The global centrifugal pump market accounted for a value of USD 36.9 billion in 2019. Centrifugal pump market is projected to register growth at a CAGR of 3.3% during forecast period.
COVID-19 has impacted all the businesses over the globe. The manufacturing facilities have to shut down due to lockdown. The supply chain of raw material and finished products is disrupted due to travel restriction and international border closer. The demand for the centrifugal pump has been declined across end users due to slow market growth of such users. The centrifugal pump market is estimated to witness decline in growth due to COVID-19.
For more details, visit: Global Centrifugal Pumps Market By Type (Mixed Flow, Axial Flow, Radial Flow), By Stage Type (Multi-Stage, Single-Stage), By End User (Industrial, Residential, Agriculture, Commercial), By Region–Forecast & Opportunities to 2026
Centrifugal pumps used to pump different fluids and this fluid contains some impurities that hamper productivity of such pipes. In order to overcome this problem various technological advancements are happening in this industry such as IoT and network-based monitoring etc. Many companies have installed such technologies in their industry to detect and diagnose faults remotely. The recent technological advancements is likely to drive growth in centrifugal pumps market during forecast period.
On the basis of type, the centrifugal pumps market is segmented into mixed flow, axial flow and radial flow. The radial flow segment is estimated to hold largest market share during forecast period. In this pump the fluid exits the impellers radially. This type of pumps has different benefits such as high efficiency, low bearing load, low maintenance and compact design. The adoption of radial flow pumps is increasing across the globe and this drives growth n radial flow segment during forecast period.
On the basis of stage type, the centrifugal pumps market is segmented into multi-stage and single stage. The multi stage segment is estimated to hold largest market share during forecast period. The multi-stage centrifugal pumps are low maintenance, high energy efficiency, low internal friction losses and easy installation. This pump is widely adopted in the market. This drives growth in multi-stage centrifugal pump segment during forecast period.
On the basis of end-user, the centrifugal pumps market is segmented into agriculture, industrial, residential and commercial end-users. The industrial end-users segment is likely to hold largest market share during forecast period. The need for transferring large volumes of water from one operation to other is increasing in industrial segment which increases the installation of such pumps in different industries such as water & wastewater, oil & gas, food & beverages, chemicals, power generation and mining etc. The high adoption of centrifugal pumps for different operations in various industries is likely to drive market growth in industrial segment during forecast period.
Asia-pacific region is estimated to hold largest market share during forecast period. The industrialization is increasing in this region and the numbers of manufacturing and processing industries are increasing. The rise in industrial vertical increases demand and installation of centrifugal pumps in this region and this drives growth in Asia-Pacific region during forecast period.
The key market players in centrifugal pump industry are Xylem, Baker Hughes, Weir, Ebara Corporation, Circor International, Wilo, ITT Corporation, Sulzer, KSB, Grundfos, Flowserve, Someflu, Pentair, Flowrox, Kirlosker brothers Ltd. and Dover Corporation.
- What are the expected industry trends over the next three to five years?
- Which of the centrifugal pump type is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?