Centrifugal pump is a mechanical device used for transportation and transfer oil from different types of end-use industries. The centrifugal pump is typically used in industrial applications, domestic purposes, and also agricultural applications. This pump works on the principle of centrifugal force wherein it converts rotational kinetic energy provided by a prime motor into hydrodynamic energy for transfer of liquid being pumped. Centrifugal pumps are the most widely used pump type and are widely preferred over other pumps due to their design simplicity, a wide range of capacity, smooth flow rate, and ease of maintenance and operational efficiency.
The global centrifugal pump market is estimated to account for US$ 58,378.6 Mn in terms of value by the end of 2030.
Recent Developments:
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2021 | Market Size in 2021: | US$ 38,693.2 Mn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2022 to 2030 |
| Forecast Period 2022 to 2030 CAGR: | 4.9 % | 2030 Value Projection: | US$ 58,378.6 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
ITT Corporation, Ruhrpumpen Group, KSB AG, Xylem Inc., Flowserve Corporation, Wilo SE, Sulzer AG, Weir Group plc, Ebara Corporation, and Grundfos AG |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Restraint:
Global Centrifugal Pump Market - Impact of Coronavirus (Covid-19) Pandemic:
Due to the Covid-19 pandemic, many industries witnessed a significant shift in their businesses. There was a significant impact on the centrifugal pump market, as these centrifugal pumps were used in the oil & gas industries the lockdown was imposed by countries, and the demand for crude oil has fallen. For instance, in the US the price of crude oil has decreased from US $61.06 to $23.36. Additionally, every country has banned international and domestic travel, and due to this there was had a huge drop in the consumption of Aviation Turbine Fuel (ATF) across the globe. All these factors have significant impact on the Centrifugal pump market and there is a huge drop in the demand for centrifugal pumps
Figure 1: Global Centrifugal Pump Market Share (%), By Region, 2021
Asia Pacific held a dominant position in the global centrifugal pump market in 2021
Statistics:
Asia Pacific region dominated the global centrifugal pump market in 2021, accounting for a 33.4% share in terms of value, followed by Europe, North America, respectively
Figure 2: Global Centrifugal Pump Market (US$ Mn) Analysis and Forecast, 2017 - 2030
The global centrifugal pump market was valued at US$ 38,693.2 Mn in 2021 and is expected to reach US$ 58,378.6 Mn by 2030, growing at a CAGR of 4.9% between 2022 and 2030.
Major players operating in the global centrifugal pump market are ITT Corporation, Ruhrpumpen Group, KSB AG, Xylem Inc., Flowserve Corporation, Wilo SE, Sulzer AG, Weir Group plc, Ebara Corporation, and Grundfos AG.
Centrifugal pumps are the devices which are used to convert rotational kinetic energy into hydrodynamic energy. These rotational energy basically comes from the electric motor or from an engine. Cetrifugal pumps are used in petroleum pumping, water pumping and sewage water pumping. Innovations in technologies such as 3D printed impellers have brought revolution in the centrifugal industry. These pumps are also used for the transportation of oil. Centrifugal pumps are the most widely used type of pump and are widely preferred over other pumps due to their design simplicity, large capacity, smooth flow rate, ease of maintenance and operational efficiency.
The global centrifugal pump market is estimated to account for US$ 58,378.6 Mn in terms of value by the end of 2030.
Market Dynamics
Increasing demand from oil and gas sector is expected to drive growth of centrifugal pump market over the forecast period. This is attributed to high demand of centrifugal pumps in oil and gas sectors to pump oil and petroleum products, gases and fluid during the operations. The upsurge in the development of oil and gas infrastructure is expected to boost the demand of this market. The increasing demand of crude oil is also driving the demand for the oil infrastructures. There are several downstream projects that are lined up from many regions such as Asia-Pacific, Middle East & Africa. This, in turn, increases is expected to create demand for centrifugal pump from these regions. For instance, in 2018, China is expected to have 240 plants with a total capacity of around 100 MTPA, by 2026. The capital expenditure for the projects in China accounted for about US$ 52000 million.
The demand for centrifugal pumps has increased significantly in the recent past, owing to rising infrastructure development across the globe. Governments of developing countries such as China and India are focusing on urbanization, which in turn, is expected to fuel demand for centrifugal pumps, particularly in water & wastewater treatment industries. For instance, in 2015, the Government of China targeted urban wastewater infrastructure investments of around US$ 60,000 million. These factors are expected to drive growth of the global centrifugal pump market during the forecast period.
Key features of the study:
Detailed Segmentation
“*” marked represents similar segmentation in other categories in the respective section.
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