Centrifugal Pump Market

Global Centrifugal Pump Market:

The global centrifugal pump market size reached US$ 32.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 47.2 Billion by 2032, exhibiting a growth rate (CAGR) of 4.2% during 2024-2032. The growing demand for efficient water and wastewater management solutions, the expansion of the oil and gas industry, and increasing investments in infrastructure and industrialization projects globally are some of the key factors, driving the market growth.

Global Centrifugal Pump Market Analysis:

• Major Market Drivers: The increasing product demand from the wastewater treatment sector is primarily catalyzing the global centrifugal pump market. Additionally, the growing need to replace existing industrial pumps in the pharmaceutical and food and beverage industries is also offering lucrative growth opportunities to the overall market.
• Key Market Trends: Ongoing technological advancements, such as the development of 3D printed impellers and the utilization of modeling software, are acting as significant growth-inducing factors, bolstering the market growth. Additionally, the growing demand for energy-efficient centrifugal pumps and increasing investments for desalination in industrial plants are further creating a positive outlook for the market.
• Competitive Landscape: Some of the leading centrifugal pump market companies include Baker Hughes (A GE Company), Circor International Inc., Ebara Corporation, Flowserve, Grundfos Holding, ITT Corporation, Pentair Inc., Someflu, Tsurumi Manufacturing Co. Ltd., Weir, Wilo SE, and Xylem Inc., among others.
• Geographical Trends: The global centrifugal pump market is geographically diverse, with significant demand in regions such as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. A significant demand for centrifugal pumps in the Asia-Pacific region can be witnessed due to rapid industrialization, urbanization, and infrastructure development, particularly in China and India.
• Challenges and Opportunities: The centrifugal pumps market faces challenges such as high energy consumption and maintenance costs, which can deter adoption and operational efficiency. However, opportunities arise from technological advancements in energy-efficient pumps and the increasing need for reliable water and wastewater management solutions driven by urbanization and industrial growth.

Centrifugal Pump Market Trends:

Growing Product Application in the Oil and Gas Sector

The surge in oil and gas infrastructure development is creating a positive outlook for the global centrifugal pump market. These pumps are widely used in the oil and gas sector to pump oil, petroleum products, liquefied gases, and other fluids during operations. According to the BP Statistical Review of World Energy 2022, the total global natural gas production reached around 4,036.9 billion cubic meters (bcm) in 2021, recording a 4.5% rise from the 3,861.5 bcm recorded in 2020 and around a 15% increase from 2015. Similarly, global natural gas demand stood at around 40,37.5 bcm in 2021, witnessing a 5% rise from 3845.6 bcm in 2019 and around a 16% rise from 2015. The increasing production and consumption of natural gas are bolstering the demand for centrifugal pumps. Additionally, the expansion in the oil and gas sector is further propelling the centrifugal pump market share. For instance, according to IMARC, the global oil and gas market size reached US$ 17.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 65.8 Billion by 2032, exhibiting a growth rate (CAGR) of 15.84% during 2024-2032. Additionally, a significant rise in exploration activities, investments in infrastructure, and efforts to secure energy supplies are anticipated to bolster growth in the oil and gas sector, which eventually is anticipated to offer lucrative growth opportunities to the centrifugal pump market.

Increasing Product Offerings

Various key market players are introducing a wide range of centrifugal pumps in different types, sizes, and features to cater to diverse industrial needs. This includes developing specialized pumps for specific applications, enhancing efficiency, and integrating advanced technologies to meet evolving customer requirements and industry standards. For instance, in February 2024, DESMI launched a new mag-drive centrifugal pump, adding a magnetic coupling to its range of centrifugal pumps. The technology offers particular advantages for a methanol fuel system, combining the high efficiency and robust reliability of centrifugal pumps without the need for a traditional shaft seal solution in the pump. Similarly, in February 2023, CPC Pumps International extended its product range by launching its new BB5 pump. Applications for CPC centrifugal pumps are traditionally in the wider refining and petrochemical industries. The BB5 is widely used in carbon capture, utilization, and storage (CCUS) processes that are central to lowering CO₂ emissions. Besides this, various leading market players are also collaborating with each other to add new and technologically advanced pumps to their portfolios. For instance, in June 2024, TechnipFMC plc partnered with Sulzer Flow Equipment to develop new subsea carbon dioxide (CO₂) pump solutions. Such product innovations are anticipated to further propel the centrifugal pump market size.

