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Market Size and Trends

The centrifugal pump market is estimated to be valued at USD 39.11 billion in 2024 and is expected to reach USD 57.41 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.6% from 2024 to 2031.

Centrifugal Pump Market Key Factors

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The centrifugal pump market is expected to witness a positive trend over the forecast period. Pumps are increasingly being utilized across various end-use industries such as the chemical, oil & gas, power generation, and water & wastewater treatment industries. The rising energy demand along with growing industrialization in emerging economies across Asia Pacific and the Middle East & Africa is further augmenting the demand for centrifugal pumps. Additionally, increasing investments in process industries and technological advancements in product offerings are some of the factors expected to drive the market growth during the forecast period.

Rising Construction Industry

The rising construction industry across the globe especially in emerging economies is fuelling the demand for centrifugal pumps. As more construction projects are announced related to buildings, infrastructure development, etc., it creates a need for moving slurries, liquids, and transfer of various materials on construction sites. Centrifugal pumps are ideal for such applications owing to their ability to handle large flows at moderate head conditions. Many economies in Asia Pacific, Latin America, Middle East, and Central Europe are undertaking massive housing construction as well as highways, metros, dams, and other civil engineering structures. This rise in construction activities provides steady opportunities for centrifugal pump manufacturers and distributors. Countries like India, China, Indonesia, Brazil, Saudi Arabia, and Poland are spending billions of dollars in the construction of new urban infrastructure to accommodate rapid urbanization which boosts their infrastructure sector. New buildings, townships, ports require excavation, concrete casting, irrigation, sewage, and are core end-use areas for centrifugal pump consumption. A thriving construction industry is thus a major driver propelling centrifugal pump sales.

For instance, according to the BP Statistical Review of World Energy 2022, the global natural gas production and demand have significantly increased. This surge is expected to drive the global demand for centrifugal pumps.

Market Concentration and Competitive Landscape

Centrifugal Pump Market Concentration By Players

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Rising Water and Wastewater Treatment Needs

With growing populations worldwide, the demand for clean drinking water as well as the treatment of industrial and domestic wastewater has increased tremendously. Most cities and towns now require sophisticated water treatment and wastewater processing facilities to purify and recycle water. Centrifugal pumps play a critical role in moving water and wastewater through various treatment stages right from intake, screening, coagulation, and sedimentation to final disposal or recycling applications. They are used for applications like raw water intake, sludge transfer, filtration, dosing of chemicals, and final effluent disposal. The need for reliable water management solutions has also grown due to acute water scarcity issues faced in many parts globally. Both developing and developed nations are investing heavily in construction of new water treatment plants as well as expanding and upgrading existing infrastructure. This growing requirement for sustainable and efficient water treatment presents pumps manufacturers with significant opportunities. Centrifugal pumps, with their flexible design and high efficiency, address majority of the key requirements for water treatment projects.

For instance, in November 2023, Xylem secured a contract to supply pumps and valves for a major water treatment plant in India, contributing to the improvement of the country’s clean water infrastructure.

Centrifugal Pump Market Key Takeaways From Lead Analyst

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Market Challenges: Intense Competition and Price Pressures

The centrifugal pump market faces several challenges. Increased focus on energy efficiency and sustainability have led to the demand for more eco-friendly pump designs that utilize less electricity and resources. Pump manufacturers must balance this demand with tight profit margins. Additionally, emerging technologies like artificial intelligence and IoT enable new product features but require R&D investments that are difficult to recover. Fluctuating raw material costs also impact pump production. With rising competition, establishing product differentiation and competitive pricing is a continual challenge.

Market Opportunities: Capitalizing on Industrial Growth and Infrastructure Development

The centrifugal pump market possesses several opportunities for growth. The industrial sector is steadily expanding in developing nations, driving the need for efficient pumping solutions across various process industries. The agriculture industry also offers prospects as sustainable irrigation becomes a priority. Furthermore, the integration of advanced technologies allows for smart pumps with remote monitoring.

Centrifugal Pump Market By Product Type

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Insights, By Product Type- Cost Effectiveness Drives High Adoption of Single-stage Pumps

In terms of product type, Single-stage pump is expected to contribute the highest share of 34.1% in 2024, owing to its cost effectiveness for various applications. Single-stage pumps provide a basic level of fluid movement for many residential, commercial and industrial purposes without complex multistage mechanisms. Their straightforward design with a single impeller chamber makes them extremely reliable and low maintenance. Lack of stage barriers and seals helps reduce overall part counts, while large suction and discharge sizes streamline hydraulic characteristics. This simplistic and robust construction model allows single-stage pumps to achieve competitive price-points relative to their pumping functionality. Their cost effectiveness has made them a top choice for transferring water, raw materials, chemicals and various fluids where high heads or large flows are not critical operation parameters. Affordable pricing also expands addressable markets and applications domains for single-stage pumps compared to other premium product lines. Their universality across a diverse range of industries like food & beverage, oil & gas, mining, power, water supply etc. has cemented single-stage pumps' leadership status in the overall centrifugal pump market.

