Centrifugal Pump Market 2020 Key Growth Drivers, Challenges, Demand and Gross Margin Analysis till 2023
Centrifugal Pump Market Overview
The centrifugal pump is commonly used in industries such as water & wastewater, power, chemical, oil & gas, and others. Advantages of centrifugal pump includes easy to handle, compact in size, and can be used to lift highly viscous liquid such as paper pulp, muddy and sewage water, sugar molasses, and oil.
The global centrifugal pump market is estimated to expand at 4.01% CAGR during the forecast period. Centrifugal pump device which is required to move fluids by means of the transfer of rotational energy through impellers. These types of pumps are mainly used for pumping water in the industrial and residential properties. They are also majorly used in agriculture sector, municipal water and wastewater plants, power generation plants, petroleum, and chemical industries, among others. The growing demand for centrifugal pump market is attributed to the growing infrastructure development across the globe and rising demand for water conservation and investment in water & wastewater industry.
Drivers and Trends
The major drivers for the market of centrifugal pumps include the latest growing concern towards wastewater treatment in the past few years have eventually helped to reduce the level of shock from oil & gas industry. Such latest development has helped the market to grow at a higher CAGR and has able to reach at a stable position.
The market of centrifugal pump has also seen developments such as advanced pump automation, increasing efficiency, and usage of deceased energy are the major factors boosting the growth of the centrifugal pumps market substantially. Going further with it, rising exploration activities to find new water sources coupled with replacement of existing pumping systems & production plants with advanced technologies have extremely encouraged the market to growth at a higher pace.
However, some drawbacks coming in the way of development of centrifugal pumps such as inability of function with high pressure and troubles in dealing with viscous liquids are accounted to be as restraints of the market growth. But increased investments making for introducing new technology to overcome such problems along with mounting demands for these pumps for various application of water recycling process and more are expected to create ample of opportunities in the worldwide centrifugal pumps market.
Prominent Players
The key players of the global centrifugal pump market are Xylem (US), Grundfos (Denmark), Flowserve (US), KSB (Germany), Circor International (US), Sulzer (Switzerland), ITT Corporation (US), Wilo (Germany), Ebara Corporation (Japan), Pentair (US), Someflu (France), Baker Hughes, A GE Company (US), and Weir (UK).
Industry Segmentation
Based on end-user, the market is segmented as water & wastewater, oil & gas, chemical, power, and others. Water & wastewater segment is estimated to dominate the market during the forecast period due to rising investment in waste water industry across the globe. The awareness level of water reuse has increased due to the decreasing level of groundwater globally. Industrial sector consumes a large volume of water, and due to depleting reserves of groundwater, the reuse of water has become essential. The governments across the world are focusing on the development of strict regulatory policies to build sustainable water systems which would in turn drive the use of centrifugal pumps in this industry.
Regional Outlook
Region wise, North America held the largest market share of the global Centrifugal Pump market in 2017. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to the rising investment infrastructure development. Moreover, he increased demand from the water and wastewater sector, moderate demand from constructions sector, rising urbanization, and supportive government plans are expected to drive the market for centrifugal pumps in Asia Pacific region. The pumps market would be mainly driven by the growing need for water conservation in the countries such as US and Canada.
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