Vertical multistage centrifugal pump is a mechanical device used for the transportation of liquid from one place to another by creating suitable pressure on the head of pump. The vertical multistage pumps provide several benefits such as saves energy, and is able to operate in a wide range of flow/head scenarios. These vertical centrifugal pumps are especially used for transporting large volumes of liquid with substantial pressure head and are largely utilized for water, wastewater, and industrial liquid transportation in power, steel, agriculture, and among others
Increasing Number of Construction Activities is one of the Major Factors Driving Growth of the Market
Factors such as rising urbanization across the world and rapid growth in the global population, which has led to increase in infrastructural and construction activities and this is expected to aid in growth of the market For instance, according to World Bank ,the urban population in 2014 was 53.8% of global population, which reached up to 54.3% in 2016, globally. Development in infrastructural activities results in increasing construction activities, which eventually creates high demand for vertical multistage centrifugal pump. These pumps are used to extract water from surface, further creating new sources of water for the residential, industrial, and commercial purposes, which in turn, is expected to propel the market over the forecast period (2018-2026). Moreover, increasing government investments in infrastructure development is another factor fostering growth of the market. For instance, in January 2016, according to the press release of Financier Worldwide Magazine, around US$ 700 billion and US$ 800 billion is invested in infrastructure development worldwide each year, of which around US$ 550 billion is invested in emerging economies. Therefore, increasing infrastructural development is expected to drive growth of the vertical multistage centrifugal market over the forecasted period. However, high prices of vertical multistage centrifugal pumps is one of the main factors restraining growth of the market. For instance, according to Big Brand Water Filter, Inc. the price of the Grundfos 3HP 260Max-PSI vertical centrifugal was US$ 2,006.25 and Grundfos 5HP 343Max PSI vertical multistage centrifugal was priced at US$ 2,431.50.
Global Vertical Multistage Centrifugal Pump Market: Regional Insights
On the basis of region, the global vertical centrifugal pump market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. Asia Pacific accounted for the largest market share in 2017 and is expected to be dominant over the forecast period. The key factor attributed to growth of the market is rising infrastructure development activities, especially in emerging economies such as China, India, and Indonesia. The reason for increasing infrastructural activities is growing industrialisation, rising economic growth, and shifting of people from rural areas to urban areas among others. According to the World Bank, by 2030,40.76% of India’s population is expected to reside in urban areas in. These factors have led to high demand for water in these economies, which is expected to drive growth for vertical multistage centrifugal pumps.
Moreover, stringent rules and regulation by government bodies and strict policies regarding recycling of wastewater and its treatment, especially in India and China are expected to drive growth of the vertical multistage centrifugal market in the region. For instance, in May 2018, Government of India launched the ‘Reuse of Treated Waste Water Policy' in Gujarat state that aims to reduce the state's dependence on fresh water sources such as Narmada river. Moreover, according to the National Development and Reform Commission (NDRC) analysis, the Chinese government’s investment for wastewater treatment was US$ 77.4 billion in 2015 and reached US$ 81.9 billion in 2016.
Global Vertical Multistage Centrifugal Pump Market: Competitive Landscape
Intense competition among vendors of vertical multistage centrifugal pumps has led to adoption of various strategies such as mergers and acquisitions and new product launches, in order to remain competitive in this market. Major players use such strategic tactics to increase their geographical foothold or to expand their products in the market. For instance, in July 2018, Grundfos released a new range of CR vertical multi-stage centrifugal in-line pumps, with efficiency upgrades and new features that will further improve pump reliability. CR centrifugal pumps is equipped with three new flow sizes (CR95, 125, and 155) and increases the maximum water flow to 220 cubic meters per hour.
Major players in the vertical multistage centrifugal pumps market are Pentair Water Groups, Grundfos, C.R.I. Pumps Private Limited, Crane Engineering, Carver Pump Company, Oswal Pumps Limited, National Oilwell Varco., Desmi, Dab Pumps Spa P.I., Baiyun, Shakti Pumps (I), Xylem, Inc., Kolmeks Oy, and Lenntech B.V.
Global Vertical Multistage Centrifugal Pump Market: Taxonomy
By Rated Flow