by Market Overview:
Centrifugal pumps function by using a rotating impeller to increase the pressure and flow rate of liquids through mechanical action. They are widely used in industrial, municipal and domestic water & wastewater treatment applications.
Market key trends:
One of the key trends driving growth in the centrifugal pump market is increasing investments in water and wastewater treatment infrastructure across both developing and developed countries. Governments around the world are focusing on providing access to clean water and sanitation as basic necessity which has led to strong investments in related infrastructure construction. Growing population has further increased the need for investments to meet rising demand. This remains a major growth driver for centrifugal pumps used extensively in water treatment plants.
SWOT Analysis
Strength: Centrifugal pumps offer high efficiency and are suitable for medium to high discharge volume applications. They are widely used in industries like oil & gas, chemical, mining, and water treatment.
Weakness: Centrifugal pumps require regular maintenance and repair. Cavitation can occur if operated beyond optimum speed limits.
Opportunity: Increasing investments in water and wastewater infrastructure globally. Rising demand from chemical industry.
Threats: Fluctuations in raw material prices can increase production costs. Growing popularity of energy-efficient pumping technologies like axial and mixed flow pumps.
Key Takeaways
The Global Centrifugal Pump Market Demand is expected to witness high growth, exhibiting CAGR of 4.9% over the forecast period, due to increasing investments in oil & gas exploration activities and water & wastewater treatment plants.
Asia Pacific dominated the market and is expected to maintain its lead position during the forecast period, due to rapid industrialization and increasing manufacturing activities in China, India, and other developing nations. The growth of key end-use industries in the region drives the demand for centrifugal pumps.
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. Expanding their geographical presence through acquisitions and establishing manufacturing facilities in emerging countries has been the focus of these key players.
The global centrifugal pump market size for 2023 is US$ 42578.04 Mn. The market is expected to provide lucrative opportunities for manufacturers with the introduction of energy-efficient and intelligent pump systems integrated with IoT technologies.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
