Centrifugal Pump Market Overview
The
centrifugal pump is commonly used in industries such as water & wastewater,
power, chemical, oil & gas, and others. Advantages of centrifugal pump
includes easy to handle, compact in size, and can be used to lift highly
viscous liquid such as paper pulp, muddy and sewage water, sugar molasses, and
oil. The global centrifugal pump market is estimated to expand at 4.01% CAGR
during the forecast period. Centrifugal pump device which is required to move
fluids by means of the transfer of rotational energy through impellers. These
types of pumps are mainly used for pumping water in the industrial and
residential properties. They are also majorly used in agriculture sector,
municipal water and wastewater plants, power generation plants, petroleum, and
chemical industries, among others.
Drivers and Trends
The major drivers for the Centrifugal
Pumps Market Report 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.
Prominent Players
The
key players of the global centrifugal pump market are 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), and Weir (UK).
Industry Segmentation
Based
on end-user, the market is segmented as water & wastewater, oil & gas,
chemical, power, and others. Water & wastewater segment is estimated to
dominate the market during the forecast period due to rising investment in
waste water industry across the globe. The awareness level of water reuse has
increased due to the decreasing level of groundwater globally. Industrial
sector consumes a large volume of water, and due to depleting reserves of
groundwater, the reuse of water has become essential. The governments across
the world are focusing on the development of strict regulatory policies to
build sustainable water systems which would in turn drive the use of
centrifugal pumps in this industry.
Regional Outlook
Region
wise, North America held the largest market share of the global Centrifugal
Pump market in 2017. It is estimated that Asia-Pacific region would be the
fastest growing market during the forecast period, mainly due to the rising
investment infrastructure development. 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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