Global Centrifugal Pump Market to Reach US$ 41.1 Billion by 2027, Impelled by Rapid Industrialization

September 21, 2022

According to the latest report by IMARC Group, titled "Centrifugal Pump Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global centrifugal pump market reached a value of US$ 29.4 Billion in 2021. A centrifugal pump is a device that is used to transfer fluids in inter-and-intra facilities. It can easily move higher viscosity fluids, medium to high viscosity fluids, liquefied gases, and water-like fluids. It is utilized to transfer liquids in bulk and provide efficient flow rates. It uses rotation to impart velocity to a liquid, convert that velocity into the flow, and convert rotational kinetic energy to hydrodynamic energy. These pumps are extensively used in water pumping, petroleum pumping, sewage water, and petroleum plants as they offer a smooth flow rate, easy maintenance, and increased operational efficiency.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Centrifugal Pump Market Trends:

The global market is majorly driven by rapid industrialization. In line with this, increasing investments in the construction industry, attributed to rapid urbanization, are positively influencing the market growth. Furthermore, the rising demand for centrifugal pumps in the agricultural sector acts as another significant growth-inducing factor. Apart from this, the growing demand for water and wastewater management is catalyzing the market. Moreover, rapidly developing commercial and residential infrastructure and the expanding manufacturing sectors are propelling the market. Besides this, the escalating demand for hydrocarbons to fuel various power generation requirements is strengthening the market. Additionally, numerous key players are integrating advanced technologies, such as network-based monitoring and the Internet of Things (IoT), with these pumps, thus creating a positive outlook for the market.  On account of the aforementioned factors, the market is anticipated to reach a value of US$ 41.1 Billion by 2027, exhibiting a CAGR of 5.9% during 2022-2027. 

Market Summary:

  • On the basis of the Impeller type, the market has been divided into overhung impeller, vertically suspended, and between bearing.
  • Based on the stage, the market has been categorized into single stage pump, two stage pump, and multi-stage pump.
  • On the basis of the flow type, the market has been classified into axial flow pumps, radial flow pumps, and mixed flow pumps.
  • On the basis of the capacity, the market has been segmented into small capacity, medium capacity, and high capacity.
  • On the basis of the end-user, the market has been segmented into chemicals, oil and gas, power generation, construction, pharmaceuticals, food and beverages, metals and mining, water and wastewater, and others.
  • On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players 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.
     

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Global Centrifugal Pump Market to Reach US$ 41.1 Billion by 2027, Impelled by Rapid Industrialization
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