The Global Centrifugal Pump Market size is expected to reach $55.2 billion by 2030, rising at a market growth of 5.5% CAGR during the forecast period.
The commercial & residential sectors are showcasing a noticeable growth in the construction industry. Hence, the commercial & residential sectors would generate approximately 1/4th share of the market by 2029. The main factor facilitating this increase in commercial and residential projects is population growth leading to rapid industrialization. As a percentage of all manufacturing in North America and Europe in 2019, medium- as well as high-tech manufacturing made up 47.7%, compared to sub-Saharan Africa's 21.4% and least developed nations' 10%.
The rate of urban expansion worldwide is at its highest level ever. A projected 5 billion people will reside in towns and cities by 2030. With significant social, economic, and environmental changes, much of the urbanization will occur in Africa and Asia. This is further backed by the increased number of facilities like the wastewater treatment sector. Some of the factors impacting the market are increased demand from the agricultural sector, greater use of solar water pumps, and failures of centrifugal pumps due to the dry runs and cavitation effects.
In most emerging economies, where agriculture is significant to the economy, farmers frequently use conventional irrigation methods. Solar-powered centrifugal pumps have been widely adopted by the agricultural sector. As a result, the market participants are expected to have plenty of growth prospects as contemporary agricultural techniques are used in response to the rising demand for food. In locations without access to the grid, solar-powered pumps are frequently used. These pumps obtain their energy from solar panels. Generators transform solar energy into electrical energy, which fuels electric motors to drive the pumps. The demand for solar power in centrifugal pumps is rising due to such factors, which are propelling the market's growth.
However, Cavitation produces vapor bubbles inside centrifugal pumps due to decreasing pressures applied to a liquid while maintaining a constant temperature. Then, when they move toward the pumps' higher-pressure zones, these vapor bubbles collapse under enough pressure to change from a vapor to a liquid form. Therefore, cavitation-related failures and dry-run circumstances may limit the market.
On the basis of operation type, the market is classified into electrical, hydraulic, and air-driven. The electrical segment acquired the largest revenue share in the market in 2022. Electrical centrifugal pumps can be equipped with variable frequency drives (VFDs) or electronic controllers, allowing for precise control of the pump's speed. This feature enables operators to adjust the pump's output to match the system's specific requirements, optimizing efficiency and reducing energy consumption. In addition, electrical centrifugal pumps are generally reliable and have a long service life.
Based on type, the market is characterized into overhung impeller, between bearing, and vertically suspended. The between bearing segment procured a considerable growth rate in the market in 2022. Between bearing pumps are known for their high efficiency and performance. The design of these pumps allows for optimized hydraulic performance, minimizing energy losses and maximizing output. Between bearing pumps are versatile and can handle a wide range of applications. They are commonly used in industries such as water supply and distribution, HVAC systems, municipal wastewater treatment, irrigation, power generation, and oil and gas.
By stage, the market is divided into single stage and multi stage. The single stage segment witnessed the maximum revenue share in the market in 2022. Single stage pumps are the most frequently utilized kind of centrifugal pumps because they are widely used in many applications. They are especially well suited to circumstances with low to moderate total dynamic heads (TDH). The fact that they require less maintenance than other vehicles is one of its benefits.
Based on end user, the market is segmented into industrial and commercial & residential. The commercial and residential segment acquired a substantial revenue share in the market in 2022. The residential and commercial sector is growing due to their extensive deployment in public facilities like swimming pools, firefighting stations, sprinklers and fountains, drainage systems, etc. Centrifugal pumps are also used in many other processes to continually operate domestic heating, ventilation, & air conditioning (HVAC), irrigation, drainage, gardens, sewage, water supply, and many others.
The industrial segment is further categorized into oil & gas, water & wastewater, mining & metal, chemicals, power generation, pharmaceuticals, pulp & paper, agriculture, and others (food & beverages, automotive, and textiles). The water and wastewater segment recorded the largest revenue share in the market in 2022. Because of the significant changes in the world's climate and the frequent droughts, water and wastewater management has become more crucial than ever. As a result, treating wastewater has become essential in urban areas, suburban communities, and industrial zones.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 36.1 Billion |
| Market size forecast in 2030 | USD 55.2 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 5.5% from 2023 to 2030 |
| Number of Pages | 318 |
| Number of Table | 570 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Stage, Type, Operation Type, End User, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment acquired the maximum revenue share in the market in 2022. In the Asia Pacific region, centrifugal pumps are widely used in various industries, including water & wastewater treatment plants, residential & commercial buildings, and agricultural settings. The region is experiencing an increased need for food production due to population expansion, increasing agricultural yields while using scarce resources, and the requirement to protect crops from unpredictable climate fluctuations.
Free Valuable Insights: Global Centrifugal Pump Market size to reach USD 55.2 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Flowserve Corporation, KSB SE & Co. KGaA, Xylem, Inc., Ebara Corporation, Baker Hughes Company, Kirloskar Brothers Limited (Kirloskar Group), The Weir Group PLC, Pentair PLC, Schlumberger N.V. and Alfa Laval AB.
By Stage
By Type
By Operation Type
By End User
By Geography
The Market size is projected to reach USD 55.2 billion by 2030.
Greater use of solar water pumps are driving the Market in coming years, however, Failures of centrifugal pumps due to the dry runs and cavitation effects restraints the growth of the Market.
Flowserve Corporation, KSB SE & Co. KGaA, Xylem, Inc., Ebara Corporation, Baker Hughes Company, Kirloskar Brothers Limited (Kirloskar Group), The Weir Group PLC, Pentair PLC, Schlumberger N.V. and Alfa Laval AB.
The Industrial segment is generating the highest revenue share in the Market by End User in 2022 thereby, achieving a market value of $41 billion by 2030.
The Overhung Impeller segment is leading the Global Centrifugal Pump Market by Type in 2022 thereby, achieving a market value of $22.7 billion by 2030.
The Asia Pacific market dominated the Global Centrifugal Pump Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $20.6 billion by 2030.
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