The global centrifugal pump market is projected to reach a size of USD 48.8 billion by 2026, at a CAGR of 5.9%, from an estimated USD 36.6 billion in 2021.
Northbrook, IL -- (SBWIRE) -- 03/11/2021 -- According to the new market research report "Centrifugal Pump Market by Type (Overhung Impeller, Vertically Suspended, Between Bearing), Operation Type (Electric, Hydraulic, Air Driven), Stage (Single Stage, Multistage), End-User (Industrial, Commercial, Residential), Region- Global Forecast to 2026", published by MarketsandMarkets™, the global Centrifugal Pump Market is projected to reach a size of USD 48.8 billion by 2026, at a CAGR of 5.9%, from an estimated USD 36.6 billion in 2021. High demand for centrifugal pumps in the agricultural sector and increasing investments in the construction industry attributing to rapid urbanization are the key factors driving the growth of the centrifugal pumps market. Likewise, the up-gradation of aging and construction of new water & wastewater treatment facilities and adoption of solar-powered centrifugal pumps are expected to offer lucrative opportunities for the submersible pumps market during the forecast period.
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By Stage, the single stage Centrifugal Pump Market is expected to be the largest Centrifugal Pump Market, in 2020.
The single stage pump segment is expected to be the largest segment of the Centrifugal Pump Market, by stage, in 2026. These pumps are widely used in the industrial sector as they can handle large flow volumes of fluids. Increased investments in infrastructure and solar power plants and the growing household sector in developing countries are the key drivers of the single stage Centrifugal Pump Market
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By Type, the electrical segment is expected to dominate the Centrifugal Pump Market, during the forecast period.
The electrical centrifugal pump segment held the largest market size as these pumps can handle both solids & liquids and are used across numerous sectors to boost production. Electrical centrifugal pumps are used in different sectors, such as industrial, agricultural, and domestic. For instance, in the oil & gas industry, electrical centrifugal pumps are used to increase the flow of fluids from wells when a reservoir does not have enough energy to produce at economical rates naturally and boost production to improve financial performance. The growth of this segment is due to its increasing demand attributed to high reliability and efficiency, and as it never has to be primed as it is already submerged in the fluid.
By end-user, the industrial segment is the largest contributor in the Centrifugal Pump Market during the forecast period.
The industrial segment is estimated to lead the Centrifugal Pump Market. Asia Pacific was the largest market for the industrial end-user segment in 2020. This is attributed to the increasing population and ongoing urbanization, especially in the emerging economies of Asia.
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Asia Pacific is expected to be the largest and fastest-growing market during the forecast period.
In this report, the Centrifugal Pump Market has been analyzed for six regions, namely, Asia Pacific, Europe, North America, South America, Middle East, and Africa. Asia Pacific region has been segmented, by country, into China, Japan, India, South Korea, Bangladesh, and Rest of Asia Pacific. Rest of Asia Pacific includes Thailand, Australia, and Singapore. The major applications for centrifugal pumps in the region include water & wastewater treatment, commercial & residential complexes, and the agricultural sector. Factors driving the adoption of centrifugal pumps in the agricultural sector in Asia Pacific include the growing demand for food, rising pressure to improve yields with limited available resources, and increasing requirement to protect crops from unexpected climatic changes. Furthermore, rapid industrialization and infrastructural developments in the region offer growth opportunities for the Asia Pacific Centrifugal Pump Market.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Centrifugal Pump Market are Grundfos (Denmark), KSB (Switzerland), Flowserve (US), Sulzer (Switzerland), and Xylem (US).
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