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(EstateNewsWire.com, June 05, 2023 ) According to a research report "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 - Global Forecast to 2028" published by MarketsandMarkets, 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 growing power demand requires power plants to expand their generation capacity, resulting in an increased need for centrifugal pumps in these facilities. Additionally, centrifugal pumps are extensively utilized in wastewater treatment, as well as the chemicals and petrochemicals sectors.
Browse 488 market data Tables and 60 Figures spread through 386 Pages and in-depth TOC on "Centrifugal Pump Market - Global Forecast to 2028"
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Overhung impeller segment, by type, is expected to be the largest segment during the forecast period
Based on type, the centrifugal pump market has been segmented into overhung impeller, vertically suspended, and between bearing. Overhung impeller centrifugal pumps have impellers mounted on the end of shafts that overhang their bearings. The overhung impeller segment is projected to account for the largest size of the centrifugal pump market during the forecast period, as these pumps are increasingly being used in industrial and commercial applications. With compact designs, centrifugal pumps of the overhung impeller type are typically single stage pumps that occupy minimal floor space.
Electrical segment is expected to be the largest segment in the market
Electrical centrifugal pumps find applications in both open-pit and bore well scenarios. The growth of the electrical segment in the market can be attributed to the remarkable reliability and efficiency provided by these pumps. Additionally, electrical centrifugal pumps eliminate the need for priming as they are already submerged in fluids. The market is expected to be driven by the increasing adoption of solar water pumps, which often include electrical centrifugal pumps.
Asia Pacific is expected to be the largest region in the centrifugal pump market
Asia Pacific is expected to be the largest centrifugal pump market during the forecast period. The growth of the global and regional economies is significantly influenced by increased investments in the construction industry. Countries like China, India, Indonesia, and others in the Asia Pacific region are actively investing in infrastructure development projects, which in turn drives the demand for centrifugal pumps and contributes to market growth. Additionally, the agriculture sector holds great importance in emerging economies, where conventional irrigation techniques are commonly used. To enhance irrigation efficiency and agricultural productivity, governments of many emerging economies are providing subsidies and incentives. This further boosts the demand for centrifugal pumps in the region.
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Product launches are among the key growth strategies adopted by a few leading companies, including Xylem Inc. (US), Sulzer (Switzerland), KSB (Germany), Grundfos Holding A/S (Denmark), and Flowserve Corporation (US), to enhance their position in the centrifugal pump market. Apart from product launches, companies operating in this market also focus on contracts and agreements to enhance their market share and regional presence.
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