The Centrifugal Pump Market is estimated to be valued at US$ 42,578.04 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Centrifugal pumps are mechanical devices that transfer liquids through the use of continuous power. They are used to move or transfer water, sewage, slurries, and a variety of chemical and petrochemical liquids. Centrifugal pumps have wide applications in industries such as oil & gas, chemicals, construction, mining, food & beverages, wastewater treatment, and others. Their advantages include simple design, easy construction and maintenance, high mechanical efficiency, and ability to handle viscous and dirty liquids. Market key trends: One of the key trends driving the growth of the centrifugal pump market is the rising industrialization and increasing commercial activities globally. According to the World Bank, industrial value added increased from US$ 11,476.59 billion in 2010 to US$ 21,309.36 billion in 2020. The expansion of industries such as chemicals, oil & gas, pharmaceuticals, food processing, and others is increasing the demand for centrifugal pumps for various process requirements such as transferring, pumping, and transporting liquids. Additionally, increasing construction activities aimed at infrastructure development including residential and commercial spaces are also spurring the adoption of centrifugal pumps for dewatering and sewage management applications. Development of smart pump systems integrated with IoT technology is another trend gaining traction in the market. These pumps equipped with sensors enable remote monitoring and predictive maintenance, thereby improving operational efficiency. Porter's Analysis Threat of new entrants: Low capital requirements and established brand recall of existing players act as a barrier for new players. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products and differentiated product offerings by established players. Bargaining power of suppliers: Established players have significant bargaining power over a large number of fragmented suppliers. Threat of new substitutes: Threat from new substitutes is low as centrifugal pumps have applications across various end-use industries. Competitive rivalry: Intense due to presence of global and regional players competing on pricing and product innovation. SWOT Analysis Strengths: Wide applications, easy installation and maintenance, high efficiency at medium-high flow rates. Weaknesses: Require relatively high power consumption, limited flow control capabilities, cavitation can damage impellers. Opportunities: Growth in end-use industries like power, water and wastewater, increasing infrastructure development in emerging economies. Threats: Fluctuating raw material prices, growing demand for energy-efficient pumps. Key Takeaways The Global Centrifugal Pump Market Size is expected to witness high growth, exhibiting CAGR of 4.9% over the forecast period, due to increasing investments in infrastructure development, industrialization and urbanization. Asia Pacific dominates the global market and is expected to grow at the fastest rate, with China and India being the major markets. Regional analysis Asia Pacific show substantial growth in the global centrifugal pump market over the forecast period. Rapid urbanization and industrialization in China and India are driving infrastructure development, thereby boosting demand for centrifugal pumps in water management and industrial applications. 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. Key players are focusing on new product launches, mergers and acquisitions to gain higher market share. Read more insights https://www.newswirestats.com/centrifugal-pump-market-size-share-growth-outlook-2023/
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