Centrifugal Pump Market New Revenue Pockets:
The global centrifugal pump market size is projected to reach USD 48.8 billion by 2026 from an estimated value of USD 36.6 billion in 2021, at a CAGR of 5.9%. The key drivers for the centrifugal pump market include intensified demand for water and wastewater management in developed countries; surged investments in global construction industry; high demand for centrifugal pumps from agricultural sector.
Key Market Players:
The circuit breaker market is dominated by major players that are established brand names with an extensive regional presence, along with many local and regional players in emerging economies. The key players in the centrifugal pump market include companies such as Xylem (US), Sulzer (Switzerland), KSB (Germany), Wilo (Germany), Grundfos (Denmark), and Flowserve (US).
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COVID-19 Impact on the global centrifugal pump market
The outbreak of the COVID-19 pandemic has slowed the growth of the centrifugalpump market. This slowdown is mainly due to economic contractions, resulted from a halt in investments from various end-use industries. For instance, in the mining industry, the ongoing impact of the COVID-19 pandemic remains uncertain; with every passing day, the crisis is adversely affecting the supply chains and demand for commodities. Significant price drops were observed across major commodities, while in some cases, prices remain to be passive. For example, demand for metallurgical coal and thermal coal has decreased, while demand for gold and iron ore has increased. With the rising COVID-19 cases worldwide, the market growth for mining has remained slow as mining companies do not have permission to operate their mines with full labor strength. The current market scenario projects that recovery of the mining industry would take approximately 2–3 years. With slowing mining activities worldwide, the demand for centrifugal pumps has declined as well.
The industrial segment is estimated to be the fastest-growing segment of the centrifugal pump market, by end-user, from 2021 to 2026. This segment is driven by factors such as the increasing demand for freshwater in developing regions such as Asia Pacific and Africa. A focus on reducing carbon emissions is leading to the increased demand for cleaner sources of power generation which, in turn, would result in a rising demand for centrifugal pumps used as boiler feed pumps, condensate extraction, and cooling water pumps in the power generation industry.
Based on type, the overhung impeller centrifugal pump segment is expected to grow at the fastest rate from 2021 to 2026. This is due to various factors such as low installation cost as compared to between bearing centrifugal pumps. Overhung impeller pumps are installed with the lowest cost materials such as iron casings with brass or bronze impellers. They take up less floor space with slurry options such as rubber linings and offer reasonable efficiency. They are used in residential, commercial, and chemical applications. This segment is expected to have a higher market share due to the widespread implementation and easy operation of overhung impeller centrifugal pumps. The growing renewable energy sector also supports the growth of the overhung impeller pump segment with many solar power projects deploying these pumps for power generation.
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Based on stage, the single-stage segment is projected to grow at the highest CAGR from 2021 to 2026. The reliability and low maintenance costs of single-stage pumps in applications with moderate dynamic heads such as water pumping stations, which are some of the most common applications of submersible pumps, are expected to boost their demand for single-stage pumps across the globe.
The centrifugal pump market has been segmented, based on region, into Asia Pacific, Europe, North America, Middle East, South America, and Africa. Asia Pacific is projected to grow at the fastest rate, from 2019 to 2026, followed by the North America and Middle. Countries such as China and Japan are the largest markets in Asia Pacific and have increased their investments in the infrastructure and power sectors in the recent past. China accounted for the maximum share in the market in Asia Pacific in 2020 and is projected to grow at the highest CAGR of 6.5%, from 2021 to 2026. Increasing industrialization, investments in water and wastewater treatment infrastructure, growing urbanization, and rising demand for proper sanitation are the major factors impacting the growth of the centrifugal pump market in this region.
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