Centrifugal Pumps Market – Overview
The global centrifugal pumps market began to expand its worth and valuation since 2017, after some instability which was witnessed in the past few years due to the downturn in the oil & gas upstream sector mainly. However, continuous increase in expenditure in the market resulted to be positive on account of increasing crude oil price and an increase in activity, especially in North America.
By this development, the long-term outlook of the centrifugal pumps market is predicted to remain positive with the market value on the track to register at a CAGR of 4.01% by the year 2022. Market Research Future delivers key insights and presents a revised forecast of the global centrifugal pump market in its latest report.
Centrifugal Pumps are a type of pump mainly used to move water or other fluids with the help of inducing the flow by increasing the pressure of the fluid. Such pumps are commonly used in industries of water & wastewater, power, chemical, oil & gas, and others. The notable advantages of centrifugal pump includes easy to handle, compact in size, and mainly, it can be used to lift highly viscous liquid such as paper pulp, muddy and sewage water, sugar molasses, and oil.
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Centrifugal Pumps Market Drivers and Trends
The major drivers for the market of centrifugal pumps include the latest growing concern towards wastewater treatment in the past few years have eventually helped to reduce the level of shock from oil & gas industry. Such latest development has helped the market to grow at a higher CAGR and has able to reach at a stable position.
The market of centrifugal pump has also seen developments such as advanced pump automation, increasing efficiency, and usage of deceased energy are the major factors boosting the growth of the centrifugal pumps market substantially. Going further with it, rising exploration activities to find new water sources coupled with replacement of existing pumping systems & production plants with advanced technologies have extremely encouraged the market to growth at a higher pace.
However, some drawbacks coming in the way of development of centrifugal pumps such as inability of function with high pressure and troubles in dealing with viscous liquids are accounted to be as restraints of the market growth. But increased investments making for introducing new technology to overcome such problems along with mounting demands for these pumps for various application of water recycling process and more are expected to create ample of opportunities in the worldwide centrifugal pumps market.
Furthermore, few essential factors are also making the market to lead in the industrial sector, comprises of increasing urbanization and high focus on water conservation are giving the same amount of importance to the global centrifugal pumps market. Moreover, new developments in infrastructure would also drive the use of centrifugal pumps, especially, in industrial areas.
Key Players
- Xylem (US)
- Grundfos (Denmark)
- Flowserve (US)
- KSB (Germany)
- Circor International (US)
- Sulzer (Switzerland)
- ITT Corporation (US)
- Wilo (Germany)
- Ebara Corporation (Japan)
- Pentair (US)
- Someflu (France)
- Baker Hughes
- A GE Company (US)
- Weir (UK).
Industry Segmentation
In the reports of MRFR, the market for centrifugal pumps market includes some important segmentation. These segmentations have been done by type, by stage, by end-user, and by region.
By mode of type, the market is classified into overhung impeller, vertically suspended, and between bearing. Of these, vertically suspended is expected to be the leader in the market flow during the forecasted year. The leading factors owes to advantages driven by vertically suspended segment is as it is used in 75% less floor space compared to horizontal pumps with electric motor drives.
By the mode of end-user, the market includes segments of water & wastewater, oil & gas, chemical, power, and others. The water & wastewater segment is estimated to capture the highest growth rate in the market drawn in the years to come.
Region wise, the market for centrifugal pump has covered the major regions of North America, Asia Pacific, Europe, Middle East & Africa.
Industry NEWS
- March 11, 2019: Xylem Inc. is a leading global water technology company dedicated to solving the world’s most challenging water issues. The presence of President and Chief Executive Officer, Patrick Decker, and Senior Director of Investor Relations, Matt Latino participated in small group meetings at the 2019 Boenning & Scattergood Water Summit at the St. Ermin’s Hotel in London, England.
- Xylem (XYL) is a leading global water technology company and its highly dedicated to developing innovative technology solutions to the water challenges, globally. The Company’s products and services move, treat, analyze, monitor and return water to the environment in public utility, industrial, residential and commercial building services settings. Xylem also provides a leading portfolio of smart metering, network technologies and advanced infrastructure analytics solutions for water, electric and gas utilities. It has supported the market of centrifugal pump market in achieving successful traits since a long time.
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