IMARC Group, a leading market research company, has recently released a report titled “Centrifugal Pump Market Report by Impeller Type (Overhung Impeller, Vertically Suspended, Between Bearing), Stage (Single Stage Pump, Two Stage Pump, Multi-Stage Pump), Flow Type (Axial Flow Pumps, Radial Flow Pumps, Mixed Flow Pumps), Capacity (Small Capacity, Medium Capacity, High Capacity), End-User (Chemicals, Oil and Gas, Power Generation, Construction, Pharmaceuticals, Food and Beverages, Metals and Mining, Water and Wastewater, and Others), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the global centrifugal pump market share, trends, size, and industry trends forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global centrifugal pump market size reached US$ 32.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 47.2 Billion by 2032, exhibiting a growth rate (CAGR) of 4.2% during 2024-2032.
Global Centrifugal Pump Market Trends:
The global centrifugal pump market is propelled by a confluence of eleven key drivers that shape its trajectory, such as the industrialization across emerging economies like China, India, and Brazil drives demand for centrifugal pumps across sectors such as manufacturing, construction, and infrastructure development.
Moreover, the increasing adoption of centrifugal pumps in water and wastewater treatment plants due to growing environmental concerns and regulations regarding water quality amplifies market growth.
Additionally, the expansion of the oil and gas industry, particularly in regions like the Middle East and North America, boosts demand for centrifugal pumps for various applications including extraction, refining, and transportation.
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Factors Affecting the Growth of the Centrifugal Pump Industry:
Industrialization in Emerging Economies:
The rapid industrialization witnessed in emerging economies like China, India, and Brazil serves as a major driver for the global centrifugal pump market. As these countries experience economic growth, there's a substantial increase in demand across various sectors such as manufacturing, construction, and infrastructure development. Centrifugal pumps play a vital role in industrial processes, including fluid transfer, cooling, and circulation, thus witnessing heightened demand to support industrial expansion. Moreover, the need for efficient and reliable pumping solutions in industries drives the adoption of centrifugal pumps, further fueling market growth.
Water and Wastewater Treatment Plant Expansion:
With growing environmental concerns and stringent regulations regarding water quality, the expansion of water and wastewater treatment plants becomes imperative globally. Centrifugal pumps are essential components in these facilities, utilized for processes like water intake, filtration, and distribution. As governments and industries invest in upgrading and expanding their water treatment infrastructure, the demand for centrifugal pumps surges.
Additionally, the emphasis on sustainable water management practices drives the adoption of energy-efficient centrifugal pumps, propelling market growth further.
Expansion of the Oil and Gas Industry:
The expansion of the oil and gas industry, particularly in regions like the Middle East and North America, significantly impacts the global centrifugal pump market. Centrifugal pumps find extensive applications in this sector, ranging from crude oil extraction to refining and transportation. As oil and gas exploration ventures into more challenging environments, there's a heightened demand for robust pumping solutions capable of handling abrasive and corrosive fluids.
Moreover, the increasing focus on optimizing production processes and reducing operational costs drives the adoption of centrifugal pumps equipped with advanced features and technologies, thus driving market growth.
Centrifugal Pump Market Report Segmentation:
By Impeller Type:
- Overhung Impeller
- Vertically Suspended
- Between Bearing
Overhung impeller represents the largest segment in the centrifugal pump market due to its simplicity in design, ease of maintenance, and cost-effectiveness, making it a preferred choice for a wide range of applications.
By Stage:
- Single Stage Pump
- Two Stage Pump
- Multi-Stage Pump
Single stage pump represents the largest segment in the centrifugal pump market as it offers efficient fluid transfer for numerous industrial processes with lower initial investment costs compared to multi-stage pumps.
By Flow Type:
- Axial Flow Pumps
- Radial Flow Pumps
- Mixed Flow Pumps
Radial flow pumps represent the largest segment in the centrifugal pump market owing to their versatility, ability to handle various fluid types including slurries and viscous liquids, and their widespread use in industries such as chemical processing and agriculture.
By Capacity:
- Small Capacity
- Medium Capacity
- High Capacity
By capacity, the market is segmented into small capacity, medium capacity, and high capacity.
By End User:
- Chemicals
- Oil and Gas
- Power Generation
- Construction
- Pharmaceuticals
- Food and Beverages
- Metals and Mining
- Water and Wastewater
- Others
The oil and gas sector represents the largest segment in the centrifugal pump market due to the extensive use of pumps for crude oil extraction, refining processes, and transportation, driven by the global demand for energy.
Regional Insights:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
Asia Pacific emerges as the largest market in the centrifugal pump industry due to rapid industrialization, infrastructural developments, and increasing investments across sectors like manufacturing, construction, and water management within the region, leading to heightened demand for centrifugal pumps.
Competitive Landscape with Key Players:
The competitive landscape of the centrifugal pump market size has been studied in the report with the detailed profiles of the key players operating in the market.
Some of These Key Players Include:
- Baker Hughes (A GE Company)
- Circor International Inc.
- Ebara Corporation
- Flowserve, Grundfos Holding
- ITT Corporation
- Pentair Inc.
- Someflu
- Tsurumi Manufacturing Co. Ltd.
- Weir, Wilo SE
- Xylem Inc.
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Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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