Centrifugal Pump Market
Market Overview
Centrifugal pumps are primarily used in the agriculture sector, power generation plants, petroleum and chemical industries, municipal water and wastewater plants, and many more industries. These industrial verticals are acting as key drivers of the Centrifugal Pump Market because the demand for these pumps is higher in the sectors.
There are many advantages of centrifugal pumps, such as the steady delivery, easy operation, can mount horizontally and vertically, moves at higher speeds and requires minimal maintenance. These properties are propelling of the centrifugal pumps among the end-user industries. Other major market growth factors are rapid urbanization, water conservation process, wastewater management, and infrastructure development. These driving factors are boosting the growth of the Centrifugal Pump Market.
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During the COVID-19 pandemic, the Centrifugal Pump Market noticed a decline in the growth rate growth due to economic breakdown, resulting in a halt in investments from end-use industries. With the rising COVID-19 cases globally, the mining activities have reduced, and due to lack of labour, the activities remained halted for a longer period. The recovery of the mining industry will take a few more years. Hence, with slower mining activities, the demand for the centrifugal pump will remain lower. But in the future, the market will effectively recover from the loss when the mining and other industrial activities are back to normal.
The Centrifugal Pump Market is estimated to witness a CAGR of 4.01% and significant market value between 2022 to 2030 during the forecast period.
Market Segmentation
The Centrifugal Pump Market is segmented into type, stage and user.
The type segment of the market is segregated into overhang impeller, vertically suspended, and between bearing. According to the report, the vertically suspended segment is leading the market, and it is expected to continue its growth consistency during the forecasted period.
The stage segment of the market is divided into single and multistage. The end-user segment is categorized into the water and wastewater oil and gas chemical power, and others. The wastewater segment is expected to project and estimate the highest growth rate during the evaluation period.
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Regional Analysis
According to the geographical distribution, the Centrifugal Pump Market is showing its remarkable growth in prominent continents such as North America, Europe, the Asia Pacific region and the rest of the world.
The prominent countries of North America, such as the US, initiated the department of energy for the investment of USD hundred million for desalination of energy water. Due to this major region, the region is capturing a huge market share. The region also has industrial sectors that consume a large volume of water, and there are depletions in the underground water reservoir.
The Asia Pacific region’s major country China was under the 13th five-year plan. It invested around RMB 559 billion of its GDP for the water treatment industry. The Europe region is also expected to show a significant growth rate in the forecast period.
Industry News
In May 2020, Wilo expanded its presence by establishing a new headquarter and production facility in Cedarburg, Wisconsin, US. The new headquarters will bring Wilo USA, Weil Pump, Scot Pump, and Wilo Machine Co. to a single production site.
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