Centrifugal pumps are mechanical devices that transfer liquids through the use of rotational energy. They find major applications in residential and industrial sectors for water supply and wastewater treatment. The increasing demand for clean water from agriculture and growing municipalities has augmented the need for pumping systems. Centrifugal pumps are extensively used for irrigation needs on farms as well as for supplying and distributing water in cities. They help push large volumes of water efficiently over long distances and varying heights. Rising concerns for sustainable water management against the backdrop of growing population is expected to drive the sales of centrifugal pumps in the coming years.
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 Dynamics:
Increasing demand from agriculture and municipal water supply sectors is expected to propel the centrifugal pump market over the forecast period. With expanding irrigation activities and development of smart water grids in urban locales, the need for robust pumping solutions has amplified considerably. Centrifugal pumps cater efficiently to huge water transfer requirements of the agriculture and water utilities verticals. Furthermore, rapid urbanization has added to the pressure on water resources, necessitating advanced pumps for adequate and equitable distribution of available supplies. The aforementioned factors are anticipated to fuel the demand for centrifugal pumps between 2023 and 2030.
Segment Analysis
The global centrifugal pump market is segmented into end user, stage, and type. By end user, the industrial segment dominates the market owing to wide application of centrifugal pumps in industries such as chemical and oil & gas. The industrial segment accounts for nearly 60% share of the overall market. By stage, multi-stage centrifugal pumps lead the market with over 45% share as they can handle large amounts of liquid at high pressure levels. By type, vertical centrifugal pumps are the most widely used type with around 30% share due to their compact size and ability to handle high discharge heads.
PEST Analysis
Political: Stringent regulations regarding emission standards in industries boost demand for efficient pumps.
Economic: Growing industrialization and infrastructural development activities positively impact the market growth.
Social: Rising population and improving economic conditions fuel demand for water pumping solutions.
Technological: Advancements in materials and pump designs increase efficiency, reliability, and durability of centrifugal pumps.
Key Takeaways
The Global Centrifugal Pump Market Size is expected to witness high growth supported by rapid industrialization and infrastructure development activities worldwide. 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.
Asia Pacific dominates the market with around 40% share led by China, India, and Japan. The region is anticipated to witness fastest growth during the forecast period owing to rising residential and commercial construction and expansion of manufacturing industries.
Key players operating in the centrifugal pump market include BMW AG, AUDI AG, Intel Corporation, Tesla Inc, Uber Technologies, Volvo Car Corporation, Honda Motors, Ford Motor Company, NVIDIA Corporation, Tencent, and Microsoft. Key players focus on introducing innovative and energy efficient pump models integrated with IoT and AI technologies to gain a competitive edge in the market.
The global centrifugal pump market features a high level of competition among major players. Strategic partnerships, mergers & acquisitions, and new product launches are common in the industry. Regional players cater to local needs through personalized offerings and competitive pricing. Continued investments in R&D are anticipated to drive technological advancements, reducing costs, and improving performance of centrifugal pumps over the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it