Market Overview
The Global Centrifugal Pump Market is expected to reach a value of
USD 55,035.6 million in 2023, and it is anticipated to grow at a
CAGR of 3.8% for the forecast period (2023-2032). The increasing infrastructural development in commercial & residential areas worldwide, complimented by the expansion of the production sector, is anticipated to fuel the global demand for centrifugal pumps. Additionally, major economies’ rapid investments in the equipment of the agricultural sector are anticipated to further boost the demand for these pumps.
Centrifugal pumps are increasingly sought after for pumping various liquids such as oils, solvents, organics, water, acids, & bases in agricultural, domestic & industrial, sectors. These pumps serve several benefits, such as smooth flow, corrosion resistance, low maintenance cost, and versatility in size, among others, which are expected to stimulate the demand in the market during the forecast period.
In the gas & oil sectors, the increasing investments in exploration & production activities by firms in the United States are anticipated to fuel the demand for centrifugal pumps. Moreover, the rising number of infrastructure advancements such as the replacement & upgradation of advanced pipelines, is expected to positively impact the market's growth.
Market Dynamic
Development and advancement in technologies in the centrifugal pump sector are driving growth, with notable examples being the evolution of impellers with 3D printing & the use of modeling software. These advancements lead to improved & better performance, cost efficiency, & enhanced flow rates. Additionally, factors such as an increase in spending on desalination projects in industrial units & the growing desire for centrifugal pumps that are energy efficient are expected to further propel the market's expansion.
Moreover, SDG 6, which directs to provide access to clean water & sanitation for all by 2030, is pushing governments to take proactive measures. As governments took more initiatives to ensure safe water for drinking purposes for their citizens, the centrifugal pump sector is poised to benefit from this positive impact.
Furthermore, the global sector of industries is also increasingly prioritizing SDGs, leading to continuous research and development efforts to implement environmentally friendly technologies. The continuous spending in research and development for integrating newly developed technologies into centrifugal pumps is expected to drive market growth by 2032. A concrete example of this trend is Sulzer's launch of A-RO pumps, which expanded their high-yielding product portfolio for desalination projects, promising more efficiency and better cost efficiency. These developments highlight the sector’s commitment to sustainability & innovation.
Research Scope and Analysis
By Flow
The radial flow pump dominates the segment with the maximum share in the market in 2023. Radial flow pumps operate by directing water to the outer edge of a rotating impeller. The discarded water is then captured by the casing, where its kinetic energy is converted into pressure energy before exiting the pump.
Moreover, the mixed-flow pump is anticipated to witness growth due to several advantages such as substantial fluid volume movement at reduced pressure requirements, enhanced discharge rates with comparatively low flow velocities, and efficient operation with minimal aerodynamic wastage.
Furthermore, the demand for axial flow pumps is anticipated to increase significantly due to the growing need for water & wastewater treatment units. Factors such as the increase in urban settlements, growth of the population, expansion of industries, and technical advancements have led to a rise in the need for freshwater, driving the market for axial flow pumps. Additionally, heightened investments by the government in the development of power generation and other such industries are expected to further fuel the market growth throughout the forecast period.
By Type
The market is led by the overhung impeller segment, with the maximum share in global revenue in 2023. Overhung impellers find widespread use in residential, industrial & commercial applications, driving the growth of this segment. Their popularity is also attributed to their cost-efficiency when it comes to other pumps, making them a preferred choice in various applications, such as in the generation of power.
The rise in demand for energy resources is driven by factors like rapid industrialization, increasing urbanization & growing technological developments. As a result, there is heightened use of centrifugal pumps in various sectors, like wastewater treatment, gas & oil, further fostering the market growth.
Different firms provide vertically suspended pumps with a wide range of products such as VS3 vertically suspended axial flow pumps, VS1/VS2 vertically suspended pumps, VS0 submersible pumps, VS4 vertical sump pumps, etc. Such diversity offered by firms positively impact the growth of the market by 2032.
