Global sales of centrifugal pumps are set to be valued at over US$ 29 Bn in 2031, with a steady long-term projection, according to the latest insights by Future Market Insights (FMI). The report estimates the market to expand at 4.6% CAGR from 2021 to 2031. In the centrifugal pumps market, the industrial and domestic segments totaled US$ 24.3 billion for 2021, according to the annual market analysis conducted by FMI.
Strong demand from the water and wastewater sector and the food and beverage industry drives the centrifugal pump market in terms of volume. Demand for centrifugal pumps slumped in 2020 due to the COVID-19 pandemic.
However, the water and wastewater segment of the industry was not affected as much due to the latest guidelines issued by World Health Organization (WHO) on water sanitation standards which bodes well for sales in the near future. Despite the economic impact of the crisis in many countries, the market’s long-term outlook will remain optimistic.
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FMI predicts healthy growth in the oil and gas industry, particularly in economies such as China, U.S., the Middle East, and Africa. Centrifugal pumps are important for ensuring accurate and repeatable transportation and pumping operations in the industry. As a result, the rise in oil and gas sector activities around the world is driving demand for centrifugal pumps.
Global demand for centrifugal pumps is directly correlated to infrastructure development activities worldwide. Governments of developing countries such as China and India are focusing on urbanization, which in turn is anticipated to fuel demand for centrifugal pumps particularly in domestic, Water and wastewater treatment industries
The presence of numerous Chinese players offering low-priced centrifugal pumps acts as a restraint to most regional and global players. Increasing price pressure from these players is influencing key suppliers to offer high-quality, reliable, efficient and technologically-advanced centrifugal pumps at competitive rates.
Manufacturers need to evaluate life cycle costs and facilitate smart buying decisions. Centrifugal pump manufacturers need to analyze cost of energy and return of investment for centrifugal pumps compared to purchase and installation costs.
Key Takeaways from Centrifugal Pump Market Study
- Multi stage pumps are expected to hold over 50% of the global market share, supported by heavy duty requirements of the oil and gas sector.
- Water and wastewater applications are projected to hold over a third of the overall market share by 2031-end, aided by infrastructure investments in emerging economies.
- The market in the South Africa is projected to expand at a CAGR of around 5%, while that of Mexico accounts for approximately 4%, through 2031.
- The markets in India and South Korea are set to surge at higher than 5% CAGR over the coming decade.
- Germany will hold the lead in Europe with a valuation of over US$ 1.2 Bn in 2021. Major investments in the natural gas sector will provide impetus.
“Developing nations are exhibiting high demand for centrifugal pumps for industrial and commercials applications, driven by rising investments into water and wastewater infrastructure by governments. This will enable growth in the overall market through 2031,” says a Future Market Insights analyst.
The centrifugal pumps market is highly consolidated, with key players accounting for more than four-fifth of the market share. These players are likely to invest in technology developments and the expansion of their networks in order to maintain their market shares.
Some of the key players in this industry include but are not limited to Ebara Corp., Xylem Inc., Sulzer AG, KSB Group, Flowserve Corp., and Kirloskar Brothers.
Centrifugal Pumps Market by Category
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)
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Key Questions Answered in the Report
How much is the centrifugal pumps market worth?
The global centrifugal pumps market has been valued at US$ 30.3 Bn in 2021.
What is the sales forecast of centrifugal pumps Market?
The sales forecast is expected to remain positive, as the demand for centrifugal pumps is expected to rise at a steady rate of over 4% CAGR through 2031.
What was the centrifugal pumps market CAGR for the last 5 years?
The CAGR for the historical period (2016-2020) has been estimated at 2.6%.
Who are the leading players in the centrifugal pumps market and what is there total share?
The top 5 players including Flowserve Corporation, KSB AG, Sulzer AG, Ebara Corporation, and Grundfos Holding A/S is said to constitute 16% of the overall market.
What are the top 5 countries driving centrifugal pumps demand?
The top 5 countries driving demand for centrifugal pumps include China, South Korea, Russia, South Africa, and India.
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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