Global Centrifugal Pumps Market Report, published by Variant Market Research, forecast that the global market is expected to reach $51.4 billion by 2025 from $34.9 billion in 2017, growing at a CAGR of 4.9% from 2017 to 2025. By Geography, Asia-Pacific and North America are expected to grow at a CAGR of 5.5% and 5.1%, respectively, during the forecast period.
"Centrifugal Pumps Market (By Product Type: Single-Stage Pumps, Multi-Stage Pumps, Submersible Pumps, Axial & Mixed Flow Pumps, and Seal Less & Circulatory Pumps; By Capacity Type: Small Pumps, Medium Pumps, and Large Pumps; By End-Use: Industrial, Agricultural, and Domestic; By Geography: North America, Europe, Asia-Pacific and Row) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025"
The global centrifugal pumps market is mainly driven by increasing efficiency, and advanced pump automation
Advanced pump automation, increasing efficiency, and decreased energy usage of these pumps are the major factor boosting the growth of the centrifugal pumps market. In addition, rising exploration activities for new sources of water and replacement of existing pumping systems & production plants with advance technologies have also encouraged the market growth. Though, limited drawbacks such as not able to work with high pressure and trouble dealing with viscous liquids are the restraints of the market growth. Furthermore, increased demand for these pumps for water management and water cycling purposes and increasing investment in chemical process are expected to create ample of opportunities in the world centrifugal pumps market.
Product type, capacity type, end-use, and geography are the bifurcations of the global centrifugal pumps market. Product type segment comprises single-stage pumps, multi-stage pumps, submersible pumps, axial & mixed flow pumps, seal less & circulatory pumps. By capacity type, the market is classified into small pumps, medium pumps, and large pumps. Furthermore, end-use segment is categorized into industrial, agricultural, and domestic.
The country wise analysis has been also covered under the scope of the report. North America covers the U.S., Canada, and Mexico. Germany, France, UK, Russia,Italy, and Rest of Europe are analyzed under the European market. India, China, Japan, South Korea, and Rest of Asia-Pacific are included under the Asia-Pacific market. While RoW is bifurcated into South America, Middle East, and Africa.
Submersible pumps, by product type segment led the market with major share in 2017
Submersible pumps contributed for the majority of the share in 2017, in the product type segment, and is expected to continue itstrend during the forecast period. In terms of growth. The reason being, submersible pumps are intended to be tightly contained underwater units. Hence, they are completely watertight, and electric contacts and risks of leakages are eliminated. This ensure that the pump will not have the internal damage, and therefore minimizes repair costs.Single-stage pumps, and multi-stage pumps together are expected to achieve the fastest CAGR during the forecast period 2017 – 2025.
Industrial segment dominated the end-use segment with the largest market share in 2017
Industrial occupied the largest market share in the end usesegment and is likely to continue its dominance throughout the forecast period. The high growth is attributed to urbanization across the world, and rapid growth in industrialization. Usage of centrifugal pumps in industries such as oil & gas, water and wastewater, mining, process industries, and chemicals is increasing due to their wide capacity range, high efficiency, ease of operation& maintenance, and high flow rate. While, agriculture segment expected to achieve the fastest CAGR during the forecast period.
Asia-Pacific accounted for the maximum share in the global centrifugal pumps market
In 2017, Asia-Pacific was the highest revenue generating region accounting for 41.6% of the global centrifugal pumps market share due to high demand from agricultural and industrial sector, and rising investment for infrastructural development. Also, this regionis likely to achieve the fastest CAGR during the forecast period.
Prominent players operating in the market include Clyde Union Pumps, Sulzer AG, Ebara Corporation, ITT Corporation, Baker Hughes, Flowserve Corporation, Grundfos, Weir Group Plc., KSB AG, and Vertiflow Pump Company, among others.