Centrifugal pumps are mechanical devices that transfer fluids by means of the rotational energy of an impeller. These pumps are commonly used for domestic, agricultural, and industrial applications to transfer water, sewage, oils, and other viscous liquids. Centrifugal pumps provide efficient, low-cost, and reliable fluid transport. Growing needs for industrialization and infrastructure development has increased the demand for centrifugal pumps from water and wastewater industries globally.
The global Centrifugal Pump Market is estimated to be valued at US$ 42578.04 Mn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand from water and wastewater industries has accelerated the growth of the centrifugal pump market significantly over the past few years. Centrifugal pumps are primarily used to transfer water in water treatment plants, sewage pumping stations, desalination plants, and public water supply systems. Rapid urbanization and growing population have boosted infrastructural developments, thereby generating higher demand for clean water which is propelling the centrifugal pump adoption across wastewater treatment facilities globally. Furthermore, stringent regulations regarding wastewater discharge and recycling are compelling industries and municipalities to invest heavily in wastewater management infrastructure that uses centrifugal pumps extensively. This upgradation and expansion of water treatment infrastructure is considered as the major growth driver for centrifugal pumps during the forecast period.
Segment Analysis
The global centrifugal pump market is dominated by the single-stage centrifugal pumps sub-segment. Single-stage pumps have found widespread application in multiple industrial sectors such as water and wastewater, oil & gas, and chemical owing to their low cost and simple design. These pumps can transfer huge volumes of fluids at moderate heads and handle relatively clean fluids. Around 60-65% of the total centrifugal pumps demand originate from this sub-segment.
Key Takeaways
The Global Centrifugal Pump Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global Centrifugal Pump Market is estimated to be valued at US$ 42578.04 Mn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030.
Regional analysis
Asia Pacific dominates the global centrifugal pump market and accounted for over 35% of total revenue in 2023. This can be attributed to flourishing manufacturing and construction activities along with developing process industries in major economies like China and India. Rapid urbanization and rising income levels are prompting extensive infrastructure development projects in the region, driving the demand for centrifugal pumps. European centrifugal pump market is also growing significantly aided by focus on wastewater management and desalination in countries like Spain, Italy and Greece.
Key players
Key players operating in the centrifugal pump market are BMW AG, AUDI AG, Intel Corporation, Tesla Inc, Uber Technologies, Volvo Car Corporation, Honda Motors, Ford Motor Company, NVIDIA Corporation, Tencent, Microsoft. Centrifugal pumps find extensive usage in automotive, power generation & industrial facilities owned by these companies. For instance, BMW AG deploys centrifugal pumps in engine cooling systems and HVAC of its automobiles assembly plants spread across the world.
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