The centrifugal pumps market is estimated to be valued at USD 33 billion in 2023 and is expected to reach USD 60 billion by 2033. The adoption of centrifugal pumps is likely to advance at a CAGR of 6.2% during the forecast period.
A prominent driver is the increasing adoption of centrifugal pumps in emerging economies. As these countries witness rapid industrialization and urbanization, the demand for efficient pumping systems rises to cater to various sectors like manufacturing, construction, and infrastructure development.
A significant driver is the surge in the demand for centrifugal pumps in unconventional oil and gas extraction techniques such as shale gas and tight oil. These methods require large volumes of water and hydraulic fracturing, creating a substantial need for pumps to handle the fluid transfer and injection processes.
The growing focus on water desalination projects presents an untapped opportunity for centrifugal pump manufacturers. As the need for freshwater rises, desalination plants rely on pumps for the efficient extraction and distribution of clean water, driving the demand for centrifugal pumps.
The expanding wastewater treatment industry, driven by environmental regulations and the need for sustainable water management, fuels the demand for centrifugal pumps for effective water transportation and treatment processes.
| Attribute | Details |
|---|---|
| Estimated Market Size (2023) | USD 33 billion |
| Projected Market Size (2033) | USD 60 billion |
| CAGR through (2023 to 2033) | 6.2% |
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Increasing requirements in the oil and gas and chemical industries will drive the centrifugal pumps market to rise at a 6.2% CAGR between 2023 and 2033 in comparison to the 5.3% CAGR registered from 2018 to 2022.
Centrifugal pumps are used to transfer fluids in inter-and-intra facilities. Over the years the market gained from various advancements in material used for manufacturing these pumps. Companies introduced variants that can withstand high pressure, thanks to research and development in the material sciences sector.
The food and beverage industry requires food grade pumps. Consequently, companies introduced advanced pumps that will adhere to regulations provided by the bureau of food standards. The chemical Industry on the other hand uses centrifugal pumps to transfer and store fluids, which are prone to reactions. Industrial processes involved in chemical manufacturing are complex and intricate.
Given a myriad of transferring operations, it's imperative to source the most versatile, reliable, and efficient pumping technology. Centrifugal pumps can move higher viscosity fluids with ease, from medium to high viscosity fluids, liquefied gases, and water-like fluids.
The technology has proven effective in the chemical plant environment, with installation costs resulting in lower total costs over the lifespan of the pump.
The industry is also making a shift towards incorporating Internet of Things, which will enable the pump operators to monitor velocity, flow rate, and more from remote locations. Smart assistant tools are being developed for insights into possible fault conditions, reporting, runtime, and detailed operational data visualization.
The technology will be able to provide real-time control of all pump parameters, including speed, flow rate, and dispensing volume. Push notifications will provide alerts for operating conditions and error messages.
| Period | Market Size (in USD billion) |
|---|---|
| 2018 | USD 23 billion |
| 2022 | USD 30 billion |
| 2023 | USD 33 billion |
| 2033 | USD 60 billion |
The domestic segment of the centrifugal pumps market has considerably expanded in the recent past owing to the implementation of modern technology in manufacturing and monitoring operations. Electronics and computers have infiltrated every aspect of our lives, and variable speed drives (VSDs), SCADA systems, and condition monitoring equipment has inevitably entered the pumps industry.
In-line pumping units with integral VSDs now dominate the domestic market. Pump selection software has sped up the process of selections while also expanding marketing opportunities. CAD and CFD have reached new heights for communications. Energy costs usually outweigh other operational costs. System improvements frequently result in significant cost savings. However, enacting appropriate legislation is nearly impossible.
Despite the fact that pump efficiency improvements yield relatively small returns for large investments, South Korea and China have set up legislation to improve efficiency. The European Commission has set a goal to improve the efficiency of water pumps as part of its Energy Using Products Directive including methods for identifying and eliminating poor performers.
Centrifugal pumps are most suitable for low viscosity fluids, since the pumping action generates high liquid shear. As viscosity increases, pump performance diminishes due to friction loss. Most pumps are self-primed, which adds up to its benefits.
