NEWARK, Del, March 21, 2023 (GLOBE NEWSWIRE) -- The global centrifugal pump market was worth US$ 29 Billion in the year 2021 and is expected to witness a CAGR of 4.6% between 2021 and 2031.
The construction vertical is witnessing tremendous growth, which is expected to take the centrifugal pump market to a new ‘high’ going forward. It is connected in several industry verticals for transferring liquids efficiently in bulk volumes and delivering optimum dynamic head as well as flow rates to fluids.
Centrifugal pump is subject to pump diverse fluids that contain numerous impurities. These may, in turn, hamper the productivity of the system on the whole. Several industry participants have obtained success in demonstrating advanced technologies such as the IoT, network-based monitoring, and several others for remotely diagnosing fault conditions. On these grounds, KSB did present its novel platform called ‘KSB guard’ for monitoring pump systems using various network sensors at ACHEMA held in Germany.
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At the same time, the fact that these pumps operate by rotation of impellers in place of imparting suction power for pumping liquid out of and in the systems can’t be ignored. Priming could minimize intake of air, thereby generating weak pull. Cavitation results out of vaporization of water in the pumps owing to the systems’ higher speed. The bubbles’ higher rotation rate and implosion could cause corrosion in impellers and pump casing; thereby restraining the market.
Future Market Insights has entailed these facts with future perspectives in its latest market study entitled ‘Centrifugal Pump Market’. It has a team of analysts and consultants to deploy an eagle’s eye view in its primary, secondary, and tertiary modes of research.
“With commercial & residential infrastructure at its peak, the global centrifugal pump market is expected to grow graciously in the forecast period”, says an analyst from Future Market Insights.
Key Takeaways from Centrifugal Pump Market
- North America holds the largest market share with the US being subject to an excessive need for water in the wake of depletion of subterranean water reservoirs.
- The MEA is expected to grow at a substantial rate in the centrifugal pump market in the forecast period due to new-fangled investments in oil & gas sector. Plus, there is an ever-increasing emphasis on generating more power.
- Europe holds a sizable market share on the back of growing deployment of space cooling and heating systems along with setting up new power plants in the UK, France, Russia, Germany, and Italy.
- The Asia-Pacific is expected to grow at a rapid pace in the centrifugal pump market with manufacturing and processing verticals growing manifold. The torchbearers include India, China, Australia, Japan, and Southeast Asian countries.
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- WILO USA, in November 2020, did inaugurate its new HQ at Cedarburg (Wisconsin).
- Xylem, Inc., in April 2021, entered into partnership with Esri (a leader in location intelligence). They do serve utilities all across. Working together, they would be pursuing joint technical road mapping, collaborative selling, joint marketing, and solution development.
- Kirloskar Brothers, in June 2021, did announce launching a novel manufacturing device – Advanced technology Product Division for nuclear end-use applications inclusive of specialized pumps.
- Sulzer, in November 2020, inked a contract with Ringkobing-Skjern Fosyning A/S (Danish Water Utility Firm) for providing pumps for Denmark’s main flood defense project. As such, the company has built 2 novel pumping stations for mitigating rising water levels during drainage, rain, and cloudburst water. It would thus be supplying an XFB baseload pump with 3 VUPX peak load pumps for Ringkobing pumping station.
- IDEX Corporation, in April 2021, inked a definitive agreement for acquiring Airtech Group Inc., US Valve Corporation, and entities concerned from the investment funds managed through EagleTree Capital for cash consideration of US$ 470 Million. The company designs as well as manufactures a broad spectrum of engineered pressure technology inclusive of regenerative blowers, centrifugal pumps, valves, and compressor systems.
- Alfa Laval AB, in September 2020, signed a contract for supplying two FPSO (Floating, Production, Storage, and Offloading) vessels to Framo pumping systems. These orders do have total value of close to SEK 130 Million. These two orders constitute centrifugal pumping systems for seawater lift services and firewater services.
Ebara Corporation, Flowserve Corporation, Grundfos, Wier Group, KSB Group, Shakti Pump, 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., and Speck Pumpen Walter Speck GmbH & Co. KG are some prominent players in the centrifugal pumps industry
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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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
1.5. Technology Roadmap
2. Market Overview
2.1. Market Coverage/Taxonomy
2.2. Market Definition/Scope/Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation/Development Trends
4. Key Success Factors
4.1. Product Adoption/Usage Analysis
4.2. Product USPs/Features
4.3. Strategic Promotional Strategies
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About Future Market Insights, Inc.
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Source: Centrifugal Pumps Market will grow gradually at 4.6% CAGR by the end of 2031- Future Market Insights, Inc.