The centrifugal pump global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Centrifugal Pump Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The centrifugal pump market size has grown strongly in recent years. It will grow from $38.64 billion in 2023 to $40.85 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. 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 $51.83 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. 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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Scope Of Centrifugal Pump Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Centrifugal Pump Market Overview
Market Drivers –
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.
Market Trends –
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.
The centrifugal pump market 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
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Regional Insights –
Asia-Pacific was the largest region in the centrifugal pump market in 2023. 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.
Key Companies –
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.
Table of Contents
1. Executive Summary
2. Centrifugal Pump Market Report Structure
3. Centrifugal Pump Market Trends And Strategies
4. Centrifugal Pump Market – Macro Economic Scenario
5. Centrifugal Pump Market Size And Growth
…..
27. Centrifugal Pump Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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