July 14, 2024

Innovation In Centrifugal Pumps To Drive Growth Of The Global Centrifugal Pump Market

Market Overview:

Centrifugal pumps are mechanical devices that transfer fluids by the conversion of rotational energy into the hydrodynamic energy by means of the centrifugal force. Centrifugal pumps find applications in various industries such as oil & gas, chemical, water & wastewater, power plants, food & beverage, agriculture, and others. They are commonly used to transfer water, slurries, liquefied gases, corrosive and abrasive fluid in both industrial and commercial sectors. Centrifugal pumps are reliable, efficient and inexpensive in comparison to other pump types. Advances in materials, coatings, design, and technologies have made centrifugal pumps highly versatile for various applications.

Market key trends:

Rising investments in upgrading aging water & wastewater infrastructure in developed economies along with growing urbanization in emerging nations are propelling the demand for centrifugal pumps globally. Growing exploration and production activities in tight oil & shale gas reservoirs are also boosting pump adoption in the oil & gas industry. Innovation in materials, design, and digital technologies is enabling development of smart, efficient, and reliable pumps. Growing need for energy efficient, low maintenance pumps with better flow characteristics is augmenting demand for advanced centrifugal pump variants like magnetic-driven, self-priming, and vertical multistage pumps. Key players are focusing on expanding their product portfolio through strategic mergers and acquisitions to capitalize on new opportunities in the market.
Porter’s Analysis

Threat of new entrants: The centrifugal pump market requires high initial investments for manufacturing plants and equipment which limits the threat of new entrants.

Bargaining power of buyers: The availability of substitutes like positive displacement pumps provides bargaining power to buyers.

Bargaining power of suppliers: The presence of many component suppliers like motor and impeller suppliers limits their bargaining power.

Threat of new substitutes: New energy efficient pump technologies can pose a threat to centrifugal pumps.

Competitive rivalry: The global centrifugal pump market is highly fragmented with the presence of global and regional players.

Key Takeaways

The Global Centrifugal Pump Market Demand  is expected to witness high growth, exhibiting CAGR of 4.9% over the forecast period, due to increasing investments in oil & gas, power generation, mining and agriculture industries. The market size for 2023 is US$ 42578.04 Mn.

Regionally, Asia Pacific centrifugal pump market is fastest growing as well as dominates the global market. The growth in Asia Pacific is attributed to rapid industrialization, increasing power demand and focus on rural electrification especially in China and India.

Key players operating in the centrifugal pump market are ITT Corporation, Ruhrpumpen Group, KSB AG, Xylem Inc., Flowserve Corporation, Wilo SE, Sulzer AG, Weir Group plc, Ebara Corporation, and Grundfos AG. The centrifugal pump market is fragmented with top 5 players accounting for around 25% of the total market share. Key players are focusing on new product launches and partnerships to gain competitive edge.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it