The global centrifugal pump market size is anticipated to reach USD 50.32 billion by 2026 owing to the rapid development of the commercial and industrial infrastructure worldwide. A centrifugal pump is a mechanical device that uses a simple mechanism for drawing up liquid from a high or low level. This is possible by converting rotational energy from a motor to energy in the moving liquid. According to a recently published report by Fortune Business Insights™ titled, “Centrifugal Pumps Market Size, Share & Industry Analysis, By Type (Axial Flow, Radial Flow, Mixed Flow), By Stage (Single-Stage, Multi-Stage), By End-user (Residential, Commercial, Industrial, Agricultural), and Regional Forecast, 2019-2026,” the market value stood at USD 36.05 billion in 2018. It will rise at a CAGR of 4.3% during the forecast period set from 2019 to 2026.
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What is the Scope of the Report?
The report offers an elaborate overview of the market and its growth parameters, such as factors repelling, boosting, challenging, and creating opportunities for the market. It also emphasizes on the competitive landscape of the market, key industry insights, and other centrifugal pump market trends. Besides this, the report talks about market segmentation based on factors such as stage, type, end-user, and regions. Furthermore, the report highlights the list of players operating in the market, and the significant strategies adopted by them to gain a competitive edge in the market. These include mergers and acquisitions, contracts and agreements, investments in research and development, and other company collaborations. The report is available for sale on the company website.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
List of Centrifugal Pump Market Manufacturers are the following:
- Kirloskar Brothers Limited (India)
- ITT Inc. (U.S.)
- The Weir Group PLC (Scotland)
- Sulzer (Switzerland)
- Wilo Group (Germany)
- GRUNDFOS (Denmark)
- Xylem (U.S.)
- Flowrox (Finland)
- KSB Company (Germany)
- Flowserve Corporation (U.S.)
- Ebara Corporation (Japan)
- Dover Corporation (U.S.)
- Tsurumi Pump (Japan)
Rise in Construction Activities Will Propel Growth
The increasing number of industries such as marine, chemical, pharmaceuticals, food and beverage, metal manufacturing, pharmaceutical, and others is the primary centrifugal pump market growth driver. Additionally, the building of industrial, commercial, and residential structures has also contributed a significant share to the market, thereby aiding to the expansion of the market in the forthcoming years.
However, the formation of cavity conditions in the pumps may cause significant hindrance to the overall market in the forecast period. This, coupled with the regular need for priming of the pumps, may also hamper its global market size.
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Asia Pacific to Dominate Market with Rising Demand for Industrial Applications
At present, Asia Pacific is holding the largest centrifugal pump market share owing to the increasing demand for energy, coupled with the rise in processing and manufacturing industries. The significant nations contributing significant revenues to this region include India, China, Australia, Japan, and the Southeast Asian countries. On the other side, the market in North America will witness significant growth owing to the rise in expenditure on construction activities, coupled with rapidly developing industrial establishments. In addition to this, the increase in oil and gas production targets, coupled with substantial hydrocarbon reserves, is likely to aid in the expansion of the regional market.
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