As per Future Market Insights (FMI), the global market for centrifugal pumps is anticipated to rise at a CAGR of 4.6% between 2021 and 2031, surpassing a valuation of US$ 29 Bn by the end of 2021.
Rising adoption of centrifugal pumps in industrial sector owing to its features including, plain design, ease of repair, easy operations, and maintenance will create positive growth opportunities for the market.
Surging demand for multi-stage centrifugal pumps driven by ease in installation, high energy-efficiency, low internal friction losses and optimized control and operation are spurring sales prospects. According to the study, the multi-stage pump will account for 55% of the market share by the end of 2031.
Besides this, the market will continue gaining from application in processes industries such as chemical, food processing, manufacturing, and pharmaceuticals. FMI has estimated the industrial sector to account for nearly 60% of centrifugal pumps sales in 2021.
Regionally, North America will remain a highly lucrative market. Demand outlook remains fairly positive for the U.S. and Canada markets in North America. Sales in Canada are expected to rise at a healthy CAGR of 4% over the forecast period driven by increasing scope for applications in oil rigs and crude oil industry.
GCC countries such as the UAE, Qatar, Oman, Bahrain, Iraq, and Kuwait will continue offering lucrative prospects for growth. The presence of numerous oil reserves across the regions will remain a primary growth driver.
Besides this, investment to bolster upstream production will continue creating attractive opportunities for growth.
“Increasing shift towards incorporating Internet of Things will enable pump operators to monitor velocity, flow rate, and more from remote locations, thereby driving sales of centrifugal pumps over the forecast period.” says the Future Market Insights analyst.
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Key Takeaways from Centrifugal Pumps Market Survey
- Germany is leading the market for centrifugal pumps in Europe and is estimated to account for nearly 18% of the market share in 2021.
- The centrifugal pumps market in China is likely to register a healthy growth, surging at a CAGR of 6% over the forecast period 2021-2031.
- In North America, Canada is will exhibit high demand for centrifugal pumps. It is expected to register a CAGR of 4% between 2021 and 2031.
- Gulf Cooperation Council (GCC) countries are likely to emerge as one of the most lucrative markets, accounting for over 44% in Africa and Middle East.
- Based on application, the industrial sector accounted for over 60% of centrifugal pumps market in 2021.
Key Drivers
- Growing construction activities of commercial and residential spaces are propelling scope for expansion of the market.
- Surge in demand from process industries is driving sales of centrifugal pumps.
Key Restraints
- Focus on energy efficient alternatives is hampering sales of centrifugal pumps.
- Cavitation effect in centrifugal pumps will restrict the market growth.
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Product Synopsis
A recent market study published by Future Market Insights on the centrifugal pump market includes global industry analysis for 2016-2020 and opportunity assessment for 2021-2031, and delivers a comprehensive assessment of the most important market dynamics. After conducting thorough research on the historical and current growth parameters of the centrifugal pump market, the growth prospects of the market are obtained with maximum precision.
By Product
Single Stage Pump
- Small
- Medium
- High
Multi Stage Pump
- Small
- Medium
- High
Axial & Mixed Flow Pump
- Small
- Medium
- High
Submersible Pump
- Small
- Medium
- High
Seal Less & Circular Pump
- Small
- Medium
- High
By Application
Industrial
- Chemical
- Water & Wastewater
- Power
- Oil & Gas
- Pharmaceutical
- Food & Beverage
- OthersAgricultural
Domestic
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