Global Centrifugal Pump Market Report 2023: Increasing Exploration Activities and Industrial Processes Fuel the Sector

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29 May, 2023, 20:15 ET

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DUBLIN, May 29, 2023 /PRNewswire/ -- The "Global Centrifugal Pump Market by Type (Overhung Impeller, Between Bearing, Vertically Suspended), Operation (Electrical, Hydraulic, Air-driven), Stage (Single Stage, Multistage), End User (Industrial, Commercial & Residential) & Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The global centrifugal pump market is estimated to grow from USD 39.7 Billion in 2023 to USD 51.5 Billion by 2028; it is expected to record a CAGR of 5.4% during the forecast period.

The increasing power generation capacity, wastewater treatment needs, and water desalination requirements has created favorable growth prospects for centrifugal pump market.

Overhung Impeller is projected to be the largest growing segment in the market

Based on type, the centrifugal pump market has been categorized into overhung impeller, vertically suspended, and between bearing. Overhung impeller centrifugal pumps are extensively utilized across various industries, including water and wastewater treatment, oil and gas, chemicals, and manufacturing.

There is a growing need for dependable and energy-efficient pumping solutions in industrial applications. These pumps excel in delivering high performance and operational efficiency, leading to decreased energy consumption and lower operational expenses for end-users. Their efficient operation aids in conserving energy resources and reducing carbon footprints, aligning with the industries' objectives of sustainable practices.

Single Stage is expected to emerge as the largest segment based on stage

The centrifugal pump market has been categorized based on stage as single stage and multistage. Single stage is the largest segment in the centrifugal pump market.

The increasing adoption of single stage centrifugal pumps in the market can be attributed to several factors. They offer cost advantages due to their low maintenance requirements, which translates into reduced operating expenses for end-users. Additionally, their straightforward operation and user-friendly design contribute to their popularity, making them accessible for a wide range of users.

By Industrial End User, the water and wastewater segment is expected to be the largest market during the forecast period

Based on end user, the water and wastewater segment is expected to be the largest segment during the forecast period. The centrifugal pumps play a vital role in dosing applications within wastewater treatment processes.

Overall, centrifugal pumps play a vital role in various aspects of wastewater treatment processes, offering robust debris handling capabilities and contributing to functions such as filtration, dosing, and transfer. They can experience increased demand during economic downturns as utilities focus on enhancing infrastructure and operational effectiveness within the water and wastewater sector.

North America is expected to be the second fastest-growing region after Asia Pacific in the centrifugal pump market

North America, after Asia Pacific, is expected to be the second fastest region in the centrifugal pump market during the forecast period. The growth of the centrifugal pump market in Asia Pacific can be attributed to the increased demand for these pumps from the fast-growing economies in the region.

Whereas, the centrifugal pump market in North America is experiencing growth driven by the increasing demand for centrifugal pumps in water and wastewater treatment plants.

Additionally, factors such as the aging power and water infrastructures in the US, the expanding chemicals sector in Canada, the growing number of onshore and offshore oilfields in the Gulf of Mexico, and the development of new water and wastewater infrastructures are expected to further boost the demand for centrifugal pumps in the region.

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For more information about this report visit https://www.researchandmarkets.com/r/ht2ejx

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