By Stage
The single-stage holds the dominant position in this segment. This segment is anticipated to show steady growth for the years 2023-2032, due to its consistent operation during setup and needs low pressure with a higher rate of flow. These centrifugal pumps are widely used in various sectors, such as slurry pumping, sewage pumping, and industrial pumping. They are chosen for situations with mild to moderate fluid pressure conditions. Water pumping stations commonly employ these pumps due to their advantages, such as high reliability & lower cost for maintenance.
On the other hand, the multi-stage sector is anticipated to record a high Compound Annual Growth Rate by 2032. The increasing popularity of multi-stage centrifugal pumps can be accredited to their Optimal energy utilization, ease of installation, & maximized operations. Multi-stage pumps are present in various capacities to suit several sectors, budgets & volumes. Smaller pumps are suitable for tasks like heating plants, water supply piping, irrigation, agriculture, firefighting operations, boiler feed, autoclaves, etc. As a result of these benefits, the multi-stage centrifugal pump segment is anticipated to witness growth in the coming years.
By End-User
The market is divided into different end-user segments, including residential, commercial, industrial, and agriculture. The agriculture sector holds the dominant position in this segment in 2023. This growth is majorly driven by factors such as the expanding population of urban units, increased spending, & supportive government regulations enhancing the growth in the agriculture sector. Developing markets like Bangladesh, India, & China are expected to experience significant demand for centrifugal pumps in the agriculture segment due to these favorable conditions. As these countries continue to spend in modernizing their agricultural practices & improving irrigation systems, the need for centrifugal pumps in the agriculture sector is anticipated to register substantial growth.
The need for pump installations in various plants in industries has seen positive growth due to an essential requirement of transferring liquids in large volumes from one operation to another. Within the industrial sector, pumps are utilized in diverse applications like the treatment of wastewater, chemicals, food & beverages, gas & oil operations, mining, power generation, & others, to enhance the easy and fast flow of oil, slurry, chemicals, and liquids, in procedures. The agriculture segment is expected to experience significant growth, driven by the wide operating range, flexibility, quite economical for farmers, and ease of surface pumping for handling heavy volumes. Furthermore, the commercial segment will also hold a substantial share during the forecast period, given their extensive usage in public establishments such as swimming pools, firefighting stations, sprinklers, fountains, drainage systems, and more. These pumps are crucial in maintaining various domestic functions like heating, ventilation, irrigation, air conditioning (HVAC), sewage, drainage, garden watering, and water supply, among others.
The Global Centrifugal Pump Market Report is segmented on the basis of the following:
By Flow
• Axial Flow
• Radial Flow
• Mixed Flow
By Type
• Between Bearing
• Overhung Impeller
• Vertically Suspended
By Stage
• Single-Stage
• Multi-Stage
By End-Use
• Residential
• Commercial
• Industrial
• Agriculture
Regional Analysis
The Asia Pacific region takes the lead in the Global Centrifugal Pump Market, with 48.9% of the total global share in 2023. This significant growth is fueled by a growing customer population that has resulted in a substantial increase in the request for centrifugal pumps. Moreover, favorable financial conditions, a growing population, and one of the largest manufacturing industries are expected to have a positive effect on the market’s growth in this region.
North America is projected to experience a substantial CAGR for the period 2023-2032. This growth is majorly due to the advancements in technological industries, well-developed capacities for processing, a workforce with skills, & increasing research and development initiatives in the nation. In Europe, which comes after the Asia-Pacific region in terms of share in revenue generation. Moreover, the strict policies of the government related to the treatment of water play a crucial role in driving the centrifugal pumps’ growth. The region's market growth is also influenced by automation in industries, notable mergers, and acquisitions, expansion activities & policies for strategies.
In Latin America, the presence of abundant gas & oil reserves in countries like Colombia, Brazil, Argentina & Venezuela is anticipated to affect the market in a positive way. Additionally, expansions of airports and advancements in bigger commercial structures’ development, particularly in Colombia & Brazil, are set to fuel the need for centrifugal pumps in the region by 2032. Manufacturers in all these regions are focusing on new technological advancements to provide the best quality products in this increasing competition.
By Region
North America
• The U.S.
