Centrifugal Pump Market Projected To Reach USD 40.1 Billion By 2030, At A 4.01% CAGR - Report By Market Research Future (MRFR)

(MENAFN- GlobeNewsWire - Nasdaq) New York, US, June 06, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), "centrifugal pump market Information By Type, Stage, End-User, and Region - Forecast till 2030", By 2030, the market for centrifugal pumps can expect to rise from USD 31.7 billion in 2023 to USD 40.1 billion, expanding at a rate of 4.01%.

Centrifugal Pump Market Overview

A mechanical tool called a centrifugal pump is used to increase the pressure of fluids during transportation. In order to accelerate fluids like chemicals, water, wastewater, sludge treatment solutions, bleaches, oil, and resins, it converts spinning kinetic energy into hydrodynamic energy. As soon as the fluid enters the pumping impeller, which is located close to the rotational axis, it is radially driven toward the discharge diffuser. These pumps offer a steady flow of fluid, simple operation, vertical or horizontal installation, high-speed motions, and low maintenance requirements. More industries than any other pump type employ centrifugal pumps. The most common variety of centrifugal pump is the valve pump. The orientations, stages, and impeller designs of centrifugal pumps are classified.

Market Competitive Landscape:

The affluent vendors in the centrifuge pump industry are

• Xylem (US)
• Grundfos (Denmark)
• Flowserve (US)
• KSB (Germany)
• Circor International (US)
• Sulzer (Switzerland)
• ITT Corporation (US)
• Wilo (Germany)
• Ebara Corporation (Japan)
• Among others.
  

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Centrifugal Pump Market COVID 19 Analysis

The market's expansion has been limited by the COVID-19 outbreak. The operation of several end-use industries has been halted, which has caused the pump market to slow down. For instance, COVID-19 continues to have an unpredictable effect on the mining industry, and the crisis had a negative influence on both the demand for commodities and the supply chain. While demand for gold and iron has soared, it has fallen for metallurgical and thermal coal. Due to the COVID-19 threat, the mining sector has remained stagnant as many companies lacked the authorization necessary to run their mines at full capacity. The market for these types of pumps is anticipated to decline due to the global decline in mining activity.

Report Scope:

Report Metrics	Details
Market Size 2030	2030: USD 40.1 billion
CAGR during 2022-2030	4.01% CAGR
Base Year	2022
Forecast	2023-2030
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Type, Stage, End User, and Region
Key Market Opportunities	Increasing investments in infrastructure and facilities for treating water and waste
Key Market Dynamics	Urbanization is expanding, there is a strong emphasis on water conservation and wastewater management infrastructural development is expanding.

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Centrifugal Pump Market USP Covered:

Market Drivers:

Rapid industrialization and increased product demand from the wastewater treatment sector are two of the key factors bolstering the market's expansion. Wastewater treatment facilities now have more affordable initial significant investments thanks to their modular architecture. These systems are simply extendable as the capacity requirements of wastewater flow and treatment facilities increase. Market expansion is also being driven by the growing demand to replace antiquated industrial pumps in the pharmaceutical and food and beverage industries. As a result, the oil and gas industry has embraced a wide array of items for conducting exploratory activities in offshore and deep-water areas all over the world.

It is anticipated that a rising worldwide population and greater water demand by various businesses would promote the building of new water treatment facilities around the globe, allowing the water and wastewater industry to grow. As a result, it is anticipated that demand for centrifugal pump market would rise. Increased residential and commercial development projects will accelerate market expansion. These pumps help to resolve problems with fluctuating or lower pressure as well as meet the needs of buildings' HVAC systems and water transfer systems. Centrifugal pumps are frequently utilized to process used water in wastewater treatment facilities. In order to increase impeller velocity and drive fluids through exit valves, these pumps employ rotating impellers.

Opportunities

The usage of modelling software and other technical advancements like the production of 3D-printed impellers are also assisting in expansion. These developments help produce a higher flow rate and output pressure while also enhancing pump performance and reducing production costs. Further market growth is anticipated as a result of additional reasons such as rising energy-efficient centrifugal pump demand and rising desalination costs in industrial facilities. The implosion and quick rotation of these bubbles are two of the main factors that contribute to corrosion in pump casings and impellers.

Market Restraints:

Small metal fragments are scraped off the surfaces of the impellers during bubble implosion, which results in low-frequency vibration, noise, and severe damage to centrifugal pump market. This has an impact on pump performance, which lowers sales and raises replacement costs. Thus, cavitation and dry-run failures may prevent the growth of the centrifugal pump sector.

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Centrifugal Pump Market Segmentation

By Type

According to type, the market for centrifugal pumps is classified into overhung impellers, vertically suspended, between bearings, and others. According to the statistics, leading markets off of vertically suspended segments are expected to be estimated within the anticipated time frame. The ability to use 75% less floor space than a horizontal pump powered by electric motor drives, for example, makes it possible for such calculations to be made.

By Stage

Stage-based segmentation of the centrifugal pump market includes single, multistage, and others. The single-stage section is anticipated to contribute the most during the forecasted time.

By End-User

Key end-users of centrifugal pumps are Water & Wastewater, Oil & Gas, Chemicals, Power, and others.

Centrifugal Pump Market Regional Insights

The U.S. dominates the business landscape in North America, while the latter ranks first overall. The size of the market will be impacted by rising building costs as well as the ongoing expansion of industrial facilities. Aside from that, rising oil and gas production goals and vast hydrocarbon reserves will contribute to the expansion.

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Between 2022 and 2030, the fastest CAGR is anticipated to be achieved in the Asia-Pacific Centrifugal Pump Market. The area is drawing investors to build manufacturing operations because of the reduced cost of labor and raw materials. One of the drivers of the Asia Pacific Centrifugal Pump Market is an increase in R&D expenditure. Additionally, the highest market share in the Asia-Pacific region for centrifugal pumps was held by China, and the market there was expanding at the fastest rate.

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