Rising Need in the Water and Wastewater Treatment

The escalating utilization of centrifugal pumps in the water and wastewater treatment plants is significantly catalyzing the growth of the market. Centrifugal pumps play a crucial role in water and wastewater management by efficiently moving large volumes of water through various stages of treatment and distribution. In wastewater treatment, centrifugal pumps transport sewage and industrial effluents to treatment facilities, where they assist in processes like aeration, sedimentation, and sludge handling. Moreover, the growing concerns regarding water safety are primarily driving the demand for efficient water treatment solutions, such as centrifugal pumps. Additionally, various government authorities across the world are taking initiatives to clean water bodies and control water pollution. For instance, initiatives such as the National Mission for Clean Ganga (Namami Gange) and the Jal Jeevan Mission by the Indian government have spurred investments in water treatment infrastructure, thereby positively impacting the centrifugal pump market outlook. Similarly, the Safe Drinking Water Act (SDWA), passed by the U.S. government, outlines the standards for drinking water quality and monitors states, local authorities, and water suppliers who enforce those standards. Such initiatives are projected to bolster growth in the centrifugal market over the forecasted period.

Global Centrifugal Pump Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global centrifugal pump market report, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on impeller type, stage, flow type, capacity, and end-user.

Breakup by Impeller Type:

• Overhung Impeller
• Vertically Suspended
• Between Bearing
   

The centrifugal pump market report has provided a detailed breakup and analysis of the market based on the impeller type. This includes overhung impeller, vertically suspended, and between bearing.

An overhung impeller centrifugal pump features the impeller mounted on the end of the shaft, supported by bearings on only one side. This design allows for easy access to the impeller for maintenance and is commonly used in single-stage pumps. It is suitable for applications with moderate pressure and flow requirements. A vertically suspended centrifugal pump is designed with the impeller and casing suspended vertically in a sump or pit, with the motor mounted above. This configuration is ideal for applications requiring deep well pumping or handling fluids from deep tanks. It offers easy access for maintenance and minimizes the footprint.

Breakup by Stage:

• Single Stage Pump
• Two Stage Pump
• Multi-Stage Pump
   

The report has provided a detailed breakup and analysis of the market based on the stage. This includes single stage pump, two stage pump, and multi-stage pump.

A two-stage pump is a type of centrifugal pump that uses two impellers to increase the pressure of the fluid being pumped. The fluid passes through the first impeller, which raises its pressure, and then through the second impeller, further increasing the pressure. This design is ideal for applications requiring moderate pressure boosts. A multi-stage centrifugal pump consists of multiple impellers (stages) mounted on a single shaft within the pump casing. Each impeller adds pressure to the fluid, allowing for significantly higher-pressure outputs than single or two-stage pumps. Multi-stage pumps are commonly used in high-pressure applications like boiler feedwater, mine dewatering, and municipal water supply.

Breakup by Flow Type:

• Axial Flow Pumps
• Radial Flow Pumps
• Mixed Flow Pumps
   

The report has provided a detailed breakup and analysis of the market based on the flow type. This includes axial flow pumps, radial flow pumps, and mixed flow pumps. 

Radial flow pumps, also known as centrifugal pumps, direct fluid perpendicular to the pump shaft, using a rotating impeller to increase fluid velocity and pressure. They are suitable for high head, low flow applications like water supply, boiler feed, and chemical processing. These pumps are commonly used in scenarios requiring significant pressure increases. Mixed flow pumps combine features of both axial and radial flow pumps, directing fluid both parallel and perpendicular to the pump shaft. They are used in applications requiring a balance between flow rate and head, such as cooling water circulation and industrial water supply. These pumps offer versatility for various industrial and municipal uses.

Breakup by Capacity:

• Small Capacity
• Medium Capacity
• High Capacity
   

The report has provided a detailed breakup and analysis of the market based on the capacity. This includes small capacity, medium capacity, and high capacity.

Small capacity centrifugal pumps are designed to handle lower flow rates, typically up to 100 gallons per minute (GPM). They are often used in residential water systems, small-scale irrigation, and light industrial applications. These pumps are compact, energy-efficient, and suitable for applications requiring precise control overflow rates. Medium capacity centrifugal pumps manage moderate flow rates, usually ranging from 100 to 500 GPM. They are commonly utilized in commercial buildings, municipal water systems, and medium-sized industrial processes. These pumps offer a balance between size and power, making them versatile for various applications. High-capacity centrifugal pumps are designed for large flow rates, often exceeding 500 GPM. They are essential in heavy industrial operations, large-scale water treatment plants, and extensive agricultural irrigation systems. These pumps are robust and capable of handling high volumes of water or other fluids, ensuring efficient and reliable performance in demanding applications.

