Centrifugal Pump Market

Centrifugal Pump Market – Overview

A centrifugal pump is used to transfer and transport oil from various end user industries. It is a mechanical device used majorly for domestic purposes, industrial applications, agricultural applications and others. Centrifugal pumps are most widely used pumps and have high popularity on account of their smooth flow rate, easy maintenance, and high operational efficiency. Such features are likely to help this market witness significant growth opportunities in the forecast period set between 2021 and 2031.

The increasing rate of infrastructural development is a prime factor augmenting the growth of the global centrifugal pump market. Besides this, the rising demand for hydrocarbons in order to fuel different power generation needs will also bode well for the growth of the global centrifugal pump market. Moreover, the advent of Internet of Things, network-based monitoring, and others advanced technologies for remote diagnosis of faulty issues across industries are further projected to help augment the growth of this market in the long run.

The report on the global centrifugal pump market offers a qualitative and quantitative analysis of the market and its growth parameters. This includes drivers, restraints, challenges, and new growth opportunities. The impact of the COVDI19 pandemic on this market and how players can adapt to various strategies to ensure smooth revenue generation during and post pandemic era is also discussed in this report. It further provides a detailed presentation of the table of segmentation and mentions the names of the leading segment with factors attributing its growth. The report is available for sale on the company website.

Centrifugal Pump Market – Competitive Landscape

The nature of market for centrifugal pump is fragmented on account of the presence of multiple players. Companies are engaging in collaborations, joint ventures and merger and acquisition strategies to ensure a notable position in the market competition. On the other side, players are investing in research and development activities for better revenue generation, thereby creating a significant position in the overall market competition.

Some of the key players of the global Centrifugal Pump Market include:

• Kirloskar Brothers Limited
• ITT Corporation
• The Weir Group PLC
• Xylem
• Flowrox
• KSB Company
• Wilo Group
• Sulzer
• Dover Corporation
• Ebara Corporation
• Flowserve Corporation
• GRUNDFOS
• Other players

Centrifugal Pump Market – Innovations

• A contract from the Danish Water Utility Farm or Ringkobing-Skjern Fosyning A/S was awarded to Sulzer in November 2020 for providing centrifugal pumps to the major flood protection project in Denmark.
• ESRI and Xylem Inc. entered into a strategic partnership in April 2021 for serving utilities such as handling of sales and marketing aspects, technical road mapping, and development of project solutions all collaboratively.

Centrifugal Pump Market – Growth Drivers

The increasing number of construction activities for residential and commercial spaces is a prime factor propelling the need for centrifugal pumps, thereby promoting the growth of this market. Besides this, the rising need to supply water and boost its pressure for conducting different operations is expected to promote the use of centrifugal pumps across various sectors such as chemicals, metal manufacturing, marine, food & beverage, and others. The increasing demand from the industries listed above will also promote the growth of this market in the long run.

Centrifugal Pump Market – Geographical Insights

Regionwise, the global centrifugal pump market is widespread into five major regions namely Europe, Asia Pacific, North America, the Middle East and Africa, and Latin America. Among these, Europe held the dominant share in the past and is likely to continue dominating the market in the forecast period as well. This is accountable to the increasing demand for heating and cooling systems, rising space deployment, and infrastructural development of new power generation plants. Countries such as Russia, Germany, Italy, UK, and France are the key nations helping this region dominate the overall centrifugal pump market. On the other side, North America is expected to witness extensive growth opportunities during the forecast period on account of the increasing expenditure on industrial infrastructure, rising number of exploration activities for carbon reserves, and better operational and long-lasting functioning of centrifugal pumps.