by The global Centrifugal Pump Market is estimated to be valued at US$ 42578.04 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Centrifugal pumps are mechanical devices used to transfer liquids through a pipe by converting rotational kinetic energy to hydrodynamic energy. They are used across various industries such as water and wastewater, oil & gas, energy & power, chemicals, food & beverages, mining, construction, and others. The water and wastewater sector is anticipated to drive significant demand over the forecast period owing to increasing investments in infrastructure projects and rising levels of industrialization.
Market key trends:
One of the key trends in the market is the growing adoption of stainless steel pumps owing to their corrosion resistance property. Stainless steel pumps find widespread application in industries that handle acids, alkalis, and other corrosive liquids. Additionally, the adoption of digital pumps is gaining traction in the market. Digital pumps integrate smart technologies to monitor operation and provide efficiency and performance optimization. They help in reducing energy consumption and increase the lifespan of pumps. Increase in oil and gas drilling and production activities is also expected to fuel demand for submersible and semi-submersible pumps over the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to high upfront investment cost required to manufacture centrifugal pumps. Bargaining power of buyers: The bargaining power of buyers is high due to availability of various pump manufacturers and substitutes like reciprocating pumps. Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials like cast iron, bronze, steel are available from numerous domestic and global suppliers. Threat of new substitutes: The threat of new substitutes is moderate as reciprocating pumps can be used for low discharge applications, but centrifugal pumps have wider application areas. Competitive rivalry: High due to presence of numerous global and regional players competing on product quality, pricing, and technological innovations.
Key Takeaways
The Global Centrifugal Pump Market Size is expected to witness high growth, exhibiting CAGR of 4.9% over the forecast period, due to increasing investments in water and wastewater treatment plants across developed and developing nations. Regionally, Asia Pacific centrifugal pump market is expected to grow at the fastest rate during the forecast period owing to rapid urbanization and rising infrastructural development activities in countries like China and India.
The global centrifugal pump market size for 2023 is estimated to be US$ 42578.04 Mn. Key players operating in the 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. These players are focusing on new product launches and mergers & acquisitions to expand their geographic presence. For instance, in 2021, Flowserve Corporation acquired Knapp-Baker Hydrostatic Pumps to expand its product portfolio of hydrostatic pumps.
Key players operating in the 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. These players are focusing on technological advancements like the introduction of IoT enabled smart pumps to gain a competitive advantage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
