Centrifugal Pump Market Predicted to Accelerate the Growth by 2024-2033

The centrifugal pumps market is estimated to be valued at US$ 24.6 billion in 2022 and is expected to reach US$ 62.4 billion by 2032 at a CAGR of 9.8% during the forecast period.

A centrifugal pump is a type of pump that uses centrifugal force to create a vacuum that draws water or other fluids into the pump. The force created by the spinning of the impeller in the pump creates a vacuum that sucks water or other fluids into the pump. The fluid is then forced out of the pump by the centrifugal force and pressure created by the spinning of the impeller.

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Key Trends

There are several key trends in centrifugal pump technology. One is the move towards more energy-efficient pumps. This is being driven by both government regulations and the need to reduce operating costs. Another trend is the development of more specialized pumps for specific applications. This is driven by the need for pumps that can handle increasingly difficult fluids and by the desire to improve performance in specific industries. Finally, there is a trend towards using more advanced materials in pump construction. This is driven by the need for more durable and corrosion-resistant pumps.

Key Drivers

There are several key drivers of the centrifugal pump market which include industrialization, population growth, and urbanization. These drivers are expected to lead to an increase in demand for centrifugal pumps in various industries such as water and wastewater, oil and gas, chemical, food and beverage, and others. Additionally, the replacement of existing pumps with more efficient centrifugal pumps is another key driver of the market.

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Restraints & Challenges

The key restraints and challenges in the centrifugal pump market include the need for high initial investment, the need for skilled labor for installation and maintenance, the need for regular maintenance, and the possibility of pump failure. The high initial investment is needed for the purchase of the pump, the installation, and the maintenance. The need for skilled labor for installation and maintenance is needed because the centrifugal pump is a complex piece of machinery. The need for regular maintenance is needed because the pump must be regularly inspected and cleaned to prevent pump failure. The possibility of pump failure is always present and can be caused by a number of factors, such as improper installation, incorrect maintenance, or a manufacturing defect.

Key Market Segments

The centrifugal pump market bifurcated on the basis of product type, stage, application and region. On the basis of product type it is segmented into axial & mixed flow pump, submersible pump, seal less & circular pump, and others. By stage, it is divided into multi stage and single stage. By application, it is spread across agriculture, commercial & residential, and industrial. Region-wise, it is studied across North America, Europe, Asia-Pacific, and rest of the World.

Key Market Players

The centrifugal pump market report includes players such as Mody Pumps, WEG, VanSan, HCP Pump, Leo, Proril, CNP Pumps, Xylem, Flowrox, and WILO SE.

Recent Development

In March 2023, KSB acquired Bharat Pumps, a major manufacturer of centrifugal pumps, among other products. KSB SupremeServ, a dedicated segment of KSB for aftermarket services, will handle this newly acquired venture to undertake spare parts business and service over 5,000 BP&CL products installed in various industries and locations across India.

In April 2022, GSD held an internal product launch of the ISH/ISP high-efficiency centrifugal pump. ISH/ISP high-efficiency centrifugal pump can be equipped with sensors at the reserved position in the design to realize the real-time monitoring, predictive alarm, fault analysis, energy efficiency analysis and operation state optimization of the equipment by matching with the GSD intelligent IOT system.