How Has the Centrifugal Pump Market Size Evolved in Recent Years?
The centrifugal pump market has seen considerable growth due to a variety of factors.
• In recent times, substantial growth has been observed in the size of the centrifugal pump market. It's predicted to escalate from $40.85 $ billion in 2024 to $43.46 $ billion in 2025, with a compound annual growth rate (CAGR) of 6.4%.
The surging demand for agricultural applications, increased adoption of solar-powered water pumps, increased food production needs, expansion in residential and commercial infrastructures, and the upsurging aging populace have collectively contributed to this historic period growth.
What are the Market Size and Expected Growth Rates for the Centrifugal Pump Market?
The centrifugal pump market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for centrifugal pumps is predicted to experience significant growth in the coming years. It is projected to reach $54.95 billion by the year 2029, growing at a compound annual growth rate (CAGR) of 6.0%.
Several factors contribute to this expected growth during the forecast period, including the rising demand for single-stage centrifugal pumps, an increased need for freshwater, a growing preference for electric variants, rising construction expenses, and increasing production of oil and gas. Key trends during the forecasted period include technological progression, a shift towards solar-powered centrifugal pumps, adoption of cutting-edge technologies, developing advanced technologies, and focus on creating energy-efficient centrifugal pumps.
Which Key Drivers Are Propelling The Centrifugal Pump Market's Growth?
The expected growth of the centrifugal pumps market is closely tied to the anticipated surge in the expansion of the agriculture sector. The term "agriculture sector" characteristically defines the economic department concerned with crop cultivation, livestock rearing, and the distribution of other agricultural product families. The shift in eating habits, heightened consciousness concerning environmental issues, and a rise in the financial investment ploughed into agricultural research, advancement, and infrastructure have been key catalysts in the growth of the agriculture sector. Centrifugal pumps play a significant role in bolstering agricultural productivity and effectiveness, by offering efficient water management, irrigation, and other similar remedies. For example, in February 2024, the Department for Environment Food & Rural Affairs, a government agency based in the UK, indicated that the mean farm business income (FBI) of all UK farms soared drastically from $50,461 (£46,500) in 2020/21 to $78,133(£72,000) in 2021/22. Hence, the amplified growth in the agricultural realm fuels the centrifugal pumps market.
What Are The Key Segments Within The Global 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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What Emerging Trends Are Influencing The Growth Of The Centrifugal Pump Market?
Leading enterprises in the centrifugal pump sector are turning their attention towards the creation of cutting-edge products like magnetic drive (mag-drive) pumps in an effort to boost productivity, minimize maintenance, and heighten safety by removing the shaft seals requirement. Magnetic drive pumps, alternatively referred to as mag-drive pumps, embody a unique form of the centrifugal pump that eradicates the necessity for conventional shaft seals, effectively decreasing maintenance expenses and preventing hazardous fluid leakages. For instance, in February 2024, the industrial pump firm based in Denmark, DESMI, unveiled its range of mag-drive centrifugal pumps specifically designed for the safe management of corrosive and volatile fluids. These pumps are marked by a hermetically sealed construction and a proficient magnetic coupling system, thereby enabling dependable and secure operations in tough conditions. This pump innovation enhances operational safety and efficiency, hence meeting the needs of industries with strict fluid handling standards such as chemical processing and pharmaceuticals.
Who Are the Key Players In 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.
What Are The Regional Insights Into The Centrifugal Pump Market?
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.
