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The global centrifugal pump market size stood at USD 36.05 billion in 2018 and is projected to reach USD 50.32 billion by 2026, exhibiting a CAGR of 4.3% during the forecast period from 2019 – 2026.
Rapidly developing residential & commercial infrastructure, along with the expansion of the manufacturing sector, will propel the global centrifugal pump market growth. Additionally, the increasing demand for hydrocarbons to fuel various power generation requirements will add to the industry outlook. This is one of the most widely installed pump types used in a broad range of applications. It is connected in various industry verticals to transfer liquids efficiently in bulk volumes and deliver optimum dynamic head and flow rates to the fluids.
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Growing Integration of Innovative Technologies to Efficiently Operate the Product
Centrifugal pumps are prone to pump different fluids containing several types of impurities that may hamper the productivity of the system. Consequently, maintaining the operating conditions of the pumps plays a crucial role in increasing the overall efficiency and life of products. Various industry participants have successfully demonstrated advanced technologies like network-based monitoring, Internet of Things (IoT), and many others to detect and diagnose fault conditions remotely. In 2018, KSB presented its new platform known as “KSB guard” to monitor pump systems using network sensors at the global trade fair, ACHEMA, held in Germany. The novel breakthrough aims to add temperature and vibration sensors to the pumps for the early detection of changes in operating behavior for better retrofitting and maintenance.
Stern Government Norms To Treat Wastewater Is Likely To Play a Key Role In Industry Landscape
Different regional governments and organizations have implemented stringent regulations to process the impure releases from different sectors to prevent the contamination of clean water bodies. Wastewater treatment helps in handling the liquid discharges from various sources and allows the processed liquid to get dispersed in multiple locations. Centrifugal pump units are readily deployed in effluent treatment plants owing to its easy pumping low viscous liquids in excessive flow rates.
Extensive Application Across Wide Range of Industries Is Likely to Boost the Industry Size
Continuous need to boost pressure and supply water to conduct various operations has propelled the installation of centrifugal units in different verticals like food & beverage, marine, metal manufacturing, chemicals, and many others. However, several factors, including viscosity, temperature, specific gravity, pressure, density, and vapor pressure of the working fluid, govern the applicability of these products in different capacities and sizes.
Increasing Construction Activities of Residential and Commercial Spaces Will Augment the Market Growth
The building of new residential and commercial structures has witnessed a substantial increase over the years. Various public and private entities are significantly investing among different developing as well as developed nations to refurbish existing establishments and constructing new ones. These pumps help in dealing with variable or low-pressure problems and also helps to deliver energy-efficient solutions to water transfer and HVAC needs in the buildings.
Regular Priming Requirements Along with Formation of Cavitation Conditions May Obstruct the Market Growth
A Centrifugal pump operates by rotating the impellers instead of imparting suction power to pump liquid in and out of the systems. Priming is the operation done to ensure the system is completely submerged in liquid to minimize the air intake that generates weak pull and causes major problems. Furthermore, cavitation caused by the vaporization of water inside the pumps due to the high speed of the systems. The implosion and high rotation rate of these bubbles are one of the significant reasons for corrosion in pump casing and impellers.
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Radial Flow Type of Centrifugal Pumps is Set to Lead Market
Based on type, the market is trifurcated into axial flow, radial flow, and mixed flow. The radial flow segment is likely to account for the largest centrifugal pump market share. These units pump the working fluid in a perpendicular direction to the pump shaft, and the fluid radially exits the impellers. This orientation of the pumps provides various technical advantages, including high efficiency, low maintenance, compact design, low bearing load, and many others. The ability to effectively pump incompressible fluids with low pump head and bulk flow volume is anticipated to foster the adoption of the axial flow type segment. In axial systems, the fluid is processed parallel to the shaft, and the units are widely installed for drainage, sewage, and irrigation purposes, among others. Subsequently, mixed flow type units have amalgamated characteristics of the other systems and can discharge the liquid in axial and radial directions. The systems are largely used for agricultural, irrigation, sewage, and various industrial applications.
Multi-Stage Centrifugal Pumps Are Likely to Hold the Dominating Share During the Forecast Period
By stage, the market is divided into single-stage and multi-stage. Multi-stage centrifugal pump market is projected to possess significant share owing to their high energy-efficiency, easy installation, low internal friction losses, optimized operation & control, and different other characteristics. Furthermore, the single-stage segment is anticipated to observe substantial growth over the forecast timeframe due to their high working performance in installations requiring low pressure and high flow rate.
Increasing Setup of Wastewater Treatment Plants Will Aid the Expansion of Industrial Segment In the Market
By end-user, the market is segmented into residential, commercial, industrial, and agricultural. Indispensable need to transfer liquids in large volumes from one operation to next has positively propelled the installation of these pumps in various industrial plants. The industrial segment includes oil & gas, water & wastewater, chemicals, power generation, food & beverage, mining, and many others to pump slurry, oil, liquid, and other chemicals to streamline the process. Agricultural End-user segment is projected to observe considerable growth owing to their broad working range, flexibility, cost-effective operations for small farmers, and easy operations for surface pumping in heavy volumes. Furthermore, the commercial sector will also hold significant share during the forecast period due to their large deployment in public establishments like swimming pools, firefighting stations, sprinklers & fountains, drainage systems, and several others to continuously maintain domestic heating, ventilation and air conditioning (HVAC), sewage, irrigation, drainage, garden, water supply, and many others.
