The global centrifugal pump market is estimated to grow from USD 39.7 Billion in 2023 to USD 51.5 Billion by 2028; it is expected to record a CAGR of 5.4%
during the forecast period. The increasing power generation capacity, wastewater treatment needs, and water desalination requirements has created favorable growth prospects for centrifugal pump market.
New York, July 17, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Centrifugal Pump Market by Type, Operation, Stage, End User & Region - Global Forecast to 2028" - https://www.reportlinker.com/p05333367/?utm_source=GNW Overhung Impeller is projected to be the largest growing segment in the market “Based on type, the centrifugal pump market has been categorized into overhung impeller, vertically suspended, and between bearing.Overhung impeller centrifugal pumps are extensively utilized across various industries, including water and wastewater treatment, oil and gas, chemicals, and manufacturing.There is a growing need for dependable and energy-efficient pumping solutions in industrial applications.These pumps excel in delivering high performance and operational efficiency, leading to decreased energy consumption and lower operational expenses for end-users.Their efficient operation aids in conserving energy resources and reducing carbon footprints, aligning with the industries’ objectives of sustainable practices.Single Stage is expected to emerge as the largest segment based on stageThe centrifugal pump market has been categorized based on stage as single stage and multistage.Single stage is the largest segment in the centrifugal pump market.The increasing adoption of single stage centrifugal pumps in the market can be attributed to several factors.They offer cost advantages due to their low maintenance requirements, which translates into reduced operating expenses for end-users.Additionally, their straightforward operation and user-friendly design contribute to their popularity, making them accessible for a wide range of users.By Industrial End User, the water and wastewater segment is expected to be the largest market during the forecast period.Based on end user, the water and wastewater segment is expected to be the largest segment during the forecast period.The centrifugal pumps play a vital role in dosing applications within wastewater treatment processes.Overall, centrifugal pumps play a vital role in various aspects of wastewater treatment processes, offering robust debris handling capabilities and contributing to functions such as filtration, dosing, and transfer. They can experience increased demand during economic downturns as utilities focus on enhancing infrastructure and operational effectiveness within the water and wastewater sector.North America is expected to be the second fastest-growing region after Asia Pacific in the centrifugal pump market.North America, after Asia Pacific, is expected to be the second fastest region in the centrifugal pump market during the forecast period.The growth of the centrifugal pump market in Asia Pacific can be attributed to the increased demand for these pumps from the fast-growing economies in the region.Whereas, the centrifugal pump market in North America is experiencing growth driven by the increasing demand for centrifugal pumps in water and wastewater treatment plants. Additionally, factors such as the aging power and water infrastructures in the US, the expanding chemicals sector in Canada, the growing number of onshore and offshore oilfields in the Gulf of Mexico, and the development of new water and wastewater infrastructures are expected to further boost the demand for centrifugal pumps in the region.Breakdown of Primaries:In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:• By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%• By Designation: C-Level- 30%, Director Levels- 25%, and Others- 45%By Region: North America- 27%, Asia Pacific- 33%, Europe- 20%, South America- 12%, Middle East & Africa- 8%Note: Others include product engineers, product specialists, and engineering leads.Note: The tiers of the companies are defined on the basis of their total revenues as of 2021. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 millionThe centrifugal pump market is dominated by many global players that have a wide regional and global presence. The leading players in the centrifugal pump market are Xylem Inc. (US), Sulzer (Switzerland), KSB (Germany), Grundfos Holding A/S (Denmark), and Flowserve Corporation (US).Research Coverage:The report defines, describes, and forecasts the global centrifugal pump market by type, operation type, stage, end user, and region.It also offers a detailed qualitative and quantitative analysis of the market.The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges.It also covers various important aspects of the market.These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the centrifugal pump market.Key Benefits of Buying the Report• High rate of adoption of solar powered centrifugal pumps driving the need for centrifugal pumps is a major driver for the market.• Product Development/ Innovation: Many manufacturers are looking to integrate Industrial IoT solutions with Pumps. Industrial IoT, or IIoT as it is popularly known, has led to the creation of smart pumps, which are a network of interconnected pumps that can be monitored remotely. IIoT Solutions for Centrifugal Pumps are based on the concept of integrating sensor technology to link various pumping units spread over a particular area with a cloud platform. Manufacturers are placing a strong emphasis on enhancing the energy efficiency of centrifugal pumps. This involves the implementation of advanced impeller designs, optimized hydraulic systems, and variable frequency drives (VFDs) to ensure that the pump speed is aligned with the desired flow rate. As a result of these advancements, substantial energy savings can be achieved.• Market Development: Sulzer and Siemens Large Drives Applications (LDA) collaborated to provide operators of large centrifugal pumps with an enhanced digital value proposition. Sulzer and Siemens LDA are expected to deliver significant savings for operators of large centrifugal pumps. Also, Flowserve Corporation signed a five-year contract with Shell Australia to provide general maintenance services for its Prelude Floating Liquified Natural Gas (FLNG) facility. The company is planning to expand its capabilities to include maintenance and repair services for centrifugal pumps, positive displacement pumps, heat exchangers, fans and blowers, hydraulic power units, and other related equipment.• Market Diversification: Centrifugal pumps have the capability to operate in reverse turbine mode, leading to a notable increase in overall pumping efficiency of up to 10% and a substantial performance enhancement of 30%. The utilization of pumps in reverse turbine mode is prevalent across various industries and applications, including small water power plants, drinking water treatment and distribution facilities, domestic waterworks, wastewater treatment plants, the chemicals and petrochemicals industry, mining and metallurgical operations, as well as the agriculture sector specifically for irrigation purposes.• Competitive Assessment: In-depth assessment of market shares, growth strategies, and product offerings of leading players like Xylem Inc. (US), Sulzer (Switzerland), KSB (Germany), Grundfos Holding A/S (Denmark), and Flowserve Corporation (US) along with other players.Read the full report: https://www.reportlinker.com/p05333367/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.__________________________Single Stage is expected to emerge as the largest segment based on stageBy Industrial End User, the water and wastewater segment is expected to be the largest market during the forecast period.Breakdown of Primaries:By Region: North America- 27%, Asia Pacific- 33%, Europe- 20%, South America- 12%, Middle East & Africa- 8%Research Coverage:Key Benefits of Buying the Report