Centrifugal Pump Sales to Grow at 4.6% CAGR, Driven by Integration of Advanced Technologies: Future Market Outlook
DUBAI, United Arab Emirates, July 27, 2021 / PRNewswire / – According to Future Market Insights (IMF), the global centrifugal pump market is expected to grow at a CAGR of 4.6% between 2021 and 2031, exceeding an estimate of US $ 29 billion by the end of 2021.
Growing adoption of centrifugal pumps in the industrial sector due to its features, including, the simple design, ease of repair, easy operations and maintenance will create positive growth opportunities for the market.
Growing demand for multistage centrifugal pumps, driven by ease of installation, high energy efficiency, low internal friction losses and optimized control and operation, are driving sales prospects. According to the study, the multistage pump will represent 55% of the market share by the end of 2031.
In addition to this, the market will continue to benefit from applications in processing industries such as chemicals, food processing, manufacturing, and pharmaceuticals. The IMF has estimated that the industrial sector will account for nearly 60% of centrifugal pump sales in 2021.
At the regional level, North America will remain a very lucrative market. The demand outlook remains fairly positive for the United States and Canada markets in North America. Sales in Canada are forecast to increase at a healthy 4% CAGR over the forecast period, owing to increased application possibilities in oil rigs and the crude oil industry.
GCC countries such as United Arab Emirates, Qatar, Oman, Bahrain, Iraq and Kuwait will continue to offer lucrative growth prospects. The presence of numerous oil reserves in the regions will remain a key growth engine.
In addition, investments aimed at strengthening upstream production will continue to create attractive growth opportunities.
“The growing trend towards the integration of the Internet of Things will allow pump operators to monitor speed, flow and more from remote locations, which will drive sales of centrifugal pumps during the period. forecast.” says Future Market Insights analyst.
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Key takeaways from centrifugal pumps Market research
- Germany is the market leader in centrifugal pumps in Europe and is expected to represent nearly 18% of the market share in 2021.
- The centrifugal pump market in China is expected to register healthy growth, reaching a CAGR of 6% during the forecast period 2021-2031.
- In North America, Canada This will present a strong demand for centrifugal pumps. It is expected to register a 4% CAGR between 2021 and 2031.
- Gulf Cooperation Council (GCC) countries are likely to become one of the most lucrative markets, accounting for over 44% in Africa and Middle East.
- Based on applications, the industrial sector accounted for over 60% of the centrifugal pump market in 2021.
- The growing activities of construction of commercial and residential spaces favor the expansion of the market.
- Increasing demand from processing industries is boosting sales of centrifugal pumps.
- The focus on energy efficient alternatives is hampering sales of centrifugal pumps.
- The effect of cavitation in centrifugal pumps will limit the growth of the market.
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Major market players are focusing on extensions and innovations to gain competitive advantage in the market. For example,
In 2021, Kirloskar Brothers Limited, a pump manufacturing company, announced the launch of a new manufacturing division named Advanced Technology Product Division (ATPD) for nuclear applications.
Other market players are carrying out mergers and acquisitions to strengthen their position in the market. For example,
In 2019, ITT Corporation announced the acquisition of Rheinhütte Pumpen Group, a leading manufacturer and designer of centrifugal and axial pumps, from Aliaxis Group SA. This strategic acquisition will help expand ITT’s portfolio of advanced industrial pump technologies.
Some of the major players operating in the Centrifugal Pump Market presented by Future Market Insights are:
- Ebara Corporation
- Xylem Inc.
- Sulzer AG
- Flowserve Company
- Wier Group
- KSB Group
- Shakti pump
- Kirloskar Brothers Ltd.
- WILO SE
- Tsurumi Manufacturing Co., Ltd.
- DESMI A / S
- WPIL Limited
- HERMETIC-Pumpen GmbH
- Klaus Union GmbH & Co. KG
- Ruhrpumpen Group
- HOMA Pumpenfabrik GmbH
- CP Pumpen SA
- Toyo Denki Industrial Co. Ltd.
- Speck Pump Walter Speck GmbH & Co. KG
More valuable market information
IMF in its new report offers an unbiased analysis of the global centrifugal pump market, analyzing forecast statistics to 2021 and beyond. The survey reveals growth projections in the centrifugal pump market with detailed segmentation:
By product type:
- Single stage pump
- Multi-stage pump
- Axial and mixed flow pump
- Submersible pump
- Without seal and circular pump
By type of application:
- Industrial centrifugal pumps
- Petroleum gas
- Water and wastewater
- food and drinks
- Agricultural centrifugal pumps
- Domestic centrifugal pumps
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa (AEM)
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Key questions addressed in the Centrifugal pumps Market report
- The market study also highlights the expected sales growth for the Centrifugal Pumps market between 2021 and 2031.
- The report provides an overview of the demand outlook for centrifugal pumps for the forecast period 2021-2031
- Analyzing the centrifugal pump market share of key companies in the industry and covering strategies such as mergers and acquisitions, collaborations or partnerships, etc.
- The analysis of the Centrifugal Pumps market identifies key growth drivers, restraints, and other forces impacting the prevailing trends and evaluating the current market size and forecast and technological advancements within the market. ‘industry
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