by The increasing infrastructural developments globally are driving the need for efficient and effective water management systems. Centrifugal pumps are widely used for industrial and domestic applications including boilers, heating equipment, irrigation systems, swimming pools, and transporting fluids for sanitation needs. They offer enhanced performance through handling of higher flow rates and pressurized liquid transfer with lower energy consumption. Various types of centrifugal pumps including vertical, horizontal, and submersible are designed as per application requirements in industries such as oil & gas, agriculture, wastewater treatment, mining, and power generation.
The global Centrifugal Pump Market is estimated to be valued at US$ 42578.04 Mn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising energy costs and environment awareness are prompting manufacturers to develop innovative product solutions with improved efficiencies. Growing popularity of variable frequency drive technology for speed control is enabling significant energy savings of up to 30% compared to constant speed pumps. Industry players are engaged in new product launches integrated with IoT capabilities for remote monitoring of pump performance. This allows predictive maintenance and reduces downtime. Furthermore, innovations in material science have led to the availability of advanced composite materials like carbon fiber for centrifugal pump components. They offer major weight reduction along with better corrosion resistance for applications in harsh chemical environments.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the centrifugal pump market is moderate. Moderate capital requirements and brand recognition act as a barrier for new players to establish themselves in the market. However, new innovations can bring disruption.
Bargaining power of buyers: The bargaining power of buyers is high given the fragmented nature of the market. This gives buyers the ability to demand lower prices from manufacturers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as they are dependent on centrifugal pumps manufacturers for selling their components and raw materials. However, differentiation in components gives suppliers an edge.
Threat of new substitutes: The threat of substitutes is low as centrifugal pumps have few alternatives that can effectively perform pumping applications across industries.
Competitive rivalry: The competitive rivalry in the market is high due to presence of numerous global and regional players catering to diverse needs of end users. Players differentiate themselves based on product innovation, pricing, and services.
Key Takeaways
The Global Centrifugal Pump Market Size is expected to witness high growth. The global Centrifugal Pump Market is estimated to be valued at US$ 42578.04 Mn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030.
The market in the Asia Pacific region dominates due to rapid industrialization and infrastructure development activities. China and India are lucrative markets in the region. The North America region is forecast to grow at a significant rate owing to increasing investments in water and wastewater management. Stringent environmental regulations regarding the treatment and reuse of water are driving the need for advanced pumping solutions in the region.
Key players operating in the centrifugal pump market are BMW AG, AUDI AG, Intel Corporation, Tesla Inc, Uber Technologies, Volvo Car Corporation, Honda Motors, Ford Motor Company, NVIDIA Corporation, Tencent, Microsoft. Key players are focusing on product development and launching innovative smart pump solutions to gain a competitive edge.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
