Centrifugal pumps are dynamic devices that transfer liquids by means of centrifugal force. They find applications across diverse industries such as oil & gas, water & wastewater, food & beverages, and construction. In the oil & gas industry, centrifugal pumps are used for boosting crude oil, natural gas, refined petroleum products from oil wells or storage tanks. In the water & wastewater industry, they are used for pumping fresh water, processed water, sewage and other fluids. Centrifugal pumps are also used in irrigation processes, desalination plants, fire protection systems, HVAC systems, water treatment plants, and municipal water supply networks to transfer and supply fresh water. The global demand for fresh water has been increasing significantly owing to rapid population growth, urbanization, industrialization, and changing lifestyle. This rising demand for fresh water is expected to fuel growth of the global centrifugal pump market over the forecast period.
The global centrifugal pump market is estimated to be valued at US$ 42578.04 Mn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Fresh water is an integral part of our daily lives and is crucial for residential, commercial, and industrial applications. According to a report by UNWWAP, the world’s demand for freshwater is projected to exceed sustainable water supplies by 40% in 2030 if pressure on water resources continues to increase at the current rate. This growing demand-supply gap of fresh water is fueling adoption of centrifugal pumps across various end-use industries for functions like pumping, filtering, and recycling of water.
Another key driver is rapid urbanization and industrial development in emerging economies like India, China, Brazil, etc. Growing urban population in these countries is placing immense pressure on existing water infrastructure and spurring investments to improve reliability and efficiency of water supply systems. This is accelerating deployment of centrifugal pumps in new water treatment and supply projects.
Segment Analysis
The global centrifugal pump market is dominated by industrial centrifugal pump segment which holds around 65% share of the total market. The industrial centrifugal pumps are majorly used in industries such as power generation, oil & gas, chemical, water and wastewater treatment, and others. The dominance of industrial centrifugal pumps is attributed to large number of heavy industries which use huge amount of water and need powerful pumping solutions for smooth operations.
PEST Analysis
Political: The governments across various countries are focusing more on water and wastewater treatment which is positively impacting the demand for centrifugal pumps in this sector. Various regulations regarding emissions and industrial waste disposal are also augmenting their installation.
Economic: Growing industrialization and infrastructure development activities are major drivers of centrifugal pumps market. Rapid urbanization and rising construction of buildings, malls and commercial complexes are spurring their demand in water supply applications.
Social: Increasing awareness about sanitation and clean water is escalating the installation of centrifugal pumps in residential and commercial establishments. Easy availability of financing options is also encouraging their adoption.
Technological: Leading players are focusing on integration of advanced technologies like IoT, AI and cloud computing to offer smart and connected centrifugal pumps. More efficient pump designs with variable frequency drives are gaining traction.
Key Takeaways
The Global Centrifugal Pump Market Size is expected to witness high growth on account of increasing industrial and construction activities. The global centrifugal pump market is estimated to be valued at US$ 42578.04 Mn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030.
The Asia Pacific region dominates the market and is expected to maintain its leading position during the forecast period. Countries like China, India, Japan and South Korea are major markets in the region contributing to its large share. China dominates the Asia Pacific market with more than 30% share owing to presence of huge manufacturing sector in the country.
Key players
Key players operating in the centrifugal pump market are BMW AG, AUDI AG, Intel Corporation, Tesla Inc, Uber Technologies, Volvo Car Corporation, Honda Motors, Ford Motor Company, NVIDIA Corporation, Tencent, Microsoft.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it