April 23, 2024

Centrifugal Pump Market is Anticipated to Flourish Due to Rising Infrastructural Development Projects

 Centrifugal pumps are commonly used to move surface water, slurries, and viscous liquids in various industries. Some key advantages of centrifugal pumps include their simple design, ease of operation and maintenance, and ability to handle large volumes of liquids effectively. Rapid infrastructural development across the world has propelled the demand for centrifugal pumps in various construction activities like drainage, sewage handling, and transportation of slurries.

The global centrifugal pump market is estimated to be valued at US$ 49049.91 Bn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period from 2024 to 2030.

Key Takeaways

Key players: Key players operating in the centrifugal pump market include Weber, Coleman, George Foreman, Traeger, Masterbuilt, Green Mountain Grills, Char-Broil, Kenyon, Camp Chef, Blackstone, Hamilton Beach, TEC, Excelvan, Zojirushi, Delonghi, Brentwood, Fuego, PowerXL, Elite Platinum, Cuisinart.

Key opportunities: Rapid urbanization and the increasing focus on wastewater management across both developed and emerging economies are expected to open up several lucrative opportunities for players in the centrifugal pump market. Furthermore, advancing technologies in pump design aimed at improving efficiency are likely to boost demand.

Global expansion: Leading centrifugal pump manufacturers are investing heavily in expanding their global footprint through acquisitions and partnerships. They are also focused on catering to the specific requirements of regional construction and infrastructure sectors. Stringent regulations regarding energy efficiency and carbon footprint management are further driving market players to innovate.

Market drivers: The key driver for the Centrifugal Pump Market Demand  is the rising infrastructural development activities across both developed and developing nations. Large-scale projects in areas like road, rail and bridge construction, urban water supply, and power generation require massive volumes of slurries, chemicals and water to be transported over long distances, thereby propelling the need for efficient pumps.

PEST Analysis
Political: The centrifugal pump market is influenced by various regulations and standards set for energy efficiency by regulatory bodies globally. Manufacturers have to abide by regulations for product safety and environmental protection.
Economic: Variations in the global economy impact the performance of end-use industries which in turn affect demand for centrifugal pumps. Fluctuations in crude oil prices also impact expenditure on process industries where these pumps are used.
Social: Growing global population and urbanization is increasing demand for water & wastewater management and this acts as a driver for the centrifugal pump market. Increase in infrastructure projects also boosts market growth.
Technological: Advancements in materials and designs are helping improve pump efficiency. The integration of IoT and remote monitoring in pumps enables predictive maintenance and optimized operations.

Centrifugal Pump Market by Region
In terms of value, Asia Pacific dominated the global centrifugal pump market and accounted for over 40% share of the overall market in 2024. This is mainly due to high growth in water & wastewater and power industries in China, India and Southeast Asian countries.
North America was the second largest regional market led by the US. Growth in oil & gas sector with rising shale gas production and industrial activity supports market expansion.
Europe holds a significant share in the global market and countries like Germany, UK, Italy have large process industries utilizing these pumps.

Fastest Growing Region for Centrifugal Pump Market
The Middle East and Africa region is slated to grow at the fastest pace during the forecast period from 2024 to 2030. This is attributed to ongoing large scale water infrastructure projects and rising investments in desalination plants across Gulf countries. Factors like increasing energy demand from industrialization and exploration of hydrocarbons fields will further stimulate market revenues in the MEA region.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it