• Canada
Europe
• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe
Asia-Pacific
• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific
Latin America
• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America
Middle East & Africa
• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA
Competitive Landscape
Manufacturers of centrifugal pumps adopt diverse strategies, such as mergers, acquisitions, joint ventures, new product developments, and geographical expansions, to expand their market presence and meet the evolving technological demands in sectors like industrial and municipal applications.
An illustrative example of this is Xylem, Inc., which recently established a global pump manufacturing facility in Egypt. This new Xylem Egypt Plant is dedicated to manufacturing and assembling renowned water brands like Flygt, Lowara, and Bell & Gossett. The facility will also produce both parts and complete units. Initially, the plant's focus will be on manufacturing Split-Case Centrifugal pumps, which find applications in irrigation, HVAC systems, and commercial building services, along with End-Suction pumps catering to industrial and irrigation needs. This strategic move allows Xylem to better serve its customers and effectively respond to the dynamic market demands while tapping into the region's potential for growth.
Some of the prominent players in the Global Centrifugal Pump Market are:
• Xylem
• Ebara Corporation
• GRUNDFOS
• Wilo Group
• The Weir Group PLC
• ITT Corporation
• Kirloskar Brothers Limited
• Gardner Denver Inc.
• Sulzer Management Ltd.
• Flowrox
• Baker Hughes
• Other Key Players
COVID-19 Pandemic & Recession: Impact on the Global Centrifugal Pump Market:
The Covid-19 pandemic and subsequent recession have significantly impacted the global centrifugal pump market. The pandemic-induced restrictions and economic downturn led to disruptions in the supply chain, reduced industrial activities, and delayed infrastructure projects, which had a direct bearing on the demand for centrifugal pumps. Many industries, including oil and gas, manufacturing, and construction, experienced a slowdown, affecting the market's growth. Additionally, uncertainties surrounding the pandemic led to cautious spending by consumers and businesses, further dampening the market prospects. However, as the world began to recover and adapt to the new normal, there was a gradual resurgence in demand for centrifugal pumps, driven by infrastructure development initiatives and a rebound in industrial activities. Market players focused on innovation, digitalization, and cost optimization to navigate the challenging times and capture emerging opportunities, paving the way for a gradual recovery in the global centrifugal pump market.
Report Characteristics |
Market Size (2023) |
USD 55,035.6 Mn |
Forecast Value (2032) |
USD 77,287.2 Mn |
CAGR (2023-2032) |
3.8% |
Historical Data |
2017 - 2022 |
Forecast Data |
2023 - 2032 |
Base Year |
2022 |
Estimate Year |
2023 |
Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
Segments Covered |
By Flow (Axial Flow, Radial Flow, and Mixed Flow), By
Type (Between Bearing, Overhung Impeller, and
Vertically Suspended), By Stage (Single-Stage, Multi-
Stage), By End-Use (Residential, Commercial,
Industrial, and Agriculture). |
Regional Coverage |
North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
|
Prominent Players |
Xylem, Ebara Corporation, GRUNDFOS, Wilo Group,
The Weir Group PLC, ITT Corporation, Kirloskar
Brothers Limited, Gardner Denver Inc., Sulzer
Management Ltd., Flowrox, Baker Hughes, and Other
Key Players. |
Purchase Options |
We have three licenses to opt for: Single User License (Limited to 1 user), Multi-User License (Up to 5 Users), and Corporate Use License (Unlimited User) along with free report customization equivalent to 0 analyst working days, 3 analysts working days and 5 analysts working days respectively. |
Frequently Asked Questions
The Global Centrifugal Pump Market is expected to reach a value of 55,035.6 million in 2023.
The Global Centrifugal Pump Market is expected to grow at a Compound Annual Growth Rate (CAGR) of
3.8% from 2023 to 2032.
The Overhung Impeller segment dominates the market, with a maximum share in the global revenue in
2023.
Some of the prominent players in the Global Centrifugal Pump Market include Xylem, Ebara
Corporation, GRUNDFOS, Wilo Group, The Weir Group PLC, ITT corporation, Kirloskar Brothers Limited,
etc.