IoT, & many others. For example, during the worldwide trade expo ACHEMA in Germany, KSB presented their new platform known as "KSB guard" to monitor pump systems utilizing network sensors. The innovative solution intends to incorporate temperature and vibration sensors into the pumps to identify changes in operating behavior for improved retrofitting and maintenance. This will offer robust opportunities for the market over the forecast period.
Key Players
Eminent industry players profiled in the global centrifugal pump market report include,
- Xylem (US)
- Grundfos (Denmark)
- Flowserve (US)
- KSB (Germany)
- Circor International (US)
- Sulzer (Switzerland)
- ITT Corporation (US)
- Wilo (Germany)
- Ebara Corporation (Japan)
- Pentair (US)
- Someflu (France)
- Baker Hughes
- A GE Company (US)
- Weir (UK).
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Restraints and Challenges
Efficiency Issues to act as Market Restraint
There are numerous impediments to this smooth progress. These factors include the need for electricity, which is sometimes unavailable in rural locations with abundant groundwater reserves. There are some municipal water and wastewater treatment plants that are underdeveloped. Centrifugal pumps are notorious for their inefficiency. Horizontal centrifugal pumps are not suitable for longer distances. There are occasional issues with maintenance and suction speed.
Centrifugal Pump Market Segmentation
The global centrifugal pump market is bifurcated based on type, stage, and end user.
By type, vertically suspended will lead the market over the forecast period.
By stage, the centrifugal pump market is segmented into multistage and single.
By end user, water & wastewater will dominate the market over the forecast period.
Centrifugal Pump Market COVID-19 Analysis
The outbreak of COVID-19 has impeded market growth. Due to different halts in the operation of many end-use sectors, the pump market is slowing. For example, in the mining industry, the ongoing impact of COVID-19 remains unpredictable, and the crisis has harmed the supply chain and commodity demand. Metallurgical and thermal coal consumption has declined, whereas gold and iron demand has climbed. The mining industry has remained slow due to the dread of COVID-19, as many companies did not have license to run their mines with full workforce strength. With global mining activity declining, demand for these types of pumps is projected to fall.
Report Scope:
| Report Metrics | Details |
| CAGR during 2022-2030 | 4.01% |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | Growing investments in infrastructure and water & wastewater treatment plants globally |
| Key Market Drivers | increasing urbanization and high focus on water conservation and wastewater management increasing infrastructure development |
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Centrifugal Pump Market Regional Analysis
APAC to Head Centrifugal Pump Market
During the projection period, Asia Pacific is the dominating centrifugal pump market. The regional picture will be bolstered by rapidly rising energy demand, as well as a multifold expansion in manufacturing and processing businesses. China, India, Japan, Australia, and Southeast Asian countries are major players in the region. The Asia Pacific region holds the utmost market share. The location is enticing investors to develop manufacturing operations because of the lower cost of raw materials and labor. Increased R&D spending is one of the factors driving the Asia Pacific Centrifugal Pump Market. Rising energy demand, combined with developments in the processing and manufacturing industries, is likely to drive market expansion. The market is expected to grow due to the massive rise of end-use businesses such as chemical, water and wastewater, & oil and gas. One of the key concerns in developing countries such as India, China, and Malaysia is the increasing need for reusable water. This is expected to have a significant impact on the territorial market development over the projection period.
North America to Have Admirable Growth in Centrifugal Pump Market
North America is predicted to experience essential development as a result of mechanical advancements related to the district's main presentation of pumping frameworks. In 2020, the United States held the largest proportion of the North American market. Rising offshore and coastal oil and gas exploration efforts are likely to fuel demand for mechanical pumps. Furthermore, the replacement of existing water and wastewater foundation in the country is likely to boost demand in these pumps over the projection period. North America is likely to see significant growth opportunities during the forecast period as a result of increased investment in industrial infrastructure, an increase in the number of exploration activities for carbon reserves, and improved operational and long-term performance of centrifugal pumps.
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North America is expected to grow steadily, with the United States leading the industry landscape in the region. Increasing building expenditures, together with the long-term expansion of industrial enterprises, will contribute to market size. Increasing oil and gas production targets, as well as massive hydrocarbon reserves, will also contribute to growth. The product's adoption in North America is predicted to be boosted by the development of industrial facilities and rising construction expenditure. Furthermore, greater oil and gas production targets may promote market development.
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