by Centrifugal pumps function by using a rotating impeller to increase the pressure and flow of liquids through transportation pipelines. They are commonly used across various industries like water & wastewater treatment, chemicals, oil & gas, power, pharmaceuticals, food & beverage, and others. Centrifugal pumps improve process efficiency by enhancing fluid movement for applications like irrigation, fluid transfer, and marine transport.
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% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased number of water and wastewater treatment projects across the globe are expected to drive the demand for centrifugal pumps during the forecast period. Governments of various countries are investing heavily in constructing new water treatment facilities and upgrading the existing infrastructure to meet the rising demand for clean water from industrial and municipal applications. Centrifugal pumps play a vital role in transporting water and wastewater at various stages of the treatment process. They are used for transferring water from its source to the treatment plant, pumping sludge and treated water, and for other requirements in treatment facilities. Thus, the expanding water infrastructure development activities are projected to boost the centrifugal pump market substantially.
SWOT Analysis
Strength: Centrifugal pumps provide high reliability and efficiency in moving liquids across different industries. They have simple design with easily available components which reduce maintenance costs.
Weakness: Centrifugal pumps require proper priming and cannot lift liquids above certain heights based on their size. wear and tear of mechanical seals increases operation and maintenance costs over long-term usage.
Opportunity: Growing investments in oil & gas, construction and power industries will drive demand for centrifugal pumps for transporting fluids in these sectors. Rise of infrastructure projects related to sewage, water supply and desalination plants also opens new opportunities.
Threats: Fall in crude oil prices and slowdown in construction spending during economic downturns impact centrifugal pump sales. Pump manufacturers face stiff competition due to presence of numerous global and regional players.
Key Takeaways
The Global Centrifugal Pump Market Size is expected to witness high growth over the forecast period of 2023 to 2030. 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% over the forecast period 2023 to 2030.
Asia Pacific region presently accounts for around 35-40% share of the overall centrifugal pump market. China, India and other Southeast Asian countries are witnessing huge investments in water supply, oil & gas and construction industries which is propelling centrifugal pump demand in the region.
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. These companies are focusing on introducing new models that provide higher efficiency levels at lower lifecycle costs.Product innovation through digitization and smart technologies is expected to be a key growth strategy adopted by leading players.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
