According to the new research report titled “Centrifugal pump Market Forecast to 2028 - COVID-19 Impact and Global Analysis,” the market is expected to reach US$ 36,879.0 million by 2028, registering a CAGR of 5.6% from 2021 to 2028.
Steady growth of the global economy has propelled industrialization and urbanization in the past few decades, which has subsequently favored the growth of construction industry. Western Europe has matured residential construction and nonresidential construction sectors, and these sectors are growing at a steady pace in the Eastern European countries. Moreover, governments of European countries are emphasizing on the deployment of transport infrastructure projects. For instance, the Brenner Base Tunnel project, a new 55-kilometer-long German-Austrian railway line in the Eastern part of Alps, is scheduled for completion by 2028. Further, the world’s longest immersed rail and road tunnel between Germany and Denmark, which it would be built by Femern A/S, received an approval in 2020. The construction of the Ceneri Base Rail Tunnel, which is anticipated to connect the Mediterranean and the North Sea in future, was completed in September 2020. In April 2020, RZD International completed the Cortanovci railway tunnel and viaduct in Serbia. The continuous rise in these projects is adding to the demand for centrifugal pumps.
The global centrifugal pump market is segmented on the basis of stage, operation type, type, and sector. Based on stage, the market is segmented into single stage and multistage; the single stage segment dominated the market in 2020. Based on operation type, the centrifugal pump market is segmented into electric, hydraulic, and air driven; the electric segment led the market in 2020. Based on type, the centrifugal pump market is segmented into overhung impeller, vertically suspended, and between bearing, and the overhung impeller segment led the market in 2020. By sector, the centrifugal pump market is segmented into oil and gas, chemicals and petrochemicals, mining, power generation, automotive, agriculture, HVAC, wastewater management, and others. The wastewater management segment led the market in 2020.
The global centrifugal pump market has been segmented into three major regions-Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA). In 2020, APAC held the largest revenue share of the centrifugal pump market, followed by Europe and the MEA. The proliferation of the centrifugal pump market in APAC is attributed to the region's development strategies, including the surging infrastructure investments. China reports the largest sales of centrifugal pumps. However, economic difficulties in China and the Eurozone have led to deceleration in the sales of these pumps, and the same is expected in the coming years. Moreover, the negative impact of falling oil and gas prices is another factor contributing to the projected slowdown in the global centrifugal pump market growth in the coming years. Further, Europe is experiencing significant adoption of modern farming practices such as hydroponics and vertical farming, creating substantial opportunities for centrifugal pumps market players. The MEA centrifugal pump market is expected to grow exponentially during the forecast period due to flourishing infrastructure in the commercial sector in several countries in the region.
The COVID-19 pandemic has been restraining the global centrifugal pump market growth. Since the COVID-19 outbreak, all construction sites across the world have been temporarily closed to combat the spread of the virus and abide by the social distancing measures taken by local and federal government bodies. Moreover, the shuttering of construction sites and manufacturing units is resulting in logistic issues. However, as manufacturing processes in many countries resumed from the Q3 of 2020, and the demand for centrifugal pumps has started increasing gradually.
Reasons to Buy
Steady growth of the global economy has propelled industrialization and urbanization in the past few decades, which has subsequently favored the growth of construction industry. Western Europe has matured residential construction and nonresidential construction sectors, and these sectors are growing at a steady pace in the Eastern European countries. Moreover, governments of European countries are emphasizing on the deployment of transport infrastructure projects. For instance, the Brenner Base Tunnel project, a new 55-kilometer-long German-Austrian railway line in the Eastern part of Alps, is scheduled for completion by 2028. Further, the world’s longest immersed rail and road tunnel between Germany and Denmark, which it would be built by Femern A/S, received an approval in 2020. The construction of the Ceneri Base Rail Tunnel, which is anticipated to connect the Mediterranean and the North Sea in future, was completed in September 2020. In April 2020, RZD International completed the Cortanovci railway tunnel and viaduct in Serbia. The continuous rise in these projects is adding to the demand for centrifugal pumps.
The global centrifugal pump market is segmented on the basis of stage, operation type, type, and sector. Based on stage, the market is segmented into single stage and multistage; the single stage segment dominated the market in 2020. Based on operation type, the centrifugal pump market is segmented into electric, hydraulic, and air driven; the electric segment led the market in 2020. Based on type, the centrifugal pump market is segmented into overhung impeller, vertically suspended, and between bearing, and the overhung impeller segment led the market in 2020. By sector, the centrifugal pump market is segmented into oil and gas, chemicals and petrochemicals, mining, power generation, automotive, agriculture, HVAC, wastewater management, and others. The wastewater management segment led the market in 2020.
Key Findings of Study:
The global centrifugal pump market has been segmented into three major regions-Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA). In 2020, APAC held the largest revenue share of the centrifugal pump market, followed by Europe and the MEA. The proliferation of the centrifugal pump market in APAC is attributed to the region's development strategies, including the surging infrastructure investments. China reports the largest sales of centrifugal pumps. However, economic difficulties in China and the Eurozone have led to deceleration in the sales of these pumps, and the same is expected in the coming years. Moreover, the negative impact of falling oil and gas prices is another factor contributing to the projected slowdown in the global centrifugal pump market growth in the coming years. Further, Europe is experiencing significant adoption of modern farming practices such as hydroponics and vertical farming, creating substantial opportunities for centrifugal pumps market players. The MEA centrifugal pump market is expected to grow exponentially during the forecast period due to flourishing infrastructure in the commercial sector in several countries in the region.
The COVID-19 pandemic has been restraining the global centrifugal pump market growth. Since the COVID-19 outbreak, all construction sites across the world have been temporarily closed to combat the spread of the virus and abide by the social distancing measures taken by local and federal government bodies. Moreover, the shuttering of construction sites and manufacturing units is resulting in logistic issues. However, as manufacturing processes in many countries resumed from the Q3 of 2020, and the demand for centrifugal pumps has started increasing gradually.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global centrifugal pump market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global centrifugal pump market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution.
Frequently Asked Questions about the Global Centrifugal Pump Market
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| Report Attribute | Details |
|---|---|
| No. of Pages | 180 |
| Published | July 2021 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value ( USD
| USD 25154.3 Million |
| Forecasted Market Value ( USD
| USD 36879 Million |
| Compound Annual Growth Rate | 5.6% |
| Regions Covered | Global |
Table of Contents
1. Introduction
2. Key Takeaways
3. Research Methodology
4. Centrifugal Pump Market Landscape
5. Centrifugal Pump Market - Key Market Dynamics
6. Centrifugal Pump Market - Global Analysis
7. Centrifugal Pump Market Analysis by Stage
8. Centrifugal Pump Market Analysis by Operation Type
9. Centrifugal Pump Market Analysis by Type
10. Centrifugal Pump Market Analysis by Sector
11. Centrifugal Pump Market - Geographic Analysis
12. Impact of COVID-19 Pandemic on Centrifugal Pump Market
13. Industry Landscape
14. Company Profiles
15. Appendix
Companies Mentioned
A selection of companies mentioned in this report includes:
- Xylem Inc.
- Wilo SE
- Tsurumi Manufacturing Co., Ltd.
- The Weir Group PLC
- Sulzer Ltd
- Pleuger Industries
- KSB SE & Co. KGaA
- Kirloskar Brothers Limited
- Grundfos Holding A/S
- Ebara Corporation