Principal Consultant
India is predicted to remain one of the most attractive markets during the forecast period. According to the study, India is expected to account for over 30% of the South Asia and Pacific market through 2033.
There are many small to medium enterprises in the country which manufacture pumps for varied applications. Industries such as chemical, water, and wastewater in India create significant demand for these pumps.
The water and wastewater segment of the market has seen strong demand in the historical period driven by the Swatch Bharat Abhiyan initiated by Prime Minister Narendra Modi in 2014.
Thereafter sales rose in various parts of the nation. The country is amongst the largest manufacturing regions of the continent after China. India is responsible of exporting much of its goods to nations like Oman, Kuwait, Bhutan, Thailand, the United States, and Netherlands.
Demand in the Canada Centrifugal Pumps is expected to rise at nearly 4% CAGR over the forecast period. The Canadian market is backed by well-developed oil and gas and food and beverage industries with notable investments by the government.
The country is also one of the biggest importers of centrifugal pumps owing to the large-scale oil and gas operations in the country. Canada's petroleum industry is a significant contributor to the North American economy. Canada has the world's third-largest oil reserves and is also the world's fourth-largest oil producer and exporter.
There are numerous oil rigs and crude oil sources in the country which account for the demand. The chemical industry is another field of application which generates high figures of income in the centrifugal pumps market of Canada.
Germany accounts for nearly 18% of the market share in Europe 2023. The country is responsible mainly for centrifugal pump applications in the pharmaceutical, chemical, and food processing sector.
Manufacturers in Germany have grown and emerged as world leaders. The transition from a local to a global marketplace has probably been the most significant change in this industry.
In 2023, GCC countries will account for over 44% sales in Middle East and Africa. Major imports for centrifugal pumps were observed in the year prior to the pandemic in the UAE, Iraq, Kuwait, Oman, Bahrain, and Qatar. The region has numerous oil reserves and refineries which accounts for the requirement of the centrifugal pumps market.
The region has also seen steady growth in investment and implementation of new projects to boost upstream production and downstream processing. According to the USA Energy Information Administration (EIA), the Middle East held about 49% of estimated oil reserves and 40% of known gas reserves worldwide. Saudi Arabia has the largest oil reserves of any country (16.2%). Iran, on the other hand, has the most gas deposits (17.3%).
China in the East Asia region is the largest manufacturer and exporter of centrifugal pumps Market. The country is anticipated to exhibit a CAGR of 6% during the upcoming decade. Here, pump manufacturers have increased their interaction with end users and process consultants, informing them of the recent technological developments and global best practices.
The presence of a large number of players offering low-priced centrifugal pumps act as a restraint to most regional and global players offering centrifugal pump offerings. Increasing price pressure from these players is influencing key suppliers to offer high-quality, reliable, efficient and technologically-advanced centrifugal pumps at competitive prices.
China being the manufacturing hub of the continent accounts for highest sales figure in the region. There are numerous end use industries in China including oil and gas, food and beverage, pharmaceutical, and power to name a few.
Based on application, industrial sector accounts for 60% of the market in 2023. The simplicity of design, ease of repair, maintenance, and operations drives demand. The water and wastewater industrial segment are projected to hold greatest market share throughout the forecast period.
Wastewater management is more important than ever before, thanks to drastic global climate change and widespread droughts. In commercial and residential complexes, as well as industrial zones, wastewater treatment has become critical.
Wastewater treatment plants are required in industries such as chemical, food processing, manufacturing, and pharmaceuticals, to comply with government regulations and rules.
Considering demand-side trends, large market players are increasingly opting for multi-stage centrifugal pumps. Most low-pressure, high-capacity pumping applications involving low viscosity fluids such as water, solvents, chemicals, and light oils which can be pumped with centrifugal pump designs.
Multistage centrifugal pumps are available in a variety of sizes, depending on budget, application, and volume. A smaller pump would be sufficient for heating plants, water supply piping, firefighting operations, irrigation, agriculture, autoclaves, boiler feed, hydrocarbons, and the handling of lightly contaminated liquids.
