Future Market insights (FMI's) report on centrifugal pump market offers a comprehensive analysis of various trends and opportunities affecting growth through 2021. It offers detailed analysis of growth drivers and restraints influencing expansion across various segments in terms of product type and application type. The reports also highlight strategies adopted by the leading market players to keep pace with the latest trends
DUBAI, U.A.E, Oct. 11, 2021 /PRNewswire/ -- As per the latest market analysis by Future market Insights (FMI), the centrifugal pump market is poised to exhibit positive growth through 2021. Its valuation is forecast to surpass around US$ 29 Bnin 2021. The global sales are projected to increase at 4.6% CAGR between 2021 and 2031.
Increasing investments in construction industry, rising oil and drilling activities, and high demand for centrifugal pumps in agricultural sector are some of the factors driving centrifugal pump market.
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Centrifugal pumps are perhaps the most common type of pumps used in a range of applications. With a variety of configurations available, centrifugal pumps are widely used because of their design simplicity, high efficiency, wide range of capacity and head, smooth flow rate and ease of operation and maintenance.
As the demand for fresh water continues to rise, regional governments and organizations are compelled to implement stringent regulations and initiatives to process wastewater management. Centrifugal pumps are readily deployed in effluent treatment plants as they can easily pump low viscous liquids with excessive flow rates.
Manufacturers are setting high standards in terms of innovation and sustainability. A new series of pumps are being launched at affordable prices. Smart water technologies are being integrated into these pumping systems.
Industries such as oil & gas and water & wastewater treatment are exhibiting increasing adoption of advanced technologies such as the Internet of Things (IoT) to improve operational efficiency.
Upgrading aging units and construction of new wastewater treatment facilities are expected to create opportunities for the installation of centrifugal pumps. According to the study, water and wastewater applications are anticipated to hold over 1/3rd of the global market share by the end of 2031. Steered by surging demand for fresh drinking water, sales in the centrifugal pump market will increase.
As per FMI, demand in North America will increase by 15.4% in 2021. Increasing oil and gas activities and construction of new wastewater treatment facilities are some of the factors driving the market in this region.
"Favorable policies implemented by governments, encouraging advancement in wastewater management and expansion of the oil and drilling sector will continue to fuel the demand for centrifugal pumps in the future," says the FMI analyst.
Key Takeaways from Centrifugal Pump Market Survey
- India will continue to remain one of the most lucrative markets during the forecast period, accounting for nearly one-third of sales in South Asia and Pacific market through 2031.
- With highly developed oil & gas industry and increasing investments by government, the Canada market is expected to grow at around 4% CAGR during the forecast period.
- Germany will account for around 18% of the market share in Europe.
- China, the largest manufacturer and exporter of centrifugal pumps, is anticipated to exhibit 6% CAGR between 2021 and 2031.
- Based on application type, the industrial sector accounts for around 60% of the market in 2021.
- Multi stage pumps are expected to account for over 55% of the global market share by 2031 as a result of their higher-pressure generation ability.
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- Rising demand for water and wastewater management is accelerating the growth of centrifugal pump market. Governments across the world are investing increasingly in expansion of the wastewater treatment infrastructure. This will in turn augment the demand for centrifugal pumps.
- Rising oil and gas activities will continue to encourage the sales of centrifugal pumps.
- Centrifugal pumps application will surge in response to the expansion of residential and industrial sectors.
- Many centrifugal pumps are vulnerable to corrosion which may affect their demand.
Key players operating in the centrifugal pump market are focusing on expanding their product portfolio. They have adopted various organic and inorganic growth strategies such as mergers and acquisitions, new product launches, partnerships and collaborations to strengthen their global footprint.
- In July 2020, Flowrox launched a new CF-V centrifugal pump with a vertical cantilever design. The new pump is suitable for mining, mineral processing and other industrial operations, delivering reliable performance in sumps and pits.
- In October 2020, Tapflo launched CTX, a completely new premium series of high-performance centrifugal pumps which are characterized by their robust design and superior operational reliability and application flexibility.
- In September 2021, Grundfos, a global leader in advanced pump solutions and water technologies entered into an agreement to acquire Mechanical Equipment Company (MECO). The acquisition, once completed will expand Grundfo's water treatment capabilities and strengthen its position as a global provider of water treatment solutions.
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Some of the prominent players operating in the centrifugal pump market profiled by FMI are:
- Ebara Corporation
- Xylem Inc.
- Sulzer AG
- Flowserve Corporation
- Wier Group
- KSB Group
- Shakti Pump
- Kirloskar Brothers Ltd.
- WILO SE
- Tsurumi Manufacturing Co., Ltd.
- DESMI A/S
- WPIL Limited
- HERMETIC-Pumpen GmbH
- Klaus Union GmbH & Co. KG
- Ruhrpumpen Group
- HOMA Pumpenfabrik GmbH
- CP Pumpen AG
- Toyo Denki Industrial Co. Ltd.
- Speck Pumpen Walter Speck GmbH & Co. KG
More Insights on the Global Centrifugal Pump Sales Outlook
FMI provides an unbiased analysis of centrifugal pump market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for centrifugal pump with a detailed segmentation on the basis of:
- Single Stage Pump
- Multi Stage Pump
- Axial & Mixed Flow Pump
- Submersible Pump
- Seal Less & Circular Pump
- 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 Covered in the Centrifugal Pump Sales Outlook Report
- The report offers insight into centrifugal pump demand outlook for 2021-2031
- The market study also highlights projected sales growth for centrifugal pump market between 2021 and 2031
- Centrifugal pump market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Centrifugal pump market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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About Future Market Insights (FMI)
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, and has delivery centers in the UK, 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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