Asia Pacific Centrifugal Pump Market, 2018 (USD Billion)
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Geographically, the market is widespread across five key regions, including Europe, North America, Asia Pacific, Middle East & Africa, and Latin America. As per our findings, Asia Pacific is holding the dominant centrifugal pump market share during the forecast timeframe. Rapidly growing energy demand, along with a multifold increase in manufacturing and processing industries, will complement the regional outlook. Key countries operating in the territory are China, India, Japan, Australia, and Southeast Asian nations.
North America is projected to observe steady growth with the U.S. leading the industry landscape in the region. Increasing expenditures on construction, coupled with the long-standing development of industrial establishments, will contribute to the market size. Additionally, increasing oil & gas production targets along with huge hydrocarbon reserves, will add to the growth. In March 2020, the U.S. Energy Information Administration (EIA) reported that the total dry natural gas production in the country totaled a record high of 92.2 billion cubic feet per day (bcf/d) in 2019. The agency further predicts that this average daily production is likely to observe a 3% increase and equal 95.3 bcf/d in 2020.
The presence of various major manufacturers, and strict government initiatives to curb water pollution and treat water effluents, will positively affect the European market. Furthermore, increasing deployment of space heating and cooling systems, coupled with the setting up of new power generation plants, will further bolster the adoption of this product. Major countries operating in the region are France, UK, Italy, Germany, and Russia.
The Middle East & Africa is likely to observe substantial growth owing to heavy investments to develop prevailing oil & gas fields. Besides, increasing focus to generate more power coupled with building new commercial infrastructures to promote tourism attractions will favor the installation of advanced pumps. Key nations actively operating in the region are South Africa and Gulf Cooperation Council (GCC) countries.
Sulzer Is Emphasizing On Developing Innovative Product to Fortify Its Market Position
In June 2018, Sulzer introduced a new centrifugal pump with the end-suction single-stage design for several industrial purposes. This advanced offering aims to minimize unplanned shutdowns and deliver cost-effective & reliable operations with long bearing life & efficient shaft sealing.
Key Players to Focus On Organic & Inorganic Expansions in Addition To Product Development to Attain a Stronger Position
Various industry participants across the globe are continuously engaging in the merger & acquisition strategies to increase their product reach. The companies are strategically expanding by undertaking product portfolios and business channels of other small ventures to solidify their industry foothold. Furthermore, various players are concentrating on fabricating the advanced products, along with building new test facilities to serve customers with high-performance pumps. For instance, in March 2019, Italy based Finder Pompe inaugurated a novel pump testing facility in Merate, Italy. This new addition is built to organically expand the company’s capacity and perform harsh tests to its product line to verify the pump’s operational characteristics & overall capacity.
At present, the global centrifugal pump market is dominated by Sulzer, KSB Company, Grundfos, and Xylem, holding a substantial share across the industry. The major participants are inclined to uphold their international footprint by introducing new and innovative product lines, increasing product efficiencies, improving strategic partnerships, and investments in advanced research & test facilities.
The installation of these pumps is primarily augmented by commercial and industrial sectors that need to pump liquids with significant pressure heads and high volume. Increasing the setup of new manufacturing hubs, coupled with the exponential rise in mining and oil & gas activities will upsurge the product demand in the market. Likewise, growing measures to promote energy-efficient buildings and the addition of advanced detection and control technologies will shape the future market trends.
An Infographic Representation of Centrifugal Pump Market
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The report offers qualitative and quantitative insights on these pumps and a detailed analysis of market size & growth rate for all possible segments in the market.
Along with this, the report provides an elaborative analysis of market dynamics, emerging trends, and competitive landscape. Key insights offered in the report are advancement in technology for these pumps by individual segments, recent industry developments such as partnerships, mergers & acquisitions, consolidated SWOT analysis of key players, Porter’s five forces analysis, business strategies of leading market players, macro and micro-economic indicators, and key industry trends.
Value (USD Billion)
As per the Fortune Business Insights study, the global market was USD 36.05 billion in 2018.
The global market is projected to grow at a CAGR of 4.3% in the forecasted period.
The market size of the Asia-Pacific was valued at USD 13.05 billion in 2018
Various industrial plants like power generation, oil & gas industry, water & wastewater, chemicals, mining, food & beverage, and many others are the primary industries installing these pumps at a large scale.
In 2018, the global market is anticipated to reach USD 50.32 billion by 2026.
Based on type, radial flow segment is holding the highest share in the market across the globe.
Rapidly developing industrial infrastructure across the globe, along with energy-efficient construction of residential & commercial substructures in emerging economies, are the major factors fueling the demand for the products. However, operational difficulties and the need for periodic inspection and maintenance are the key restraints of the market.
The top players in the industry are Kirloskar Brothers Limited, Xylem Inc., Grundfos, Flowserve, Tsurumi Pumps, and Sulzer.
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