Centrifugal Pump Market Projected to Reach $36.98 Billion by 2022 at a CAGR of 3.83% from 2017 to 20
Posted: Aug 29, 2019
According to the market report published by MarketsandMarkets™, "Centrifugal Pump Market by Type (Overhung Impeller, Vertically Suspended, and between Bearing), Stage (Single Stage, Multistage), End-User (Water and Wastewater, Chemicals, Oil & Gas, Power, Commercial and Residential), and Region - Global Forecast to 2022", the global centrifugal pump market is expected to grow at a CAGR of 3.83%, from 2017 to 2022, to reach a market size of USD 36.98 billion by 2022. The increasing demand for wastewater treatment and desalination, continuing investments in infrastructure development, and rapid industrialization is likely to drive the centrifugal pump market during the forecast period.
The global centrifugal pump market is dominated by top players that are established brand names with a wide regional presence, along with many local and regional players in emerging economies. The leading players in the centrifugal pump industry include ITT (US), Flowserve (US), KSB (Germany) (US), Grundfos (Denmark), and Sulzer (Switzerland).
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The industrial segment is estimated to be the fastest-growing segment of the centrifugal pump market, by end-user, from 2017 to 2022. This segment is driven by factors such as the increasing demand for freshwater in developing regions such as Asia Pacific and Africa. A focus on reducing carbon emissions is leading to the increased demand for cleaner sources of power generation which, in turn, would result in a rising demand for centrifugal pumps used as boiler feed pumps, condensate extraction, and cooling water pumps in the power generation industry.
Based on type, the overhung impeller centrifugal pump segment is expected to grow at the fastest rate from 2017 to 2022. This is due to various factors such as low installation cost as compared to between bearing centrifugal pumps. Overhung impeller pumps are installed with the lowest cost materials such as iron casings with brass or bronze impellers. They take up less floor space with slurry options such as rubber linings and offer reasonable efficiency. They are used in residential, commercial, and chemical applications. This segment is expected to have a higher market share due to the widespread implementation and easy operation of overhung impeller centrifugal pumps. The growing renewable energy sector also supports the growth of the overhung impeller pump segment with many solar power projects deploying these pumps for power generation.
The multistage segment of the centrifugal pump market, by stage, is estimated to grow at a faster rate from 2017 to 2022. Factors such as the high pressure boosting capabilities and efficiency due to smaller impeller diameters of multistage centrifugal pumps are driving the market. Their ability to operate in a wide range of flow/head scenarios and energy savings in critical end-user applications such as oil & gas refineries and power generation plants would drive the multistage centrifugal pump market.
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The centrifugal pump market has been segmented, based on region, into Asia Pacific, Europe, North America, Middle East, South America, and Africa. Asia Pacific is projected to grow at the fastest rate, from 2017 to 2022, followed by the Middle East and North America. Countries such as China and India are the largest markets in Asia Pacific and have increased their investments in the infrastructure and power sectors in the recent past. India accounted for the maximum share in the market in Asia Pacific in 2016 and is projected to grow at the highest CAGR of 5.16%, from 2017 to 2022. Increasing industrialization, investments in water and wastewater treatment infrastructure, growing urbanization, and rising demand for proper sanitation are the major factors impacting the growth of the centrifugal pump market in this region.
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