Breakup by End-User:

• Chemicals
• Oil and Gas
• Power Generation
• Construction
• Pharmaceuticals
• Food and Beverages
• Metals and Mining
• Water and Wastewater
• Others
   

The report has provided a detailed breakup and analysis of the market based on the end-user. This includes chemicals, oil and gas, power generation, construction, pharmaceuticals, food and beverages, metals and mining, water and wastewater, and others.

Centrifugal pumps are widely utilized in the oil and gas sector to pump oil, petroleum products, liquefied gases, and other fluids during operations. Furthermore, an increase in exploration and production in offshore deep-water oil and gas fields is also augmenting the adoption of centrifugal pumps. Additionally, a significant rise in the utilization of petroleum products is also catalyzing the application of centrifugal pumps in the oil and gas sector. For instance, India's consumption of petroleum products stood at almost 4.44 million barrels per day (BPD) in FY23, up from 4.05 million BPD in FY22. Similarly, in 2022, U.S. total petroleum consumption averaged about 20.28 million barrels per day (b/d), which included about 1.17 million b/d of biofuels (1.002 b/d of fuel ethanol and 0.164 b/d of biodiesel, renewable diesel, and other biofuels combined). Such a significant rise in petroleum usage is anticipated to impact the centrifugal pump industry positively.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.

The Asia-Pacific region's industrial infrastructure is witnessing growth due to business-friendly policies. Most Asian-Pacific countries are in a growing phase, and the high population growth rate has led to elevated levels of industrialization, a rise in oil and gas exploration activities, and an increase in water supply. All the aforementioned activities require centrifugal pumps. China is expected to account for the major growth in Asia-Pacific crude oil refining between 2023 and 2028. As of 2021, China's oil refinery capacity amounted to 16.9 million barrels per day. Moreover, Crude oil consumption in the region grew by 4.8% between 2011 and 2021 and accounted for around 16.41% of global consumption in 2021. Moreover, according to the United Nations University Institute of Water, Environment, and Health, in 2021, high-income countries such as Singapore, UAE, Qatar, and China, treated about 74% of the industrial and municipal wastewater they generated, and this ratio dropped to 43% in upper-middle-income countries and about 26% in lower-middle-income countries. With increasing awareness about the environment and growing water shortage, the demand for water treatment plants and, in turn, centrifugal pumps in water treatment plants are expected to increase over the forecasted period.

Competitive Landscape:

The report has also analysed the competitive landscape of the market with the detailed profiles of the following key players:

• Baker Hughes (A GE Company)
• Circor International Inc.
• Ebara Corporation
• Flowserve,
• Grundfos Holding
• ITT Corporation
• Pentair Inc.
• Someflu
• Tsurumi Manufacturing Co. Ltd.
• Weir
• Wilo SE
• Xylem Inc.
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Global Centrifugal Pump Market News:

• June 2024: TechnipFMC plc collaborated with Sulzer Flow Equipment to develop new subsea carbon dioxide (CO₂) pump solutions.
• February 2024: DESMI launched a new mag-drive centrifugal pump, adding a magnetic coupling to its range of centrifugal pumps. The technology offers advantages for a methanol fuel system, combining the high efficiency and robust reliability of centrifugal pumps without the need for a traditional shaft seal solution in the pump.
• December 2023: Canada-headquartered CPC Pumps International extended its global manufacturing footprint with the completion of its first pump assembly in Pune, India.

Global Centrifugal Pumps Market Report Scope:

Key Questions Answered in This Report:

• How has the global centrifugal pump market performed so far and how will it perform in the coming years?
• What are the key regional markets?
• What has been the impact of COVID-19 on the global centrifugal pump market?
• What is the breakup of the market based on the impeller type?
• What is the breakup of the market based on the stage?
• What is the breakup of the market based on the flow type?
• What is the breakup of the market based on the capacity?
• What is the breakup of the market based on the end-user?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the global centrifugal pump market and who are the key players?
• What is the degree of competition in the industry?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the centrifugal pump market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global centrifugal pump market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the centrifugal pump industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.