KEY RESEARCH FINDINGS
- The global centrifugal pumps market will register around US$ 40 Bn revenue in 2030.
- Notable rise infrastructure development projects, and greater focus on water and wastewater treatment would be the key growth drivers.
- Submersible pumps continue to shape market revenue growth; market players are investing in multi-stage pumps.
- Industrial sector would be the primary customer of centrifugal pumps; agricultural sector to offer potential growth prospects.
- Asia Pacific excluding Japan (APEJ) continues to maintain its supremacy in global centrifugal pumps market.
KEY FACTORS SHAPING CENTRIFUGAL PUMPS MARKET
Energy-efficient Products and Practices to Elevate Centrifugal Pumps Demand
The awareness towards energy efficient practices and products across all the end use industries is growing aiming to reduced cost of operation, reduced carbon foot print, and sustainable development. Thus, centrifugal pumps suppliers are inclined towards manufacturing products with improved efficiency and energy saving pumps in order to gain expanded customer base. Energy saving centrifugal pumps aids to the environment conservation policies and also saves hundreds of dollar annually. Thereby, driving the global centrifugal pumps market over the forecast period.
Optimization of Centrifugal Pumps and Production Process
A number of centrifugal pumps manufacturers are aiming to optimize their product production process to offer wide range of product offering in their portfolio and also offer customization at a quicker turnaround time. Since, customer requirements has moved to niche application from general, customisation has been reported to be a preferred option among customers.
Adjustable frequency drives with better energy saving capability are seen to be more adopted among end users. Variable frequency drive can increase speed of the pump or motor, which helps to protect assets and extend equipment life. Centrifugal pumps manufacturers are capitalizing on the opportunity of optimizing speed of large centrifugal pumps, which can save energy and reduce wear and tear of centrifugal pumps.
Development of Manufacturing & Supply Chain Networks
Mostly, small and medium size centrifugal pumps are sold through distributors. End users are inclined towards opting for centrifugal pumps distributors who provide engineering expertise, aftersales services and end-to-end solutions to meet specific demands of customers
- Global players such as Grundfos Holding A/S, KSB AG, and Wilo SE and Xylem Incorporation follow the strategy of expanding local networks by increasing tie-ups with regional as well as local distributors.
- Distributors of small and medium size pumps are focusing on multi-branding, which provides more options for customers to choose products specific to their requirement
- In case of small and medium size centrifugal pumps, around 75% of sales are carried out through distributors and remaining 25% is carried out through direct sales
- Direct sales channel is preferred for domestic and agricultural applications, while direct sales is the preferred choice for industrial applications
Regional Outlook of Centrifugal Pumps Market
Both in terms of volume and value share, the Asia Pacific excluding Japan is stipulated to hold a sizable share till the end of the projected period in the global centrifugal pumps market. Over three-fourth of APEJ centrifugal pumps market opportunity is expected to be generated from China and India. However, Amid the COVID-19 pandemic, economic crisis will largely hamper the growth of centrifugal pumps market throughout the year 2020.
CENTRIFUGAL PUMPS MARKET STRUCTURE ANALYSIS
- Key players in global centrifugal pumps market are exploring opportunities for long-term EPC (engineering, procurement and construction) contracts.
- The global centrifugal pumps market remains a fragmented landscape owing to strong presence of a large number of regional and in-house manufacturers.
- Base Year - 2019
- Historical Period - 2015-2019
- Forecast Period - 2020-2030
- Market Value in 2019 - US$ 27.4 Bn
- Segments Covered - Product Type, Pump Capacity (HP), End Use
- Regions Covered - North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and Middle East & Africa.
- Key Companies - Flowserve Corporation, KSB AG, Sulzer AG, Ebara Corporation, Grundfos Holding A/S, Xylem Inc., ITT Inc., The Weir Group PLC, Wilo SE, Tsurumi Manufacturing Co. Ltd., Kirloskar Brothers Ltd., DESMI A/S, and WPIL Limited.
- Growth Drivers -
- Upsurge in infrastructure development projects worldwide.
- Increasing exploration projects for new water sources.
- Rising demand from SMEs and process industries.
- Replacement of existing plants and pumping systems.
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.
Centrifugal Pumps Market Analysis by Pump Type
Submersible pumps deliver superior functional capability even when immersed in fluids, as well as are highly energy-efficient. By 2020, these pumps will register revenue worth around US$ 8 Bn. Multi-stage pumps, on the other hand, exhibit high-pressure boosting capacities, and efficiency as they incorporate smaller impeller diameters.
They are considered suitable for broad range of flow/head scenarios and industrial applications including, power generation plants, and oil & gas refineries. Further, both, submersible and multi-stage pumps would collectively generate over 60% total returns to shareholders towards the end of projection timeframe.
Centrifugal Pumps Market Regional Analysis
Water & wastewater treatment industry has been experiencing top-line growth in Asia Pacific excluding (Japan) over the last few years. Swelling demand for freshwater and reusable water, owing to rising industrialization, and tech-driven advancements, is propelling the centrifugal pumps in the region.
Countries - China and India - have increased their investments in infrastructure development projects. In addition, ever-growing need to reduce carbon footprint is translating to demand upsurge for cleaner sources of power generation. This, in turn, would enable broader adoption of centrifugal pumps as condensate extraction, boiler feed, and water cooling applications in power sector.
Technology Trends in Centrifugal Pumps Market - Micro Disc Pumps and VFD Technology
Trends such as portability, size reduction, and variable frequency drive operation are spurring the demand for centrifugal pumps that acquire smaller footprint, cause minimal noise, and are sustainable, sans compromising the performance. Micro disc pumping technology allows manufacturers to develop compact and energy-efficient centrifugal pumps.
Micro disc pumps are conventional in pharmaceuticals and medical applications such as blood pressure measurement. Moving forward, variable frequency drives (VFD) are considered an economically viable option among end users, as they deliver power output as per requirement, while ensuring energy-efficiency.
How Growth will Unfold
Industrial sector continues to remain the key customer of centrifugal pumps, capturing about 70% of overall market revenue. Under the category, majority of returns would be realized by water & wastewater applications, given surging demand for water for several industrial use cases. Uptick in global crude oil demand, in order to support production centers, overseas logistics, and domestic transports, is triggering offshore and onshore exploration activities. As such, players in centrifugal pumps market are also unpacking revenue lines in oil and gas sector.
CENTRIFUGAL PUMPS MARKET TAXONOMY
The global centrifugal pumps market is segmented into four segments in detail to cover every aspect of the market and present complete market intelligence to the reader.
- Single-stage Pumps
- Multi-stage Pumps
- Axial & Mixed Flow Pumps
- Submersible Pumps
- Seal-less & Circulator Pumps
Pump Capacity (HP)
- Small Capacity Pumps
- Medium Capacity Pumps
- High Capacity Pumps
- Water & wastewater
- Oil & gas
- Food & Beverages
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Middle East & Africa (MEA)