Centrifugal Pumps Market Will Grow Gradually At 4.6% CAGR By The End Of 2031- Future Market Insights, Inc.

The global centrifugal pump market is expected to grow at a moderate CAGR of 4.6% over the forecast period of 2021 to 2031. Centrifugal pumps market was predicted to reach an estimated value of over US$ 29 Bn by the end of 2021. Elevated demand in multiple industry verticals coupled with rising usage in the agricultural sector is expected to foster market growth for centrifugal pumps over the forecast period.

Centrifugal pumps are used to transfer fluids in inter-and-intra facilities. With advancements made in the material used for manufacturing these pumps, businesses in the market introduced products that can withstand high pressure. This, positively influenced the market prospects. Oil and gas, chemical, and food & beverage industry fuel the rising demand for centrifugal pumps in the market.

Varieties of sensitive transferring operations occur in industry verticals all over the world. Thus, it becomes necessary to source the most versatile, reliable, and efficient pumping technology. Centrifugal pumps fulfil this requirement. These pumps can move higher viscosity fluids with ease, from medium to high viscosity fluids, liquefied gases, and water-like fluids. The technology has proven effective in the chemical plant environment, oil & gas sector as well as in food & beverages industry. Moreover, installation costs also result in lower total costs over the lifespan of the pump.

Further, market players are looking to integrate advanced tech tools like Internet of Things. This will help pump operators to monitor velocity, flow rate and much more from remote locations. Other technological advancements are being incorporated into centrifugal pumps which will enhance the performance of these pumps. All these factors are expected to fuel market growth for centrifugal pumps

“Advances in centrifugal pump technologies along with rising demand in multiple industry verticals are expected to boost the sales in the global market over the forecast period,” says an FMI analyst.

Key Takeaways:

• Integration of technologically advanced tools to boost market possibilities.
• GCC countries offer lucrative market prospects for centrifugal pumps.
• India is expected to hold over 30% share of the South Asia and Pacific market through 2031.
• Demand in the Canada centrifugal pumps market to increase at 4% CAGR.
• Germany to present attractive market opportunities due to rising applications in pharmaceutical, chemical and food processing sector.
• China is expected to exhibit a 6% CAGR over the forecast period.
• Based on product type, multi stage centrifugal pumps to dominate the market.
• By application, the industrial sector segment is anticipated to lead market growth.

More Insights into the Centrifugal Pumps Market Report
In its latest report, FMI offers an unbiased analysis of the global centrifugal pump market, providing historical data from 2016 to 2020 and forecast statistics for the period 2021 to 2031. To understand the global market potential, growth, and range, the market is segmented based on product type (single stage pump (small, medium, high), multi stage pump (small, medium, high), axial & mixed flow pump (small, medium, high), seal less & circular pump (small, medium, high)), application (industrial centrifugal pumps (oil & gas, chemical, water & wastewater, food & beverage, pharmaceutical, power, others), agricultural centrifugal pumps, domestic centrifugal pumps) and region.

According to the latest FMI reports, based on regional growth, India is expected to continue to be one of the most lucrative markets during the assessment period. India is projected to hold over 30% of the South Asia and Pacific market through 2031. Small to medium enterprises manufacturing pumps for varied applications in the country are predicted to witness asurge in demand. Industries such as chemical, water, and wastewater in India create significant demand for these pumps. The country is amongst the largest manufacturing regions of the continent after China.

The Canada centrifugal pumps market is expected to record a 4% CAGR over the forecast period. The regional market is supported by well-developed oil and gas as well as food and beverage industries with substantial investments by the government. Canada is also one of the biggest importers of centrifugal pumps due to the large-scale oil and gas operations in the country. Canada has the world's third-largest oil reserves and the world's fourth-largest oil producer and exporter. The numerous oil rigs and crude oil sources in the country are responsible for the upsurge in market demand. The chemical industry is another vertical of that generates high revenue in the centrifugal pumps market of Canada.

Propelled by rising applications in multiple verticals like pharmaceutical, chemical, and food processing sector, Germany centrifugal pump market is predicted to witness impressive growth.

GCC countries are also responsible for the global increase in sales of centrifugal pumps. The region has witnessed constant growth in investment and implementation of new projects to boost upstream production and downstream processing in oil & gas sector. This promotes market growth in the region over the forecast period.

China in the East Asia region is the largest manufacturer and exporter of centrifugal pumps in the global market. The country is expected to show a CAGR of over 6% over the next ten years. Here, pump manufacturers have increased their interaction with end users and process consultants, informing them of the recent technological developments and global best practices. This is expected to further the regional market growth.

According to the latest report by FMI, based on applications, industrial sector is projected account for impressive market growth. The simplicity of design, ease of repair, maintenance, and operations fuels demand of the centrifugal pumps. Within the industrial application segment, the water and waste water sub-segment are projected to hold greatest market share throughout the forecast period.

Keeping demand-side trends in mind, multi stage centrifugal pumps segment is expected to dominate the market in the product type category. The market for multi stage pump is anticipated to account for more than 55% in 2031. The growth is attributed to its increasing demand and application in various sector. This pump is frequently used in power plant applications, such as a boiler feed pumps and in industrial applications requiring high pressures. Water supply and circulation, irrigation, and chemical transfer in petrochemical plants are examples of typical applications.

Competitive Landscape
Ebara Corporation, Xylem Inc., Sulzer AG, Flowserve Corporation, Grundfos, 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 AG, Toyo Denki Industrial Co. Ltd., Speck Pumpen Walter Speck GmbH & Co. KG and others are some of the major players in the centrifugal pump market that are profiled in the full version of the report.

Major centrifugal pump market players are focused on investing in R&D activities to expand their product portfolio. These businesses are participating in strategic partnerships, mergers and collaborations with other manufacturers to expand their product base and cater to the rising global demands.

These insights are based on a report on Centrifugal Pumps Market by Future Market Insights