Centrifugal Pump Market Research Report – Global Forecast till 2023
Centrifugal
Pump is a type of pump that uses impeller to move water or other fluids. These
pumps are used to induce flow by increasing the pressure of the fluid. 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 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.
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Global
Centrifugal Pumps Market Segmental Analysis
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. Therefore, there has an increase
in the demand for multistage pumps in commercial buildings, petroleum, oil
& gas, and industrial process services, which are increasing the value of
the market for vertically suspended centrifugal pumps.
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.
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Key Players
The key players
of 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).
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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