Centrifugal
Pump Market
Scope
The
‘global centrifugal pump market’ analysis is a specialized and in-depth study
of the centrifugal pump industry that focuses on the global market trend
analysis. Upon this, Markets Research Future reveals the Centrifugal
Pump Market is ready to experience a CAGR of 4.01% during the forecast
period 2016-2023, in its detailed study. The report further aims to provide an
overview of the centrifugal pump market with detailed market segmentation,
driving factors, and regional analysis to understand the market dynamics in the
coming years.
Market
Drivers & Key Challenges
With
the snowballing use of centrifugal pumps for providing a proper water source,
these are now available with water treatment abilities also. The major factors
driving the growth of the global centrifugal pump market, increasing
urbanization, and high focus on the water conservation process as well as
wastewater management. The elements are rising the demand for centrifugal pumps
in the latest which is boosting the market to gain more valuation in the coming
years.
The
added beneficiaries of the centrifugal pump, such as secure operation method,
steady delivery, ease in mounting it (horizontally or vertically), high speeds,
and minimal maintenance, are also gaining substantial traction mainly in the
developed regions, globally. These are also counted among the significant
factors driving the market to grow instantaneously over the forecast period.
At
the same time, the rising developments in infrastructure are also gaining
worldwide in the course of the market’s growth, which is mainly witnessed in
industrial areas globally. In case of point, as per India Brand Equity
Foundation (IBEF), India would require an investment USD 777.53 billion in
infrastructure by the year 2022. The initiative took to ensure sustainable
development in the country and would also, in turn, surge the demand for
centrifugal pumps and benefiting the market’s valuation in the foreseeable
years.
As
an add-on, with the need for freshwater among many regions, the rising concerns
towards wastewater treatment and desalination have also risen the profit of the
global centrifugal pumps in recent years and are expected to increase during
the market’s growth period. Furthermore, it has also been seen that the
industrial sector consumes much water. Therefore the need to reuse water with
the help pf centrifugal pumps has a beneficial for years, which is yet another
positive aspect that is motivating the market to expand rapidly and
substantially.
Centrifugal
Pump Industry Segmentation
The
worldwide centrifugal pump market has been segmented by the elements of type,
stage, and end-user.
In
terms of type: Overhung impeller, vertically suspended, and between-bearing are
the segments. Wherein vertically suspended finds a special place to be one of
the leading markets during the forecast period owing to advantages. It is used
75% less floor space compared to horizontal pumps with electric motor drives.
Therefore, a surge in demand for multistage pumps in petroleum, oil & gas,
and commercial buildings, and industrial process services are the key factors
motivating the vertically suspended centrifugal pumps segment.
Concerning
end-user, the market segment includes oil & gas, chemical, water &
wastewater, power, and more. Wherein, water and wastewater segment occupies to
register the highest growth rate during the assessment period.
With
respect to the segment of the stage, the market includes a single step and
multi-stage.
Regional
Framework
The
region-wise overview of the global centrifugal pumps market is studied with
respect to five key regions, namely; North America, Asia Pacific, Europe,
Middle East, Africa, and South America.
Among
these regions, the North America region occupied the largest market share of
the global Centrifugal Pump market in 2017.
Asia-Pacific
region estimated that it would be the fastest-growing market during the
forecast period, mainly due to the intensifying investments being made in
infrastructure development. With this, the surged demand from the water and
wastewater sector as well as moderate demand from the constructions sector,
urbanization, and supportive government plans are also joining the league to
drive the market for centrifugal pumps in the Asia Pacific region.
Whereas
the centrifugal pumps market can also be driven by the mounting need for water
conservation in countries such as the US and Canada.
Leading
Players
The
well-known players of global centrifugal pump market are listed as Ebara
Corporation (Japan), Sulzer (Switzerland), Circor International (US), Grundfos
(Denmark), Flowserve (US), KSB (Germany), Baker Hughes, A GE Company (US), Someflu (France), Xylem (US), ITT Corporation
(US), Wilo (Germany), Pentair (US), and Weir (UK).
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