The Global Centrifugal Pump Market, By Product Type (Single-stage Pump, Multi-stage Pump, Axial & Mixed Flow Pump, Submersible Pump and Sealless & Circulator Pumps), By Capacity(HP) (High, Medium and Low), By End Use (Industrial (Chemicals, Water & Wastewater Treatment, Power, Oil & Gas, Pharmaceuticals, Food & Beverages and Others), Agricultural and Domestic) and by Region (North America, Europe, Asia Pacific, RoW) - Global Forecast to 2027, is expected to be valued at US$ 52,918 million by 2027, exhibiting a CAGR of 4.7% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Centrifugal pumps are used to transport fluids by converting rotational kinetic energy into hydrodynamic energy of the fluid flow. This rotational energy comes from an engine or electric motor. These pumps are commonly used for sewage, agriculture, water, petrochemical, and petroleum pumping. 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 rotational kinetic energy is generated by an electric motor, steam turbine, or gasoline engine.
The global centrifugal pump market is estimated to account for US$ 52,918 Mn in terms of value by the end of 2027.
Increasing exploration activities for new sources of water is expected to drive growth of the global centrifugal pump market during the forecast period
Emerging economies in Asia Pacific and MEA are focused on improvising drinking water facilities in rural as well as urban areas. Exploration of new water sources is expected to boost sales of centrifugal pumps with enhanced capabilities and efficiency for agricultural as well as domestic purposes. Furthermore, the number of desalination projects are increasing rapidly since the majority of the world lacks basic facility of running water. Hence, these factors are expected to boost the global centrifugal pump market growth over the forecast period. For instance, in 2014, the Moroccan government introduced rural water supply projects to provide rural communities with safe and reliable drinking water.
Development of manufacturing and supply chain networks can provide major business opportunities
Most small and medium-size centrifugal pumps are sold through distributors. Consumers are more inclined towards centrifugal pump distributors that provide engineering expertise, end-to-end solutions, and aftersales services as per the consumer demand. Key companies in the market can capitalize on these opportunities by providing novel products and gain a competitive edge in the market. Centrifugal pump providers have their own support offices in the country to provide aftersales services to end users. Most Chinese players have tie-ups with local retailers to target domestic and agricultural end users.
Cavitation effect in a centrifugal pump is expected to hamper the global centrifugal pump market growth over the forecast period
Cavitation in the centrifugal pump has a significant effect on pump performance. Cavitation degrades the performance of a pump, which results in fluctuation in flow rate and also discharge pressure. Moreover, when a pump cavitates, there is a formation of vapor bubbles in the low-pressure region behind the rotating impeller vanes. Therefore, these factors are expected to hamper the global centrifugal pump market growth over the forecast period.
The oil and gas industry in North American countries namely Canada and the U.S. is expected to witness significant growth in the near future. This is owing to rising shale gas production and hydraulic fracturing in oil & gas extraction. Moreover, rising demand for energy-efficient and eco-friendly centrifugal pumps combined with automation is expected to boost the regional market growth over the forecast period. According to the International Energy Agency (IEA), oil & gas output of the U.S. is expected to increase to 13.1 Mn barrels a day by the end of 2019.
There are many unexplored oil & gas fields in Europe that are expected to attract new investment. Besides this, manufacturing, engineering, and construction (EPC) are key end-use industries boosting the demand for centrifugal pumps across the region. For instance, Italy, with its wide base of engineering, procurement, and construction is considered to be a potential market for centrifugal pump suppliers. Moreover, Norway accounts for a major share of the region’s oilfields and investments, with Denmark contributing towards investment in natural gas production. These, in turn, are key demand regions for centrifugal pumps in Europe.
Global Centrifugal Pump Market - Impact of Coronavirus (Covid-19) Pandemic
Due to Covid-19 pandemic, many industries witnessed significant shift in their business. The demand of the oil is decreasing all across the globe. For instance, India has stopped importing crude oil from other countries as the reserved capacities of India are already full. Many countries across globe have temporary suspended the production of oil due to less demand in the market and due to this there is also drop in the demand of centrifugal pump. During lockdown people have also realized the importance of environment and have seen how air quality have been increased due to less pollution. After Covid-19 people might prefer electric vehicle over oil and this is going to reduce the demand of oil and centrifugal pumps.
Major companies 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.