FMI Study States Global Centrifugal Pumps Market Share to Surpass USD 60 Billion by 2033, Registering a 6.2% CAGR

The global centrifugal pumps market is currently assessed at approximately USD 33 billion for the year 2023, with a projected escalation to about USD 60 billion by the culmination of 2033. Anticipatedly, the uptake of centrifugal pumps is poised to make noteworthy progress, manifesting a Compound Annual Growth Rate (CAGR) of 6.2% throughout the envisaged period. A salient catalyst for this expansion is the escalating integration of centrifugal pumps within burgeoning economies.

An emerging trend is the integration of digitalization and IoT capabilities in centrifugal pumps. Smart pumps equipped with sensors and connectivity features offer real-time monitoring, predictive maintenance, and remote control capabilities. This not only enhances operational efficiency but also reduces downtime and maintenance costs.

The rising emphasis on water conservation and wastewater treatment presents untapped opportunities for centrifugal pump manufacturers. With increasing environmental regulations and the need for efficient water management, there is a growing demand for pumps specifically designed for water treatment processes. The market is witnessing a shift towards customization and modular design. Manufacturers are providing centrifugal pumps that can be easily tailored to meet specific requirements, enabling better adaptability across diverse applications.

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Key Takeaways:

The Canadian centrifugal pumps market is projected to experience a compound annual growth rate (CAGR) of approximately 4% during the forecast period.

Germany holds around 18% of the market share in Europe as of 2023.

Sales in the GCC countries are expected to contribute to over 44% of the centrifugal pumps market in the Middle East and Africa in 2023.

China is predicted to exhibit a CAGR of over 6% in the next decade.

The industrial sector dominates the market, representing nearly 60% of the total market share in 2023.

By 2033, the multi-stage pump segment is estimated to account for over 55% of the market.

How Key Players are revolutionizing this market?

Key players in the centrifugal pump market are revolutionizing manufacturing through various strategies and innovations. They are investing in research and development to enhance pump efficiency, durability, and performance. Advanced materials like composites and alloys are being used to improve pump components, reducing maintenance and operating costs.

Players are incorporating smart technologies such as IoT and AI to enable remote monitoring, predictive maintenance, and energy optimization. Automation and robotics are streamlining the production process, improving productivity and reducing human errors. There is a growing emphasis on sustainable manufacturing practices, including the use of eco-friendly materials and energy-efficient processes, reducing environmental impact. Overall, these advancements are driving the evolution of the centrifugal pumps market share and providing improved solutions for various industries.

Competitive Landscape:

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.

Product Portfolio:

Ebara Corporation offers a diverse product portfolio including pumps, compressors, turbines, and environmental equipment, catering to various industries such as water supply, wastewater treatment, and energy.
Xylem Inc. specializes in providing innovative water solutions, offering a wide range of products such as pumps, filters, and treatment systems, aimed at addressing water challenges faced by communities, industries, and commercial sectors.

Key Segments Profiled:

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
Asia Pacific
Middle East and Africa

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Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

About Future Market Insights (FMI)

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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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This release was published on openPR.