Centrifugal Pumps Market Analysis:
The global Centrifugal Pumps Market is expected to exhibit a strong 4.01% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global centrifugal pumps market is expected to exhibit steady growth over the forecast period due to the growing demand for centrifugal pumps from the water and wastewater industry and the agriculture sector, according to the report.
The report profiles the major drivers and restraints affecting the global centrifugal pumps market and presents a detailed analysis of the key trends in the global centrifugal pumps market in the forecast period from 2018 to 2023.
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Major players operating in the global centrifugal pumps market are also profiled in detail in the report, in order to provide readers with a clear overview of the competitive landscape of the market. The impact of the global COVID-19 Pandemic on Global Centrifugal Pumps Market is also assessed in detail in the report.
Centrifugal pumps are mechanical devices designed to move liquids through the use of impellers. The transfer of rotational energy through impellers moves the liquid. The growing water and wastewater industry around the world is the major driver for the global centrifugal pumps market. As urbanization has become more pronounced in emerging regions such as Asia Pacific and the Middle East, the demand for effective water resources to satisfy the needs of the urban population has grown strongly over the last few years. This has driven the demand for effective mechanical devices that can shift water at a strong rate. The reducing levels of groundwater have made water recycling more important than ever, leading to a growing demand for centrifugal pumps in order to move significant quantities of water.
The growing wastewater industry in emerging regions such as Africa, Asia Pacific, the Middle East, and Latin America is also likely to be a major driver for the global centrifugal pumps market over the forecast period. The wastewater industry is just as important in urbanization initiatives as the water industry and has also exhibited significant growth over the last few years as the scope of urbanization has grown in emerging regions of the world. The agriculture sector has also grown over the last few years, leading to a growing demand for centrifugal pumps from the sector. The growing demand for food to satisfy the growing demands of the global population is likely to be a major driver for the global centrifugal pumps market over the forecast period.
Impact of the Covid-19 Outbreak on the Centrifugal Pump Market at: https://www.marketresearchfuture.com/report/covid-19-impact-centrifugal-pump-market
Competitive Leader board:
Leading players in the global centrifugal pumps market include Weir, Baker Hughes (a GE company), Someflu, Pentair, Ebara Corporation, Wilo, ITT Corporation, Sulzer, Circor International, KSB, Flowserve, Grundfos, and Xylem.
The global centrifugal pumps market is segmented on the basis of type, stage, end user, and region.
By type, the global Centrifugal pumps market is segmented into overhung impeller, vertically suspended, and between bearing. Vertically suspended centrifugal pumps are the major segment of the global centrifugal pumps market, as they require 75% less space as compared to horizontal pumps.
By stage, the global centrifugal pumps market is segmented into single stage and multistage.
By end user, the global centrifugal pumps market is segmented into water and wastewater, oil and gas, chemical, power, and others. The water and wastewater industry is likely to be the most important end user of centrifugal pumps over the forecast period. Growing urbanization in developing regions is the primary driver for the water and wastewater industry. The oil and gas industry is also likely to remain a key end user of centrifugal pumps over the forecast period.
North America accounts for the largest share in the global centrifugal pumps market and is likely to remain the leader over the forecast period. Asia Pacific is expected to be the fastest growing regional market for centrifugal pumps over the forecast period.
Moreover, he increased demand from the water and wastewater sector, moderate demand from constructions sector, rising urbanization, and supportive government plans are expected to drive the market for centrifugal pumps in Asia Pacific region. The pumps market would be mainly driven by the growing need for water conservation in the countries such as US and Canada.
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