Centrifugal Pump Industry Data Book | Forecast 2030
Centrifugal Pump Industry Data Book – Radial Flow Pump, Mixed Flow Pump and Axial Flow Pump Market
Grand View Research’s centrifugal pump sector database is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook report and summary presentations on individual areas of research.
The economic value generated by the centrifugal pump industry was estimated at approximately USD 37.5 billion in 2022. The rising residential and commercial infrastructure, coupled with the expansion of the manufacturing industry globally, is expected to drive the demand for centrifugal pumps globally.
Access the Global Centrifugal Pump Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
One of the key drivers behind this growth is the need for reliable and efficient fluid transportation in various applications. Centrifugal pumps offer advantages such as high flow rates, low maintenance requirements, and the ability to handle a varied range of fluids, making them indispensable in numerous industries. Furthermore, the development of advanced technologies, such as variable frequency drives (VFDs) and IoT-enabled monitoring systems, has enhanced the performance and efficiency of centrifugal pumps, further fueling their adoption.
Radial Flow Pump Market Report Highlights
- In terms of configuration, the single-stage radial flow pump segment held the largest revenue share of 62.8% in 2022 as this segment plays a crucial role in agricultural irrigation, helping to move water from water sources to fields and crops efficiently
- In terms of end-use, the oil and gas segment is anticipated to register a CAGR of 3.8% over the forecast period owing to its applications such as injection, hydraulic fracturing, crude oil transportation, and refining processes. The growth of the oil and gas industry contributes to the demand for radial flow pumps
- Several factors including industrialization, technical improvements, and growing urbanization, have contributed to the remarkable rise in demand for energy fuel over the past few years, and North America is predicted to dominate the market over the projection period in terms of region. This is anticipated to increase the product’s uptake by several businesses, including the water and wastewater treatment, power, and oil and gas sectors
- In May 2023, Xylem, Inc. launched a global pump manufacturing site in Egypt. Leading water brands including Flygt; Lowara; and Bell & Gossett will be manufactured and assembled at the new Xylem Egypt Plant, which will also produce parts and full units. The Xylem Egypt Plant will first produce Split-Case Centrifugal pumps for various uses, including irrigation, HVAC, and commercial building services, as well as End-Suction pumps for industry and irrigation
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Mixed Flow Pump Market Report Highlights
- Based on configuration, single-stage mixed flow pumps accounted for a market share of 63.2% in 2023, as these pumps play a crucial role in agricultural irrigation, helping to move water from water sources to fields and crops efficiently
- Multi-stage mixed flow pumps are likely to witness lucrative growth with a CAGR of 5.5% over the forecast period, owing to their ability to efficiently supply fluids at high pressure with high discharge rates across a wide range of industries
- Based on end-use, the agriculture segment accounted for a maximum share of 25.9% in 2023 owing to the capacity to transport water from sources such as wells, rivers, or reservoirs to fields for irrigation purposes
- The chemical segment is expected to witness significant growth with the highest CAGR of 6.0% over the forecast period, as they can easily handle various types of chemicals with different pH, viscosity, and heterogeneity
- Asia Pacific accounted for a 48.2% share of the global revenue in 2023 and is expected to expand at a CAGR of 5.7% from 2024-2030 due to significant growth in the agriculture sector. Further growth in the urbanization, and end-use industries such as food processing industries, is expected to fuel the growth of the market
- Middle East and Africa is expected to witness the second-highest CAGR over the forecast period due to the flourishing industries such as oil & gas exploration and production, water treatment & desalination facilities, and power generation
- In May 2022, Franklin Electric expanded its production and storage facility in New Olive, U.S. This move secures the space needed for the production and storage of large vertical and submerged shaft drive turbines, including the FVT series, FAF Shaft series, and FMF series mixed flow pumps
The competitive landscape of the centrifugal pump market is characterized by a mix of established global players and regional manufacturers. Several multinational companies dominate the global centrifugal pump industry. Some of the leading players include Grundfos; ITT Goulds Pumps; Xylem Inc.; Sulzer Ltd.; Flowserve Corporation; and KSB SE & Co. KGaA. These companies have a strong global presence, extensive product portfolios, and a well-established customer base. Companies continuously invest in research and development to innovate their product offerings. This includes developing more energy-efficient pumps, incorporating advanced materials, and integrating smart technologies for remote monitoring and predictive maintenance. Strategies adopted by the companies usually include product portfolio expansion, product development, and distribution network expansion.