Centrifugal pumps are used in a variety of industrial applications such as water & wastewater treatment, oil & gas, chemical processing, power generation and others. They offer advantages like compactness, low maintenance, simple design and high efficiencies which have increased their popularity over other pump types. With rapid industrialization and growing need for transportation of large volumes of liquids across different industries, the demand for robust and reliable centrifugal pumps has increased tremendously.
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% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key drivers boosting the growth of centrifugal pump market is its increasing use in industrial applications. With growing industrialization globally, there is rising need for transportation and movement of large volumes of liquids across various processes and equipment in different industries like chemicals, power generation, water & wastewater treatment, pharmaceuticals, oil & gas etc. Centrifugal pumps are ideal for these applications due to their ability to handle large flows at moderate heads and their robust yet compact design. Moreover, these pumps offer high efficiencies and require low maintenance. Ongoing trend of automation in industries has also augmented the adoption of centrifugal pumps. Rising investments in process industrialization will further propel the demand for centrifugal pumps in coming years.
Segment Analysis
The global centrifugal pump market is dominated by the sub-segment vertical centrifugal pumps. Vertical centrifugal pumps accounts for more than 50% share of the total market owing to wide applications in water and wastewater treatment industry. Vertical pumps are used for liquid transfer in various industrial processes including water supply, sewage transfer and fluid transportation in pipelines etc.
Key Takeaways
The Global Centrifugal Pump Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Faster adoption of centrifugal pumps in water and wastewater treatment industry across developing regions will drive the market during the forecast period. 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% over the forecast period 2023 to 2030.
Regional analysis
The Asia Pacific centrifugal pump market is projected to grow at the highest CAGR during the forecast period. Presence of large number of manufacturing facilities along with rapidly growing industrial sector in countries such as China and India has augmented the demand for centrifugal pumps. China held largest market share in 2021 and is expected to maintain its dominance over the next few years.
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.
For More Insights, Read: https://www.newswirestats.com/centrifugal-pump-market-size-share-and-growth-forecast-2023-2030/
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