The Centrifugal Pump Market is estimated to be valued at US$ 42,578.04 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Centrifugal pumps are used to transport fluids by the conversion of rotational kinetic energy to the hydrodynamic energy of the fluid flow. They are mainly used for movement of water, sewage, sludge, or other liquids through pipes in various industrial, municipal and commercial applications. Advantages of centrifugal pumps include their ability to handle large flows at moderate pressure rises, reliability and robustness.
Market key trends:
The popularity of centrifugal pump in industries like oil & gas, chemical, power generation, water & wastewater is a major factor driving the market growth. Centrifugal pump finds wide application in moving liquid from one location to another which makes it suitable for industrial applications. Additionally, advancements in pump designs with improved material and coating techniques have increased efficiency and lifespan of centrifugal pumps. Manufacturers are developing smart pumps integrated with Internet of Things (IoT) technology for remote monitoring and predictive maintenance which is gaining traction. Population growth and urbanization is also increasing the need for water supply and wastewater treatment, thereby fueling demand for centrifugal pumps in municipal sector.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the centrifugal pump market is moderate due to the requirement of high initial capital investment and established brand names of existing players.
Bargaining power of buyers: The bargaining power of buyers in the centrifugal pump market is high due to the availability of various product options at competitive prices from numerous manufacturers globally.
Bargaining power of suppliers: The bargaining power of suppliers is moderate owing to the availability of alternative raw material suppliers in the market.
Threat of new substitutes: The threat of new substitutes is low as centrifugal pumps have widespread application and there are limited technology substitutes available.
Competitive rivalry: High due to the presence of numerous global as well as regional players.
SWOT Analysis
Strength: Wide application base and high durability of centrifugal pumps. Growing industrialization and urbanization boosting market demand.
Weakness: High maintenance cost. Require skilled labor for operation.
Opportunity: Untapped rural markets in developing regions. Adoption of energy efficient variants presents growth prospects.
Threats: Increased raw material prices putting pressure on profit margins. Threat from emerging technologies such as magnetic drive pumps.
Key Takeaways
The Global Centrifugal Pump Market Demand is expected to witness high growth, exhibiting CAGR of 4.9% over the forecast period, due to increasing investments in water & wastewater treatment plants and growth of various process industries. Asia Pacific dominates the global market and is estimated to grow at the fastest rate owing to rapid industrialization and rising infrastructure development activities.
Asia Pacific accounts for the largest share in the global centrifugal pump market and is estimated to maintain its dominance during the forecast period due to growing investments in water & wastewater treatment plants, power generation, and constant expansion of manufacturing sectors in countries such as China, India.
Key players operating in the centrifugal pump market are ITT Corporation, Ruhrpumpen Group, KSB AG, Xylem Inc., Flowserve Corporation, Wilo SE, Sulzer AG, Weir Group plc, Ebara Corporation, and Grundfos AG. The key players are focusing on new product development and adoption of organic and inorganic growth strategies to gain higher market share.
Read More:
https://www.pressreleasebulletin.com/centrifugal-pump-market-demand-insights-and-analysis/
