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Centrifugal Pump Market Size to Hit USD 45.56 Billion by 2028

May 3, 2022

According to Fortune Business Insights, the global centrifugal pump market size is projected to grow from USD 30.56 billion in 2021 to USD 45.56 billion in 2028, at CAGR of 5.9% during forecast period; Rising commercial and residential spaces construction to boost market development.

/EIN News/ — Pune, India, May 02, 2022 (GLOBE NEWSWIRE) — The global centrifugal pump market size is projected to reach USD 45.56 billion by 2028, exhibiting a CAGR of 5.9% during the forecast period. The market was valued at USD 29.24 billion in 2020 and is estimated to reach USD 30.56 billion in 2021.

Rising commercial and residential infrastructure developments and extensive pump adoption in several applications are expected to boost market development. Fortune Business Insights™ mentions this information in its report titled “Centrifugal Pump Market, 2021-2028.”

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Report Coverage Details
Forecast Period 2021-2028
Forecast Period 2021 to 2028 CAGR 5.9%
2028 Value Projection USD 45.56 billion
Base Year 2020
Market Size in 2020 USD 29.24 billion
Historical Data for 2017-2019
No. of Pages 210
Segments covered By Flow (Axial Flow, Radial Flow, Mixed Flow), By Stage (Single-Stage, Multi-Stage), By End-user (Residential, Commercial, Agricultural, Industrial {Water & Wastewater, Oil & Gas, Power Generation, Mining, Chemical, Food & Beverage, and Others})
Growth Drivers Halt in Operations to Impede Market Growth
  Rising Commercial and Residential Spaces Construction to Boost Market Development

Centrifugal pumps are utilized to transfer liquids in bulk and provide efficient flow rates. Increasing developments in commercial and residential infrastructure are expected to boost the adoption of centrifugal pumps. Furthermore, the rising adoption of pumps in several applications is expected to boost the pump’s demand. In addition, the incorporation of sensors is expected to boost the product’s sales. For example, KSB announced its “KSB guard” to monitor pump systems utilizing sensors at Germany’s ACHEMA global trade fair. These factors are likely to boost the market development during the upcoming years.

COVID-19 Impact on market:

Halt in Operations to Impede Market Growth

This market is expected to be negatively affected by the COVID-19 pandemic because of the halt on production and manufacturing activities. The sudden spike in COVID-19 patients led to the imposition of stringent lockdown regulations, which, in turn, led to supply chain disruptions. However, effective sanitization and reduced capacities enabled manufacturers to boost their productivity and recover losses. These factors are likely to foster market growth during the pandemic.

Click here to get the short-term and long-term impact of COVID-19 on this market. Please visit: https://www.fortunebusinessinsights.com/industry-reports/centrifugal-pump-market-101079

Drivers and Restraints

Rising Commercial and Residential Spaces Construction to Boost Market Development

Increased focus on infrastructure development is expected to boost centrifugal pumps’ adoption. Increasing population and rapidly increasing spending capacity are expected to fortify centrifugal pumps’ adoption. Several private and public entities invest heavily in the refurbishment of existing establishments and constructing new buildings. The adoption of centrifugal pumps eliminates problems related to low-pressure and aids in delivering energy-efficient solutions to satisfy HVAC and water supply requirements.  In addition, the rising population and construction of smart cities lead to the adoption of centrifugal pumps, thereby boosting sales. These factors are likely to drive the centrifugal pump market growth.

However, problems regarding cavitation and priming may hinder the market progress.

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Segmentation:

By flow, the market is segmented into mexed flow, radial flow, and axial flow. By stage, it is bifurcated into multi-stage and single-stage. As per end-user, it is categorized into industrial, agriculture, commercial, and residential. Geographically, it is grouped into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Regional Insights:

Rising Demand for Energy and Stringent Government Initiatives to Boost Market Growth in Asia Pacific

Asia-Pacific is expected to dominate the centrifugal pump market share during the forecast period because of the rising energy demand. The market in Asia-Pacific reached USD 11.46 billion in 2020 and is expected to gain a remarkable market share in the upcoming years. Furthermore, increasing energy demand alongside rising progress in the processing and manufacturing industry is expected to boost the market growth.

In Europe, the presence of several centrifugal pump manufacturers and the adoption of stringent government initiatives to prevent water pollution are expected to boost adoption. Furthermore, the emergence of several new power generation plants and rising cooling and space heating systems are expected to boost centrifugal pumps’ demand. These factors may initiate market growth.

In North America development of industrial establishments and rising construction expenditure is expected to boost the adoption of the product. Additionally, the increased oil & gas production targets may foster market development.

Competitive Landscape:

Major Players Engage in Partnerships to Boost Brand Image

Prominent companies operating in the market devise partnership strategies to offer effective services and improve brand image. For example, Xylem Inc. and ESRI engaged in a partnership to service utilities globally in April 2021. The companies will pursue collaborative selling, joint marketing, solution development, and joint technical road mapping through this partnership. Further, companies adopt novel product launches, acquisitions, expansion, research, and development strategies to boost their market position globally.

Industry Development:

  • June 2021: Kirloskar Brothers Limited launched a new manufacturing division named Advanced Technology Product Division that includes speacialized pumps for nuclear applications.

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List of Key Players Profiled in the Centrifugal Pump Market Report

  • GRUNDFOS
  • KSB Company
  • Wilo Group
  • Flowrox
  • Sulzer
  • Xylem
  • Dover Corporation
  • The Weir Group PLC
  • Ebara Corporation
  • ITT Corporation.
  • Flowserve Corporation
  • Kirloskar Brothers Limited

Table of Content:

1.       Introduction

1.1.    Research Scope

1.2.    Market Segmentation

1.3.    Research Methodology

1.4.    Definitions and Assumptions

2.       Executive Summary

3.       Market Dynamics

3.1.    Market Drivers

3.2.    Market Restraints

3.3.    Market Opportunities

4.       Key Insights

4.1.    Key Emerging Trends – For Major Countries

4.2.    Latest Technological Advancements

4.3.    Regulatory Landscape

4.4.    Industry SWOT Analysis

4.5.    Porters Five Forces Analysis

5.       Qualitative Analysis – Impact of COVID-19

5.1.    Impact of COVID-19 on the Centrifugal Pump Market

5.2.    Steps Taken by the Government to Overcome the Impact

5.3.    Key Developments by the Industry Players in Response to COVID-19

5.4.    Potential Opportunities and Challenges due to COVID-19 Outbreak

6.       Global Centrifugal Pump Market Analysis (USD Billion), Insights and Forecast, 2017-2028

Continued…

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About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in. 

Contact Us:

Fortune Business Insights™ Pvt. Ltd.

US: +1 424 253 0390

UK: +44 2071 939123

APAC: +91 744 740 1245

Email: [email protected]sights.com


Centrifugal Pump Market Share

Centrifugal Pump Market Share



Article originally published at https://www.einpresswire.com/article/570751947/centrifugal-pump-market-size-to-hit-usd-45-56-billion-by-2028-industry-share-growth-and-trends-forecast-analysis

The post Centrifugal Pump Market Size to Hit USD 45.56 Billion by 2028 first appeared on Reality Syndicate Viewers.

This news story originally appeared at Books - Reality Syndicate Viewers on 3 May 2022