Reports and Insights (R&I) has published a new report titled, “Centrifugal Pump Market: Opportunity Analysis and Future Assessment 2020-2028”
Global Centrifugal Pumps Market, By Pump Type (overhung impeller, vertically suspended, and between bearings), By Stage (Single Stage and Multistage), By End-User (industrial, commercial and residential), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global centrifugal pump market was valued US$ 34.1 Bn at the end of 2020 and expected to reach at a value of US$ 53.1 Bn by 2028 with a significant CAGR of 5.7%.
Centrifugal pump is a mechanism that is used for the stirring and movement of fluid from a single or more than one driven rotor, known as impellers. The centrifugal pump uses the high-velocity spinning impellers whose vanes chuck out the fluid towards the outside in an effort to bestow speed to a fluid and then transform that speed to flow.
It is quite a familiar concept that a pump is utilized to move and transfer fluids by the transformation of rotational kinetic energy to the hydrodynamic energy of the fluid flow. This rotatory velocity is created from an electric motor or engine. Owing to such potential, the centrifugal pump finds numerous applications across various industries across the world including, oil & gas industry, water and wastewater treatment system industries, chemical industry, and many others. Attributing to which, the global centrifugal pump market is majorly expected to grow substantially in the years to come.
However, at the same time, the slowed down growth of the oil & gas industry in the present day and age due to the annulment of existing projects and decreased investments in new projects may restrict the growth of the global centrifugal pump market in the near future.
Nevertheless, the higher investments in the water and wastewater treatment systems in the current times is yet anticipated to offer major breakthroughs to the global centrifugal pump industry growth over the forecast period. In addition to that, the commercial and residential infrastructure is developing at a rapid pace in the present-day world which is estimated to have a positive role in fueling the growth of the global centrifugal pump market in the forthcoming future.
Furthermore, the vertical and single stage centrifugal pumps are witnessing elevated demand in the global markets due to their potential to manage and control heavy flow of fluids as well as in economic cost.
By the same token, these centrifugal pumps require limited space, which further adds up to its beneficial features, thereby gaining higher momentum in the global markets. Owing to which, the global centrifugal pumps market is projected to witness significant growth over the coming years.
R&I Study identifies some of the key participating players in the centrifugal pump market globally are ITT, Flowserve, KSB, Sulzer, and Grundfos, among others.
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