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The global centrifugal pump market size was USD 29.24 billion in 2020 and is projected to grow from USD 30.56 billion in 2021 to USD 45.56 billion by 2028, exhibiting a CAGR of 5.9% during the forecast period from 2021–2028. The global impact of COVID-19 has been unprecedented and staggering, with the global market witnessing a negative demand across all the regions. Based on our analysis, the market exhibited a lower growth of about -5.3% in 2020 than average year-on-year growth during 2017-2019. The sudden fall in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
Rapidly developing residential & commercial infrastructure, along with the expansion of the manufacturing sector, will propel the global centrifugal pump market growth. The growth is attributed to the increasing investment in the construction industry led to rapid urbanization. The high demand for these type of pumps in the agriculture sector is attributed to the growth of the market.
Additionally, the increasing demand for hydrocarbons to fuel various power generation requirements will add to the industry outlook. A centrifugal pump 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.
COVID-19 Pandemic: Disruption in Mining Activities Hamper Market Growth
The outbreak of COVID-19 has hampered the growth of the market. The pump market is slowing down owing to various halts in the operation of various end-use industries. For Instance, in mining industry, the ongoing impact of COVID-19 remains uncertain, and the crisis was adversely affected the supply chain and demand for commodities. The demand for metallurgical and thermal coal has decreased, while the demand for gold and iron has increased. With the fear of COVID-19, the mining industry has remained slow as many companies didn’t have permission to operate their mines with full labor strength. With the slowing mining activities worldwide, the demand for these kind of pump is expected to slow down.
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Growing Integration of Innovative Technologies to Efficiently Operate Product
Centrifugal pump is prone to pump different fluids containing several impurities that may hamper the system's productivity. 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, the Internet of Things (IoT), and many others to remotely diagnose fault conditions. For Example, 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 to detect changes in operating behavior for better retrofitting and maintenance.
Stern Government Norms to Treat Wastewater to Play Key Role in Industry Landscape
Different regional governments and organizations have implemented stringent regulations to process the impurities released from different sectors to prevent the contamination of clean water bodies. Wastewater treatment helps handle the liquid discharges from various sources and allows the processed liquid to get dispersed in multiple locations. These pump units are readily deployed in effluent treatment plants due to easy pumping low viscous liquids in excessive flow rates.
Extensive Application Across Wide Range of Industries to Boost Industry Size
The continuous need to boost pressure and supply water to conduct various operations has propelled 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 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 and developed nations to refurbish existing establishments and construct new ones. These kind of pumps help deal with variable or low-pressure problems and also help deliver energy-efficient solutions to satisfy water transfer and HVAC (Heating, Ventilation and Air-conditioning), needs in buildings.
Regular Priming Requirements along with Formation of Cavitation Conditions May Obstruct Growth
these kind of pump operates by rotating the impellers instead of imparting suction power to pump liquid in and out of the systems. Priming is the operation wherein the system is completely submerged in liquid to minimize the air intake that generates weak pull and causes major problems. Furthermore, cavitation is 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 significant reasons for corrosion in pump casing and impellers.
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Radial Flow Type of Centrifugal Pump is Set to Lead Market
Based on flow, the market is trifurcated into an axial flow, radial flow, and mixed flow. The radial flow segment is likely to account for the largest market share. These units pump the working fluid perpendicularly 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 are anticipated to foster the adoption of the axial flow 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 discharge the liquid in axial and radial directions. The systems are largely used for agricultural, irrigation, sewage, and various industrial applications.
Multi-Stage Centrifugal Pump to Dominate Share During Forecast Period
By stage, the market is divided into single-stage and multi-stage. The multi-stage centrifugal pump market is projected to possess a significant share due to their high energy efficiency, easy installation, low internal friction losses, optimized operation & control, and 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 Expansion of Industrial Segment in the Market
By end-user, the market is segmented into residential, commercial, industrial, and agricultural. The indispensable need to transfer liquids in large volumes from one operation to another has positively propelled pump installation in various industrial plants. The industrial segment includes water & wastewater, oil & gas, power generation, mining, chemicals, food & beverage, and many others to pump slurry, oil, liquid, and other chemicals to streamline the process. The agricultural segment is projected to observe considerable growth owing to its 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 a 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 Size, 2020 (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 holds 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.
The presence of various major pump 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, U.K., Italy, Germany, and Russia.
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 and huge hydrocarbon reserves will add to the growth.
The Middle East & Africa is likely to observe substantial growth owing to heavy investments to develop prevailing oil & gas fields. Besides, the increasing focus on generating more power and building new commercial infrastructures to promote tourism attractions will favor installing 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.
An Infographic Representation of Centrifugal Pump Market
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The report offers qualitative and quantitative insights on the centrifugal pump 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 centrifugal pump 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)
By Flow, By Stage, By End-user, and By Region
As per the Fortune Business Insights study, the global market was USD 29.24 billion in 2020.
The global market is projected to grow at a CAGR of 5.9% in the forecasted period.
The market size of the Asia-Pacific was valued at USD 11.46 billion in 2020.
Various industrial plants like power generation, oil & gas industry, water & wastewater, chemicals, mining, food & beverage, and many others are the primary industries installing pumps at a large scale.
The global market is anticipated to reach USD 45.56 billion by 2028.
Based on flow, the radial flow segment holds the highest share in the market across the globe.
Rapidly developing industrial infrastructure across the globe and 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, ITT Corporation, and Sulzer.
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