Centrifugal Pump Market Overview:
Centrifugal pumps have impellers playing a pivotal role in transporting fluids or water to increase pressure and use it in various operations. The centrifugal pump market is expected to gain 4.01% CAGR during the forecast period (2016-2023). Market Research Future (MRFR) in their latest report includes several factors with potential to impact the centrifugal pump market in the coming years.
Several industries like water & wastewater, oil & gas, chemical, power, and others are expected to expand the functional scope for the centrifugal pumps market. Eco-friendly concerns are also providing thrust to the market. Rapidly increasing industrial sectors in the developed and developing nations can ensure a smooth run for the centrifugal pumps market.
Segmentation:
The global centrifugal pump market, as per the study of MRFR, can be segmented into type, stage, and end-user. The segmentation delves deep into the market to gain maximum insight and is backed by key information regarding various factors.
Based on the type, the centrifugal pump market includes vertically suspended, overhung impeller, and between-bearing. The vertically suspended segment is expected to helm the market during the forecast period as its space consumption is 75% less than horizontal pumps with electric motor drives. This is bound to spur the intake of vertically suspended machines into petroleum, oil & gas, commercial buildings, and industrial process services.
Concerns regarding the end-user leads the centrifugal pump market to a segmentation by oil & gas, chemical, power, water & wastewater, and others. The water and wastewater segment is expected to be in the charge of the global market during the forecast period. Rise in concerns regarding environmental balance can be a deciding factor for the segmental growth in the coming years.
Regional Analysis:
Region-specific analysis of the global Centrifugal Pump Market Share includes North America, Europe, Asia Pacific (APAC), South America, Africa, and the Middle East.
In 2017, North America was the market to hold the largest share based on a revenue-wise analysis. It is still expected to dominate the market in the coming years. The region has several industries with advanced technologies deployed. Such diverse, yet immensely well-structured, segments are influencing the intake of centrifugal pumps. At the same time, demand for the reduction in wastewater is providing traction to the regional market. Europe is also enjoying benefits of strict government rules regarding wastewater management. Eco-friendly processes are well-formed and the automotive sector is robust which are giving the market a head start.
The APAC market is expected to be the fastest growing one as highly-populated regions like India, China, Japan, and others are promoting the need for wastewater management. At the same time, industries are popping up as a part of the initiative taken by governments to revamp their economic infrastructure which would be the fastest growing market during the forecast period, mainly due to the rising investment infrastructure development. Moreover, he increased demand from the water and wastewater sector, moderate demand from constructions sector, rising urbanization, and supportive government plans are expected to drive the market for centrifugal pumps in Asia Pacific region. The pumps market would be mainly driven by the growing need for water conservation in the countries such as US and Canada.
Competitive Landscape:
The global centrifugal pump market is gaining much from tactical moves that have been implemented by leading players. These companies deploy such moves to ensure their personal growth which, consequently, takes the global market forward. MRFR in their report enlisted several companies and profiled them to understand dominating trends in the market. These companies are Grundfos (Denmark), Xylem (US), KSB (Germany), Flowserve (US), Sulzer (Switzerland), Circor International (US), Wilo (Germany), ITT Corporation (US), Pentair (US), Ebara Corporation (Japan), Baker Hughes, A GE Company (US), Someflu (France), and Weir (UK).
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