This pump is frequently used in power plant applications, such as a boiler feed pumps, and in industrial applications requiring high pressures. Water supply and circulation, irrigation, and chemical transfer in petrochemical plants are examples of typical applications. The market for multi stage pump will account for over 55% in 2033.
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The competitive landscape of the centrifugal pumps market is characterized by intense competition among key players striving for market dominance. Established manufacturers such as Grundfos, Sulzer AG, and Flowserve Corporation hold significant market shares, leveraging their extensive product portfolios and global presence.
They focus on continuous innovation, research and development, and strategic acquisitions to expand their offerings and gain a competitive edge.
Regional players and emerging market entrants challenge the established players by offering cost-effective solutions tailored to local demands. The market also witnesses collaborations, partnerships, and joint ventures among manufacturers to enhance their technological capabilities and market reach. Overall, the competitive landscape drives innovation, quality improvements, and customer-centric approaches to meet the evolving demands of diverse industries.
Strategies for Centrifugal Pumps Manufacturers to Expand in the Market
Product Portfolio:
| Attribute | Details |
|---|---|
| Market Value in 2023 | USD 33 billion |
| Market Value in 2033 | USD 60 billion |
| Growth Rate | CAGR of 6.2% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Product Type, Application, Region |
| Regions Covered |
|
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, Singapore, Thailand, Indonesia, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | Ebara Corporation; Xylem Inc.; Sulzer AG; Flowserve Corporation; Grundfos; Wier Group; KSB Group; Shakti Pump; Kirloskar Brothers Ltd.; WILO SE; Tsurumi Manufacturing Co., Ltd.; DESMI A/S; WPIL Limited; HERMETIC-Pumpen GmbH; Klaus Union GmbH & Co. KG; Ruhrpumpen Group; HOMA Pumpenfabrik GmbH; CP Pumpen AG; Toyo Denki Industrial Co. Ltd.; Speck Pumpen Walter Speck GmbH & Co. KG |
| Customization & Pricing | Available Upon Request |
The overall market may grow at 6.2% concluding at US$ 60 billion by 2033.
China is the dominating market in Asia and could exhibit 6% CAGR through 2033.
Presence of ample oil reserves is estimated to create 44% of the global demand in 2023.
Germany is expected to represent 18% of the Europe centrifugal pumps market in 2023.
Centrifugal pumps in industrial sector could account for 60% of the overall market sales.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Single Stage Pump 5.1.1. Small 5.1.2. Medium 5.1.3. High 5.2. Multi Stage Pump 5.2.1. Small 5.2.2. Medium 5.2.3. High 5.3. Axial & Mixed Flow Pump 5.3.1. Small 5.3.2. Medium 5.3.3. High 5.4. Submersible Pump 5.4.1. Small 5.4.2. Medium 5.4.3. High 5.5. Seal Less & Circular Pump 5.5.1. Small 5.5.2. Medium 5.5.3. High 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application Type 6.1. Industrial 6.1.1. Oil & Gas 6.1.2. Chemical 6.1.3. Water & Wastewater 6.1.4. Food & Beverage 6.1.5. Pharmaceutical 6.1.6. Power 6.1.7. Others 6.2. Agricultural 6.3. Domestic 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. MEA 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. Ebara Corporation 15.2. Xylem Inc. 15.3. Sulzer AG 15.4. Flowserve Corporation 15.5. Grundfos 15.6. Wier Group 15.7. KSB Group 15.8. Shakti Pump 15.9. Kirloskar Brothers Ltd. 15.10. WILO SE 15.11. Tsurumi Manufacturing Co., Ltd. 15.12. DESMI A/S 15.13. WPIL Limited 15.14. HERMETIC-Pumpen GmbH 15.15. Klaus Union GmbH & Co. KG 15.16. Ruhrpumpen Group 15.17. HOMA Pumpenfabrik GmbH 15.18. CP Pumpen AG 15.19. Toyo Denki Industrial Co. Ltd. 15.20. Speck Pumpen Walter Speck GmbH & Co. KG 16. Assumptions & Acronyms Used 17. Research Methodology
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Centrifugal Pumps Market
