- The single stage centrifugal pump market is expected to be the largest centrifugal pump market, by stage.
- The vertically suspended centrifugal pump market is expected to be the second-largest centrifugal pump market, by type, during the forecast period.
- Europe: Key market for centrifugal pumps during the forecast period.
The global centrifugal pump market is projected to reach $36.98 billion by 2022, growing at a CAGR of 3.83%, from 2017 to 2022. This market growth is primarily driven by the increase in infrastructure development activities, growing demand from water and wastewater treatment plants, and investment in other industrial sectors such as power generation, oil & gas, and mining.
Asia Pacific would continue to be the largest market for centrifugal pumps, followed by Europe, during the forecast period. The global market is dominated by major players including ITT (US), Flowserve (US), KSB (Germany), Grundfos (Denmark), Sulzer (Switzerland), and Ebara (Japan).
The market growth strategies adopted by the key players in the centrifugal pump market include contracts & agreements, new product launches, expansions and investments, mergers & acquisitions, joint ventures, and partnerships and collaborations. Contracts & agreements was the most commonly adopted strategy by market players from February 2014 to December 2017. Industry players also launched a number of new products in the stated period from 2014 to 2017.
The industrial segment is estimated to be the fastest-growing segment of the centrifugal pump market, by end-user, from 2017 to 2022. This segment is driven by factors such as the increasing demand for freshwater in developing regions such as Asia Pacific and Africa. A focus on reducing carbon emissions is leading to the increased demand for cleaner sources of power generation which, in turn, would result in a rising demand for centrifugal pumps used as boiler feed pumps, condensate extraction, and cooling water pumps in the power generation industry.
Based on type, the overhung impeller centrifugal pump segment is expected to grow at the fastest rate from 2017 to 2022. This is due to various factors such as low installation cost as compared to between bearing centrifugal pumps. Overhung impeller pumps are installed with the lowest cost materials such as iron casings with brass or bronze impellers. They take up less floor space with slurry options such as rubber linings and offer reasonable efficiency. They are used in residential, commercial, and chemical applications. This segment is expected to have a higher market share due to the widespread implementation and easy operation of overhung impeller centrifugal pumps. The growing renewable energy sector also supports the growth of the overhung impeller pump segment with many solar power projects deploying these pumps for power generation.
The multistage segment of the centrifugal pump market, by stage, is estimated to grow at a faster rate from 2017 to 2022. Factors such as the high pressure boosting capabilities and efficiency due to smaller impeller diameters of multistage centrifugal pumps are driving the market. Their ability to operate in a wide range of flow/head scenarios and energy savings in critical end-user applications such as oil & gas refineries and power generation plants would drive the multistage centrifugal pump market.
The centrifugal pump market has been segmented, based on region, into Asia Pacific, Europe, North America, Middle East, South America, and Africa. Asia Pacific is projected to grow at the fastest rate, from 2017 to 2022, followed by the Middle East and North America. Countries such as China and India are the largest markets in Asia Pacific and have increased their investments in the infrastructure and power sectors in the recent past. India accounted for the maximum share in the market in Asia Pacific in 2016 and is projected to grow at the highest CAGR of 5.16%, from 2017 to 2022. Increasing industrialization, investments in water and wastewater treatment infrastructure, growing urbanization, and rising demand for proper sanitation are the major factors impacting the growth of the centrifugal pump market in this region.