CENTRIFUGAL PUMP MARKET ANALYSIS

Centrifugal Pump Market Size and Trends

The centrifugal pump market is estimated to be valued at USD 39.11 billion in 2024 and is expected to reach USD 57.41 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.6% from 2024 to 2031.

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The centrifugal pump market is expected to witness a positive trend over the forecast period. Pumps are increasingly being utilized across various end-use industries such as the chemical, oil & gas, power generation, and water & wastewater treatment industries. The rising energy demand along with growing industrialization in emerging economies across Asia Pacific and the Middle East & Africa is further augmenting the demand for centrifugal pumps. Additionally, increasing investments in process industries and technological advancements in product offerings are some of the factors expected to drive the market growth during the forecast period.

Rising Construction Industry

The rising construction industry across the globe especially in emerging economies is fuelling the demand for centrifugal pumps. As more construction projects are announced related to buildings, infrastructure development, etc., it creates a need for moving slurries, liquids, and transfer of various materials on construction sites. Centrifugal pumps are ideal for such applications owing to their ability to handle large flows at moderate head conditions. Many economies in Asia Pacific, Latin America, Middle East, and Central Europe are undertaking massive housing construction as well as highways, metros, dams, and other civil engineering structures. This rise in construction activities provides steady opportunities for centrifugal pump manufacturers and distributors. Countries like India, China, Indonesia, Brazil, Saudi Arabia, and Poland are spending billions of dollars in the construction of new urban infrastructure to accommodate rapid urbanization which boosts their infrastructure sector. New buildings, townships, ports require excavation, concrete casting, irrigation, sewage, and are core end-use areas for centrifugal pump consumption. A thriving construction industry is thus a major driver propelling centrifugal pump sales.

For instance, according to the BP Statistical Review of World Energy 2022, the global natural gas production and demand have significantly increased. This surge is expected to drive the global demand for centrifugal pumps.

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With growing populations worldwide, the demand for clean drinking water as well as the treatment of industrial and domestic wastewater has increased tremendously. Most cities and towns now require sophisticated water treatment and wastewater processing facilities to purify and recycle water. Centrifugal pumps play a critical role in moving water and wastewater through various treatment stages right from intake, screening, coagulation, and sedimentation to final disposal or recycling applications. They are used for applications like raw water intake, sludge transfer, filtration, dosing of chemicals, and final effluent disposal. The need for reliable water management solutions has also grown due to acute water scarcity issues faced in many parts globally. Both developing and developed nations are investing heavily in construction of new water treatment plants as well as expanding and upgrading existing infrastructure. This growing requirement for sustainable and efficient water treatment presents pumps manufacturers with significant opportunities. Centrifugal pumps, with their flexible design and high efficiency, address majority of the key requirements for water treatment projects.

For instance, in November 2023, Xylem secured a contract to supply pumps and valves for a major water treatment plant in India, contributing to the improvement of the country’s clean water infrastructure.