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 mechanical devices which use a rotating electromagnetic drive to increase the pressure and flow rate of a fluid. They find wide applications in irrigation, sewage treatment, chemical industries due to their ability to handle large flow rates efficiently.
Market key trends:
The rising demand for energy-efficient pumps is one of the key trend in the centrifugal pump market. Stringent government regulations regarding energy consumption are forcing manufacturers to focus on developing efficient pump models. For example, pumps conforming to IE4 motor efficiency class developed by the International Efficiency Organization consume 25-30% less energy compared to standard pumps. This is significantly contributing to reduction in operation costs for end-users.
SWOT Analysis
Strength: Centrifugal pumps have simple design and construction which makes them easy to operate and maintain. They are also robust, reliable and have low installation and operation costs.
Weakness: Centrifugal pumps have comparatively lower head and require higher power. They are also not suitable for transferring very viscous or dense fluids.
Opportunity: Increasing global power generation capacity especially from renewable sources is driving the demand for centrifugal pumps in applications such as cooling water systems. Growing agriculture sector is also creating opportunities.
Threats: Availability of substitutes such as positive displacement pumps pose threat to centrifugal pump market. Trade wars and geopolitical tensions can negatively impact key end-use industries.
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 global power generation capacity driven by renewable energy sources. Centrifugal pumps find wide applications in cooling water systems in thermal and nuclear power plants.
Regional analysis
Asia Pacific dominates the global centrifugal pump market and is expected to maintain its leading position over the forecast period, growing at a CAGR of over 5%. This can be attributed to rapid industrialization and urbanization in major countries such as China and India. China dominates the Asia Pacific centrifugal pump market owing to large manufacturing sector and power generation infrastructure.
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. Leading players are focusing on new product development and expansion in growing regional markets to gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it