Insights, By Capacity (HP)- Growth of Small Capacity Pumps in Commercial Settings

In terms of capacity (HP), small capacity pumps are expected to contribute the highest share of 43.03% in 2024, driven by increasing applications of small centrifugal pumps in commercial buildings. Pumps with horsepower ratings under 5 HP are widely used to circulate water for Heating, ventilation, and air conditioning (HVAC) systems, fountains, condensate removal, and other mechanical apparatus in facilities like malls, hotels, hospitals and office complexes. Their compact footprints and appreciable flow rates at lower energy consumption levels make small pumps highly suited for installations with limited space. Additionally, precise variable speed control capabilities in modern small pumps help commercial building managers optimize energy efficiency of circulatory systems. Strict environmental regulations also favor the widespread deployment of low-power pumps. Their low initial and operational expenditures further boosts the feasibility of water-related commercial applications. Therefore, steady growth of commercial real estate and building services industry acts as a macro driver for small capacity centrifugal pumps.

Insights, By End-use Industry - Growth in Process Industries Fuels the Demand for Industrial Pumps

In terms of end-use industry, industrial is estimated to contribute the highest share of 48.31% in 2024, driven by the increasing reliance of process manufacturing on centrifugal pumps. Pumps are indispensable in many industrial verticals such as oil & gas, power generation, chemicals, pharmaceuticals, mining and pulp & paper for fluid transportation needs in manufacturing and ancillary processes. Growth in the global manufacturing output, especially in emerging economies, has amplified the demand for centrifugal pumps suitable for corrosive, high-temperature, and abrasive applications in industries. Strict quality and performance standards for moving acids, bases, slurries, and viscous fluids within industrial facilities necessitate robust and durable industrial centrifugal pump designs. Their high efficiencies in bulk handling of fluids also ensure optimal resource usage. Consequently, centrifugal pumps have emerged as lifelines for process industrialization worldwide. Sustained capital investments in plant expansions and new production facilities will continue stimulating the industrial centrifugal pumps market ahead relying on their process reliability.

Regional Insights

Centrifugal Pump Market Regional Insights

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The Asia Pacific region currently dominates the global centrifugal pump market and is expected to have a largest market share of 38.67% in 2024. Rapid industrialization and infrastructure development activities are driving the need for fluid transfer in major economies, such as China, India, Japan, and Southeast Asian, nations. China, in particular, has witnessed tremendous growth in the construction, energy and manufacturing space over the past decade. This has greatly increased the consumption of centrifugal pumps for applications in thermal and hydro power plants, irrigation projects, sewage treatment facilities, and various process industries. At the same time, the availability of low-cost manufacturing options and expertise in pump assembly has enabled regional players to become formidable competitors in the export market as well.

However, the North American region is emerging as the fastest growing market for centrifugal pumps globally and is expected to grow with the CAGR of 7.71% in 2024. With a strong industrial manufacturing base across various sectors such as oil and gas, chemicals, power generation, mining, and construction, the demand for centrifugal pumps remains consistently high in the U.S. and Canada. Major pump manufacturers have established their production and distribution facilities across the region to effectively cater to localized demand. Additionally, the presence of leading pump original equipment manufacturers Favors imports of high-end and customized pump models to complement domestic offerings.

The Middle East is also witnessing a spike in centrifugal pump purchases for strategic oil and gas ventures as well as large-scale desalination projects. While global suppliers have a well-entrenched presence due to technical collaboration with national oil companies, regional resellers are fast emerging as a price-competitive distribution channel within the Gulf Cooperation Council countries. This is gradually shifting the dynamic of the traditionally import-oriented centrifugal pump market in the region.

In Europe, stringent regulatory push for energy efficiency and emissions norms will revolutionize the centrifugal pump sales in the near future. Major pump manufacturers are at the forefront of developing new hydraulic designs, advanced materials and integrated drive systems to comply with the evolving performance standards stipulated by the European Union directives. Meanwhile, the recovery in capital expenditure across process and utility sectors is supporting the demand momentum across major Western and Central European economies.

