Centrifugal Pumps Market Sales To Increase At 4.6% CAGR Between 2021 And 2031

The Centrifugal Pumps Market is expected to register positive growth through 2021, with the overall valuation forecast to surpass US$ 29 Bn in 2021. Future Market Insights (FMI) projects centrifugal pumps market sales to increase at 4.6% CAGR between 2021 and 2031.

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While industrial applications are expected to register maximum demand, growth exhibited by the agricultural segment will be at a higher pace. FMI has forecast the centrifugal pumps demand to rise at 4.7% between 2021 and 2031 in the agricultural segment.

2016-2020 Centrifugal Pumps Market Outlook Compared to 2021-2031 Forecast

Demand for centrifugal pumps in the industrial segment increased 4.2% between 2020 and 2021, giving the combined centrifugal pumps markets a year-over-year growth of 4.1% in 2021, according to the Future Market Insights report.

Increasing requirement in the oil and gas and chemical industries will drive the centrifugal pumps market to rise at 4.6% CAGR between 2021 and 2031 in comparison to the 2.3% CAGR registered during 2016-2020.

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Centrifugal pumps are used to transfer fluids in inter-and-intra facilities. Over the years the market gained from various advancements in material used for manufacturing these pumps. Companies introduced variants that can withstand high pressure, thanks to research and development in the material sciences sector.

The food and beverage industry requires food grade pumps. Consequently, companies introduced advanced pumps that will adhere to regulations provided by the bureau of food standards.

The chemical Industry on the other hand uses centrifugal pumps to transfer and store fluids, which are prone to reactions. Industrial processes involved in chemical manufacturing are complex and intricate.

Given a myriad of transferring operations, it’s imperative to source the most versatile, reliable, and efficient pumping technology. Centrifugal pumps can move higher viscosity fluids with ease, from medium to high viscosity fluids, liquefied gases, and water-like fluids. The technology has proven effective in the chemical plant environment, with installation costs resulting in lower total costs over the lifespan of the pump.

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By Segment:

By Product Type:

  • Single Stage Pump
    • Small
    • Medium
    • High
  • Multi Stage Pump
    • Small
    • Medium
    • High
  • Axial & Mixed Flow Pump
    • Small
    • Medium
    • High
  • Submersible Pump
    • Small
    • Medium
    • High
  • Seal Less & Circular Pump
    • Small
    • Medium
    • High

By Application Type:

  • Industrial Centrifugal Pumps
    • Oil & Gas
    • Chemical
    • Water & Wastewater
    • Food & Beverage
    • Pharmaceutical
    • Power
    • Others
  • Agricultural Centrifugal Pumps
  • Domestic Centrifugal Pumps

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

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