What are the latest figures on the centrifugal pump market’s size and projected CAGR?
The centrifugal pump market size has grown strongly in recent years. It will grow from $40.85 $ billion in 2024 to $43.46 $ billion in 2025 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to rising demand for agriculture, increased adoption of solar-water pumps, rising demand for food production, rising residential and commercial infrastructure, and a rising aging population.
The centrifugal pump market size is expected to see strong growth in the next few years. It will grow to $54.95 $ billion in 2029 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to increasing single-stage centrifugal pumps, increasing demand for freshwater, growing demand for electric variants, increasing expenditures on construction, and increasing oil and gas production. Major trends in the forecast period include technological advancements, adopting solar-based centrifugal pumps, implementing modern technologies, developing advanced technologies, and developing energy-efficient centrifugal pumps.
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Which Market drivers have played a significant role in driving the centrifugal pump market?
The expansion of the agriculture sector is expected to propel the growth of the centrifugal pumps market going forward. The agriculture sector refers to the part of the economy that involves producing, processing, and distributing crops, livestock, and other agricultural products. The expansion of the agriculture sector is due to shifts in dietary patterns, growing awareness of environmental issues, and increased investment in agricultural research, development, and infrastructure. Centrifugal pumps enhance agricultural efficiency and productivity by providing reliable and effective solutions for water management, irrigation, and related tasks. For instance, in February 2024, according to the Department for Environment Food & Rural Affairs reports, a UK-based government agency, the average farm business income (FBI) across all UK farms increased significantly from $50,461 (£46,500) in 2020/21 to $78,133(£72,000) in 2021/22. Therefore, the expansion of the agriculture sector drives the centrifugal pumps market.
What are the key segments within the centrifugal pump market?
The centrifugal pumpmarket covered in this report is segmented –
1) By Type: Overhung Impeller, Between Bearing, Vertically Suspended
2) By Stage: Single Stage, Multistage
3) By Operation: Electrical, Air-Driven, Hydraulic
4) By End-User: Industrial, Agricultural, Domestic
Subsegments:
1) By Overhung Impeller: Single Stage Overhung Impeller Pumps, Multi-Stage Overhung Impeller Pumps, End Suction Overhung Impeller Pumps
2) By Between Bearing: Horizontal Between Bearing Pumps, Vertical Between Bearing Pumps, Multi-Stage Between Bearing Pumps
3) By Vertically Suspended: Vertical Inline Pumps, Vertical Turbine Pumps, Submersible Vertical Suspended Pumps
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Which key players are shaping the centrifugal pump market?
Major companies operating in the centrifugal pump market are General Electric Company, Dover Corporation, Schlumberger Ltd., Baker Hughes Co., Ingersoll Rand Inc., WEG S.A., Alfa Laval AB, Ebara Corporation, Grundfos Holding A/S, Pentair plc, Flowserve Corporation, Sulzer Brothers Ltd., ITT Inc., Weir Group plc, Gardner Denver LLC, CIRCOR International Inc., Ruhrpumpen Group, DESMI A/S, Shakti Pump Ltd., HERMETIC-Pumpen GmbH, Klaus Union GmbH & Co. KG, CP Pumpen AG, HOMA Pumpenfabrik GmbH, The PROLAC HCP Pump, Mody Pumps Inc., PSP Pumps Pvt. Ltd.
Which transformative trends will shape the centrifugal pump market landscape?
Major companies operating in the centrifugal pump market are focusing on developing innovative products such as magnetic drive (mag-drive) pumps to enhance efficiency, reduce maintenance, and improve safety by eliminating the need for shaft seals. Magnetic drive pumps, also known as mag-drive pumps, are a type of centrifugal pump designed to eliminate the need for traditional shaft seals, reducing maintenance costs and preventing leaks of hazardous fluids. For instance, in February 2024, DESMI, a Denmark-based industrial pump company, launched its mag-drive centrifugal pumps designed to handle corrosive and volatile fluids safely. These pumps feature a hermetically sealed design and an efficient magnetic coupling system, ensuring reliable and safe operation in challenging environments. This pump technology enhances operational safety and efficiency, catering to industries requiring stringent fluid handling standards, such as chemical processing and pharmaceuticals.
How do regional factors impact the centrifugal pump market, and which region is the largest contributor?
Asia-Pacific was the largest region in the centrifugal pump market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the centrifugal pump market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Centrifugal Pump Market Report 2025 Offer?
The centrifugal pump market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
A centrifugal pump is a mechanical device that moves fluids by converting rotational kinetic energy from an electric motor or engine into hydrodynamic energy. It uses a rotating impeller to create a liquid flow through the pump. Centrifugal pumps are widely used in various industries, including water and wastewater treatment, chemical processing, and oil and gas. They are known for their efficiency, reliability, and capability to handle high flow rates.
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