Market Report Scope

Centrifugal Pump Market Report Coverage

Report Coverage Details
Base Year: 2023 Market Size in 2024: US$ 39.11 Bn
Historical Data for: 2019 To 2023 Forecast Period: 2024 To 2031
Forecast Period 2024 to 2031 CAGR: 5.6% 2031 Value Projection: US$ 57.41 Bn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East & Africa: GCC Countries, South Africa, Israel, and Rest of Middle East & Africa
Segments covered:
  • By Product Type: Single-stage Pump, Multi-stage Pump , Axial & Mixed Flow Pump , Submersible Pump , and Sealless & Circulator Pumps
  • By Capacity (HP): Small , Medium , and High 
Companies covered:

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

Growth Drivers:
  • Rising Construction Industry 
  • Rising Water and Wastewater Treatment Needs
Restraints & Challenges:
  • Intense Competition and Price Pressures
  • Fluctuating Raw Material Costs and Energy Prices

Key Developments

  • In October 2023, KSB unveiled the KSB GUARD platform, providing real-time data insights and predictive maintenance solutions for centrifugal pumps. The goal is to enhance operational efficiency and dependability.
  • In September 2023, Flowserve announced its expansion into the hydrogen manufacturing business, with a focus on pumps tailored for the sustainable energy sector
  • In May 2023, Xylem, Inc. initiated a global pump manufacturing site in Egypt. This facility will manufacture Split-Case Centrifugal pumps for various applications including irrigation, HVAC, and commercial building services. It will also produces end-suction pumps for industry and irrigation.
  • In March 2023, KSB acquired Bharat Pumps, a significant manufacturer of centrifugal pumps, among other products. KSB SupremeServ, a dedicated segment for aftermarket services, will manage this newly acquired venture, handling spare parts business and servicing over 5,000 BP&CL products installed in various industries and locations across India.
  • In February 2023, CPC Pumps International expanded its product range with the launch of the new BB5 pump, designed for carbon capture, utilization, and storage (CCUS) processes central to lowering CO2 emissions
  • *Definition: The centrifugal pump market consists of companies that manufacture and sell centrifugal pumps used to move liquids by means of centrifugal force. Centrifugal pumps work by using the rotational energy from an impeller to increase the velocity of a fluid and generate pressure through centrifugal force. They are commonly used for industrial purposes like transporting water, sewage, slurries, and particulate slurries. The centrifugal pump market sees demand from various end-use industries like oil & gas, chemical, and construction.

Market Segmentation

  • Product Type Insights (Revenue, USD Bn, 2019 - 2031)
    • Single-stage Pump
    • Multi-stage Pump
    • Axial & Mixed Flow Pump
    • Submersible Pump
    • Sealless & Circulator Pumps.
  • Capacity (HP) Insights (Revenue, USD Bn, 2019 - 2031)
    • Small
    • Medium
    • High
  • End-use Industry Insights (Revenue, USD Bn, 2019 - 2031)
    • Industrial
      • Chemicals
      • Water & Wastewater Treatment
      • Power
      • Oil & Gas
      • Pharmaceuticals
      • Food & Beverages
      • Others
    • Agricultural
    • Domestic
  • Regional Insights (Revenue, USD Bn, 2019 - 2031)
    • North America
      • U.S.
      • Canada
    • Latin America
      • Brazil
      • Argentina
      • Mexico
      • Rest of Latin America
    • Europe
      • Germany
      • U.K.
      • Spain
      • France
      • Italy
      • Russia
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • ASEAN
      • Rest of Asia Pacific
    • Middle East & Africa
      • GCC Countries
      • South Africa
      • Israel
      • Rest of Middle East & Africa
  • Key Players Insights
    • CP Pumpen AG
    • DESMI A/S
    • Ebara Corporation
    • Flowserve Corporation
    • Grundfos
    • HERMETIC-Pumpen GmbH
    • HOMA Pumpenfabrik GmbH
    • Kirloskar Brothers Ltd.
    • Klaus Union GmbH & Co. KG
    • KSB Group
    • Ruhrpumpen Group
    • Shakti Pump
    • Speck Pumpen Walter Speck GmbH & Co. KG
    • Sulzer AG
    • Toyo Denki Industrial Co. Ltd.
    • Tsurumi Manufacturing Co., Ltd.
    • Wier Group
    • WILO SE
    • WPIL Limited
    • Xylem Inc.

Frequently Asked Questions

The CAGR of the centrifugal pump market is projected to be 5.6% from 2024 to 2031.

Rising construction industry and rising water and wastewater treatment needs are the major factors driving the growth of the centrifugal pump market.

Intense competition and price pressures and fluctuating raw material costs and energy prices are the major factors hampering the growth of the centrifugal pump market.

In terms of product type, single-stage pump is estimated to dominate the market revenue share in 2024.

CP Pumpen AG, DESMI A/S, Ebara Corporation, Flowserve Corporation, Grundfos, HERMETIC-Pumpen GmbH, HOMA Pumpenfabrik GmbH, Kirloskar Brothers Ltd., Klaus Union GmbH & Co. KG, KSB Group, Ruhrpumpen Group, Shakti Pump, Speck Pumpen Walter Speck GmbH & Co. KG, are the major players operating in the market.

Asia Pacific is expected to lead the centrifugal pump market.

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