Centrifugal Pumps Are Fastest Growing Segment Fueling The Growth Of Centrifugal Pump Market

 
Centrifugal Pump Market

The global Centrifugal Pump Market is estimated to be valued at US$ 42578.04 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Centrifugal pumps are mechanical devices that transfer liquids through the use of rotational energy. They are useful for a variety of liquid-transfer needs across many industries, including agriculture, chemical, oil & gas, and mining. Centrifugal pumps provide efficient, cost-effective operation and require relatively low maintenance.

Market key trends:
One of the key trends in the centrifugal pump market is the growing adoption of IoT technology. Many pump manufacturers are integrating IoT capabilities to enable remote monitoring and predictive maintenance of centrifugal pumps. IoT-enabled pumps can transmit operational data over the internet, which allows users to receive real-time notifications in case of anomalies. This helps improve uptime and reduce unexpected maintenance costs. IoT also facilitates predictive maintenance by detecting early signs of pump wear and tear.
Segment Analysis

The global centrifugal pump market is segmented by type, stage, end-use industry and region. Based on type, the market is divided into overhung impeller, vertically suspended and between bearing. The overhung impeller segment dominated the market in 2022 as they are efficient, stable and reliable for filtration and pumping applications.

Key Takeaways

The Global Centrifugal Pump Market Demand is expected to reach USD 42578.04 million by 2030, at a CAGR of 4.9% over the forecast period. Increasing investments in water & wastewater treatment plants along with rising industrialization are fueling the market growth.

Regionally, Asia Pacific dominated the market in 2022 and is expected to grow at the fastest rate during the forecast period. Presence of developing economies like India and China and rapid industrial expansion in various sectors including power, chemicals and construction in the region is driving the demand.

Key players operating in the centrifugal pump market are ITT Corporation, Ruhrpumpen Group, KSB AG, Xylem Inc., Flowserve Corporation, Wilo SE, Sulzer AG, Weir Group plc, Ebara Corporation, and Grundfos AG. Leading players are focusing on new product launches and expanding their global footprint to gain higher market share. For instance, in 2022, Xylem Inc. launched Flygt Concertor, an intelligent pumping system for industrial and municipal applications.

Read More:

https://www.marketwebjournal.com/centrifugal-pump-market-demand-size-and-forecast/

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