The Centrifugal Pumps Market is expected to grow positively through 2021, with a total valuation exceeding US$ 29 billion in 2021. According to Future Market Insights (FMI), the market for centrifugal pumps will grow at a 4.6 percent CAGR between 2021 and 2031.
While industrial applications are expected to have the highest demand, the agricultural segment is expected to grow at a faster rate. FMI forecasts a 4.7 percent increase in agricultural centrifugal pump demand between 2021 and 2031.
The presence of numerous Chinese players offering low-cost centrifugal pumps has restrained most regional and global players. The increasing price pressure exerted by these players is influencing key suppliers to provide high-quality, dependable, efficient, and technologically advanced centrifugal pumps at competitive prices.
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Manufacturers need to evaluate life cycle costs and facilitate smart buying decisions. Centrifugal pump manufacturers need to analyze cost of energy and return of investment for centrifugal pumps compared to purchase and installation costs.
Global demand for centrifugal pumps is directly correlated to infrastructure development activities worldwide. Governments of developing countries such as China and India are focusing on urbanization, which in turn is anticipated to fuel demand for centrifugal pumps particularly in domestic, Water and wastewater treatment industries.
Key Takeaways from Centrifugal Pump Market Study
- Multi stage pumps are expected to hold over 50% of the global market share, supported by heavy duty requirements of the oil and gas sector.
- Water and wastewater applications are projected to hold over a third of the overall market share by 2031-end, aided by infrastructure investments in emerging economies.
- The market in the South Africa is projected to expand at a CAGR of around 5%, while that of Mexico accounts for approximately 4%, through 2031.
- The markets in India and South Korea are set to surge at higher than 5% CAGR over the coming decade.
- Germany will hold the lead in Europe with a valuation of over US$ 1.2 Bn in 2021. Major investments in the natural gas sector will provide impetus.
“Developing nations are exhibiting high demand for centrifugal pumps for industrial and commercials applications, driven by rising investments into water and wastewater infrastructure by governments. This will enable growth in the overall market through 2031,” says a Future Market Insights analyst.
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Centrifugal Pump Market Competitive Landscape
The centrifugal pumps market is highly consolidated, with key players accounting for more than four-fifth of the market share. These players are likely to invest in technology developments and the expansion of their networks in order to maintain their market shares.
Some of the key players in this industry include but are not limited to Ebara Corp., Xylem Inc., Sulzer AG, KSB Group, Flowserve Corp., and Kirloskar Brothers.
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