Centrifugal Pumps Market on a Temporary Downtrend, as COVID-19 Pandemic Suspends Manufacturing Activities Through 2020: FMI Report
Greater emphasis on water and wastewater treatment, surging demand from agriculture sector, and increasing efforts from regional and global organizations towards sustainable treatment and distribution of water in urban and rural areas would be critical in shaping centrifugal pumps market. According to a recent Future Market Insights (FMI) report, towards the end of forecast period (2020 - 2030), the global centrifugal pumps market is estimated to reach revenues of around US$ 43 Bn.
Centrifugal Pumps Market
Future Market Insights published its recent report on the global centrifugal pumps market,...
The ongoing crisis of COVID-19 is adversely impacting markets that are purely driven by industrial and agricultural activities. Manufacturing activities have come to a halt, eventually translating into a severe economic downfall in the centrifugal pumps market. Recovery is projected to be gradual, which majorly depends on how long the pandemic would last and how early manufacturing operations resume.
Key Takeaways of Centrifugal Pumps Market Study
- Rise in water treatment and recycling projects, coupled with the comprehensive efforts towards water conservation is expected to boost the adoption of centrifugal pumps.
- Energy consumption accounts for over 75% of total service life cost of centrifugal pumps. As such, energy-efficient centrifugal pumps would gain significant traction over coming years.
- Extensive industrial and agricultural footprints in Asia Pacific excluding Japan (APEJ), especially China and India, are crediting to the growth of centrifugal pumps market in the region. Additionally, exponential need for water treatment in China, and India is expected to create growth avenues in near term.
- Submersible pumps would remain highly preferred, owing to their superior functional capability even when immersed in fluids.
China represents a highly lucrative market for stakeholders in the centrifugal pumps market, and will remain the key market even after the COVID-19 crisis. China’s primacy in the global market would continue to govern pricing structure, as a considerable number of manufacturers are based in China.
Key Players in Global Centrifugal Pumps Market
Key manufacturers involved in centrifugal pumps market such as KSB AG, Ebara Corporation, Xylem Inc, Sulzer AG, Flowserve Corporation, Grundfos Holding A/S, The Weir Group PLC, ITT Inc., and Wilo SE, are focusing on long-term partnerships for sustained revenue generation.
What’s the Future Outlook?
The global centrifugal pumps market is poised to maintain its positive trend throughout the forecast period as centrifugal pumps are essential in several industries including, agriculture, energy, oil and gas, water and wastewater management, and chemical, owing to their ability of handling fluids of any viscosity.
The global centrifugal pumps market offers an extensive research by product and end use industries analysis for historical (2015-2019) and projected period (2020-2030). The centrifugal pumps report offers deep-dive insights on all the countries and region with their respective demand trend and opportunity scope. The centrifugal pumps study also offers market price trend, COVID-19 impact analysis, and volume forecast.
For more insights on how the market growth will unfold over the following years, write to the team of expert analysts at [email protected]
About Industrial Automation Division at Future Market Insights
The Industrial Automation & Equipment division at FMI adopts a novel approach and innovative perspective in analyzing the global machinery and industrial automation market. A range of FMI’s market research reports offer comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery used across manufacturing sector. The team also conducts distinctive analysis about installed base, consumables, replacement, and USP-feature application matrix, making us a prominent voice of authority in the industry. We are associates of choice for established as well as budding industry
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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