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The Asia Pacific region currently dominates the global centrifugal pump market and is expected to have a largest market share of 38.67% in 2024. Rapid industrialization and infrastructure development activities are driving the need for fluid transfer in major economies, such as China, India, Japan, and Southeast Asian, nations. China, in particular, has witnessed tremendous growth in the construction, energy and manufacturing space over the past decade. This has greatly increased the consumption of centrifugal pumps for applications in thermal and hydro power plants, irrigation projects, sewage treatment facilities, and various process industries. At the same time, the availability of low-cost manufacturing options and expertise in pump assembly has enabled regional players to become formidable competitors in the export market as well.
However, the North American region is emerging as the fastest growing market for centrifugal pumps globally and is expected to grow with the CAGR of 7.71% in 2024. With a strong industrial manufacturing base across various sectors such as oil and gas, chemicals, power generation, mining, and construction, the demand for centrifugal pumps remains consistently high in the U.S. and Canada. Major pump manufacturers have established their production and distribution facilities across the region to effectively cater to localized demand. Additionally, the presence of leading pump original equipment manufacturers Favors imports of high-end and customized pump models to complement domestic offerings.
The Middle East is also witnessing a spike in centrifugal pump purchases for strategic oil and gas ventures as well as large-scale desalination projects. While global suppliers have a well-entrenched presence due to technical collaboration with national oil companies, regional resellers are fast emerging as a price-competitive distribution channel within the Gulf Cooperation Council countries. This is gradually shifting the dynamic of the traditionally import-oriented centrifugal pump market in the region.
In Europe, stringent regulatory push for energy efficiency and emissions norms will revolutionize the centrifugal pump sales in the near future. Major pump manufacturers are at the forefront of developing new hydraulic designs, advanced materials and integrated drive systems to comply with the evolving performance standards stipulated by the European Union directives. Meanwhile, the recovery in capital expenditure across process and utility sectors is supporting the demand momentum across major Western and Central European economies.
Centrifugal Pump Market Report Snapshots
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