Centrifugal Pump Market is Estimated To Witness High Growth Owing To Trends of Rising Industrial and Commercial Development
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| Centrifugal Pump Market |
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 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
transfer liquids by means of centrifugal force. They are commonly used in
industrial and municipal applications for pipelines, water supply, drainage,
sewage transport, and other fluid-handling operations. Key advantages include
their ability to handle large volumes of liquids at moderate pressures and
relatively low cost.
Market key trends:
One of the key trends in the
centrifugal pump market is the rising demand for energy-efficient pumps. With
growing emphasis on reducing energy consumption and operational costs,
industrial users and municipal bodies are increasingly opting for centrifugal
pumps that have better efficiency. Newer technologies and materials are
enabling manufacturers to design pumps with improved hydraulics that reduce
power requirements and lower life cycle costs. Centrifugal pumps equipped with
features like mechanical seals and premium-efficiency electric motors can
significantly cut energy bills compared to conventional pumps. This factor is
expected to drive increased demand over the forecast period.
Segment Analysis
Centrifugal Pump Market is
broadly classified into various sub-segments based on stages, product type,
end-use vertical and regions. Based on stages, single-stage centrifugal pumps dominate
the market and accounted for over 55% market share in 2022. Single stage
centrifugal pumps are preferred for common applications owing to their simple
design and construction which makes them a cost-effective solution.
Key Takeaways
The Global
Centrifugal Pump Market Size is expected to witness high growth,
exhibiting CAGR of 4.9% over the forecast period, due to increasing investments
in water & wastewater treatment plants globally.
Regional analysis
Regionally, Asia Pacific
dominated the global market in 2022 and is expected to grow at a CAGR of over
5.5% during the forecast period. Rapid industrialization and infrastructural
developments in China, India are driving the demand for centrifugal pumps in
the region.
Key players
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. ITT Corporation leads the market owing to its
diversified product portfolio and widespread geographic presence across major
markets.
Read more insights
https://www.newsstatix.com/centrifugal-pump-market-size-share-growth-outlook-2023/
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