Centrifugal Pumps Market Spin: Navigating the 2023 to 2033 Trajectory, Unveiling Demand Dynamics, Growth Insights, and Future Visions

The value of global sales of centrifugal pumps is anticipated to approach US$ 33 billion in 2023, with a steady long-term estimate, according to the most current research from Future Market Insights (FMI). The report predicted that the market will expand at a 6.2% CAGR from 2023 to 2033. The industrial and residential segments of the centrifugal pump market will account for a combined US$33 billion in 2023, according to FMI's annual market report.

FMI anticipates robust expansion in the oil and gas sector, particularly in developing nations like China, the United States, the Middle East, and Africa. For the industry to provide precise and repeatable pumping and transportation operations, centrifugal pumps are crucial. As a result, the expansion of the oil and gas industry globally is fueling

The presence of numerous Chinese players offering low-priced centrifugal pumps acts as a restraint to most regional and global players. Increasing price pressure from these players is influencing key suppliers to offer high-quality, reliable, efficient and technologically advanced centrifugal pumps at competitive rates.

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Global demand for centrifugal pumps is directly correlated to infrastructure development activities worldwide. Governments of developing countries such as China and India are focusing on urbanization, which in turn is anticipated to fuel demand for centrifugal pumps, particularly in domestic, Water and wastewater treatment industries.

Manufacturers need to evaluate life cycle costs and facilitate smart buying decisions. Centrifugal pump manufacturers need to analyze cost of energy and return of investment for centrifugal pumps compared to purchase and installation costs.

Key Takeaways from Centrifugal Pump Market Study:

Multi stage pumps are expected to hold over 50% of the global market share, supported by heavy-duty requirements of the oil and gas sector.
Water and wastewater applications are projected to hold over a third of the overall market share by 2031-end, aided by infrastructure investments in emerging economies.

The market in the South Africa is projected to expand at a CAGR of around 5%, while that of Mexico accounts for approximately 4%, through 2031.
The markets in India and South Korea are set to surge at higher than 5% CAGR over the coming decade.
Germany will hold the lead in Europe with a valuation of over US$ 1.2 Billion in 2021. Major investments in the natural gas sector will provide impetus.

"Developing nations are exhibiting high demand for centrifugal pumps for industrial and commercial applications, driven by rising investments into water and wastewater infrastructure by governments. This will enable growth in the overall market through 2031," says a Future Market Insights analyst.

Centrifugal Pump Market Competitive Landscape

The centrifugal pumps market is highly consolidated, with key players accounting for more than four-fifths of the market share. These players are likely to invest in technology developments and the expansion of their networks in order to maintain their market shares.

Some of the key players in this industry include but are not limited to Ebara Corp., Xylem Inc., Sulzer AG, KSB Group, Flowserve Corp., and Kirloskar Brothers.

Find More Valuable Insights in the Centrifugal Pump Market

The research report analyzes the demand for centrifugal pumps. The global centrifugal pump market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends & market background. As per Future Market Insights' research scope, the market has been analyzed on the basis of product type, application, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, the supply side and the demand side.

Key Players in the Market

Ebara Corporation
Xylem Inc.
Sulzer AG
Flowserve Corporation
Grundfos
Wier Group
KSB Group
Shakti Pump
Kirloskar Brothers Ltd.
WILO SE
Tsurumi Manufacturing Co., Ltd.
DESMI A/S
WPIL Limited
HERMETIC-Pumpen GmbH
Klaus Union GmbH & Co. KG
Ruhrpumpen Group
HOMA Pumpenfabrik GmbH
CP Pumpen AG
Toyo Denki Industrial Co. Ltd.
Speck Pumpen Walter Speck GmbH & Co. KG

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Centrifugal Pumps Market by Category

By Product Type:

Single Stage Pump
Small
Medium
High
Multi-Stage Pump
Small
Medium
High
Axial & Mixed Flow Pump
Small
Medium
High
Submersible Pump
Small
Medium
High
Seal Less & Circular Pump
Small
Medium
High

By Application Type:

Industrial Centrifugal Pumps
Oil & Gas
Chemical
Water & Wastewater
Food & Beverage
Pharmaceutical
Power
Others
Agricultural Centrifugal Pumps
Domestic Centrifugal Pumps

By Region:

North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East and Africa (MEA)

Nandini Singh Sawlani
Future Market Insights Inc.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

This release was published on openPR.