Centrifugal Pump Market Size Set to Touch USD 54.5 Billion by 2029
centrifugal pump market is flourishing because of the rising demand from agriculture sector and increasing adoption of technological advancements.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global centrifugal pump market size at USD 38.47 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global centrifugal pump market size to grow at a significant CAGR of 5.21% reaching a value of USD 54.49 billion by 2029. Major growth drivers for the global centrifugal pump market include an increasing demand for efficient pumping solutions, infrastructure development, industrialization, and water management needs. Key players focus on innovation, expansion into emerging markets, and collaborations for a competitive advantage. Wastewater treatment facilities with modular architecture offer cost-effective and scalable solutions. Replacing outdated pumps in pharmaceuticals and food industries supports market growth. Centrifugal pumps are adopted in offshore exploration. Growing population and water usage drive construction of treatment facilities, boosting pump demand. They address pressure issues, provide energy-efficient transfer and HVAC solutions, and aid wastewater treatment. Technological advancements like 3D-printed impellers and modeling software improve performance and lower costs. Energy efficiency and desalination investments also contribute to market growth. However, cavitation effect and dry-run failures in centrifugal pumps is anticipated to restrain the overall market growth during the forecast period.
Global Centrifugal Pump Market – Overview
Centrifugal pumps serve as mechanical devices utilized in fluid transportation, enabling the increase in pressure of various substances during their transfer. By converting rotational kinetic energy into hydrodynamic energy, these pumps effectively accelerate fluids like chemicals, water, wastewater, sludge treatment solutions, bleaches, oil, and resins. The fluid is introduced into the pump's impeller, positioned near the rotating axis, and propelled radially towards the discharge diffuser. Offering a consistent supply, ease of operation, and the option for vertical or horizontal installation, centrifugal pumps require minimal maintenance and operate at high speeds. They find extensive use across numerous industries, surpassing other pump types in terms of applications. Among the centrifugal pump variants, volute pumps stand out as the most widely preferred. Also, centrifugal pumps are categorized based on their orientations, stages, and impeller designs.
Impact of COVID-19 on Global Centrifugal Pump Market
COVID-19 pandemic adversely affected the global centrifugal pump market. With the halt in production and manufacturing activities due to lockdown restrictions, the market experienced a downturn. Supply chain disruptions and limited workforce availability further exacerbated the situation. However, manufacturers quickly adapted to the new normal by implementing effective sanitization measures and reducing capacities to ensure safety while resuming operations. These proactive measures helped them gradually boost productivity and recover some of the losses incurred. As economies gradually reopened and vaccination efforts expanded, the market regained momentum, with the demand for centrifugal pumps rebounding across various industries.
Global Centrifugal Pump Market – By Stage
Based on stage, the global centrifugal pump market is bifurcated into Single Stage and Multi-Stage segments. The multi-stage segment holds a higher market share in the global centrifugal pump market, due to its ability to deliver higher pressures and handle applications that require pumping fluids over long distances or through high-rise buildings. Multi-stage centrifugal pumps consist of multiple impellers arranged in series, which allows for the incremental increase of pressure with each stage. This design enables these pumps to efficiently overcome the limitations of single-stage pumps in terms of pressure and head. Multi-stage centrifugal pumps find extensive use in industries, such as oil & gas, water & wastewater, power generation, and chemical processing. Their ability to handle high-pressure applications and provide reliable performance contributes to their dominant market share in the global centrifugal pump market.
Major players operating in the global centrifugal pump market include SPUN DFOS, KSB Company, Wilo Group, Flowrox, Sulzer, Xylem, Dover Corporation, The Weir Group PLC, Ebara Corporation, ITT Corporation, Flowserve Corporation, and Kirloskar Brothers Limited. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Centrifugal Pump Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Centrifugal Pump Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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