Centrifugal Pump Market Size to Hit USD 45.56 Billion by 2028 | Industry Share, Growth and Trends Forecast Analysis
Fortune Business Insights
6 min read
According to Fortune Business Insights, the global centrifugal pump market size is projected to grow from USD 30.56 billion in 2021 to USD 45.56 billion in 2028, at CAGR of 5.9% during forecast period; Rising commercial and residential spaces construction to boost market development.
Centrifugal Pump Market Share
Centrifugal Pump Market Share
Pune, India, May 02, 2022 (GLOBE NEWSWIRE) -- The global centrifugal pump market size is projected to reach USD 45.56 billion by 2028, exhibiting a CAGR of 5.9% during the forecast period. The market was valued at USD 29.24 billion in 2020 and is estimated to reach USD 30.56 billion in 2021.
Rising commercial and residential infrastructure developments and extensive pump adoption in several applications are expected to boost market development. Fortune Business Insights™ mentions this information in its report titled “Centrifugal Pump Market, 2021-2028.”
By Flow (Axial Flow, Radial Flow, Mixed Flow), By Stage (Single-Stage, Multi-Stage), By End-user (Residential, Commercial, Agricultural, Industrial {Water & Wastewater, Oil & Gas, Power Generation, Mining, Chemical, Food & Beverage, and Others})
Growth Drivers
Halt in Operations to Impede Market Growth
Rising Commercial and Residential Spaces Construction to Boost Market Development
Centrifugal pumps are utilized to transfer liquids in bulk and provide efficient flow rates. Increasing developments in commercial and residential infrastructure are expected to boost the adoption of centrifugal pumps. Furthermore, the rising adoption of pumps in several applications is expected to boost the pump’s demand. In addition, the incorporation of sensors is expected to boost the product’s sales. For example, KSB announced its “KSB guard” to monitor pump systems utilizing sensors at Germany's ACHEMA global trade fair. These factors are likely to boost the market development during the upcoming years.
COVID-19 Impact on market:
Halt in Operations to Impede Market Growth
This market is expected to be negatively affected by the COVID-19 pandemic because of the halt on production and manufacturing activities. The sudden spike in COVID-19 patients led to the imposition of stringent lockdown regulations, which, in turn, led to supply chain disruptions. However, effective sanitization and reduced capacities enabled manufacturers to boost their productivity and recover losses. These factors are likely to foster market growth during the pandemic.
Rising Commercial and Residential Spaces Construction to Boost Market Development
Increased focus on infrastructure development is expected to boost centrifugal pumps’ adoption. Increasing population and rapidly increasing spending capacity are expected to fortify centrifugal pumps’ adoption. Several private and public entities invest heavily in the refurbishment of existing establishments and constructing new buildings. The adoption of centrifugal pumps eliminates problems related to low-pressure and aids in delivering energy-efficient solutions to satisfy HVAC and water supply requirements. In addition, the rising population and construction of smart cities lead to the adoption of centrifugal pumps, thereby boosting sales. These factors are likely to drive the centrifugal pump market growth.
However, problems regarding cavitation and priming may hinder the market progress.
By flow, the market is segmented into mexed flow, radial flow, and axial flow. By stage, it is bifurcated into multi-stage and single-stage. As per end-user, it is categorized into industrial, agriculture, commercial, and residential. Geographically, it is grouped into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Regional Insights:
Rising Demand for Energy and Stringent Government Initiatives to Boost Market Growth in Asia Pacific
Asia-Pacific is expected to dominate the centrifugal pump market share during the forecast period because of the rising energy demand. The market in Asia-Pacific reached USD 11.46 billion in 2020 and is expected to gain a remarkable market share in the upcoming years. Furthermore, increasing energy demand alongside rising progress in the processing and manufacturing industry is expected to boost the market growth.
In Europe, the presence of several centrifugal pump manufacturers and the adoption of stringent government initiatives to prevent water pollution are expected to boost adoption. Furthermore, the emergence of several new power generation plants and rising cooling and space heating systems are expected to boost centrifugal pumps’ demand. These factors may initiate market growth.
In North America development of industrial establishments and rising construction expenditure is expected to boost the adoption of the product. Additionally, the increased oil & gas production targets may foster market development.
Competitive Landscape:
Major Players Engage in Partnerships to Boost Brand Image
Prominent companies operating in the market devise partnership strategies to offer effective services and improve brand image. For example, Xylem Inc. and ESRI engaged in a partnership to service utilities globally in April 2021. The companies will pursue collaborative selling, joint marketing, solution development, and joint technical road mapping through this partnership. Further, companies adopt novel product launches, acquisitions, expansion, research, and development strategies to boost their market position globally.
Industry Development:
June 2021: Kirloskar Brothers Limited launched a new manufacturing division named Advanced Technology Product Division that includes speacialized pumps for nuclear applications.
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