Centrifugal Pump Market To Generate Revenue worth $55.14 Billion by 2030

The global centrifugal pump market size is projected to reach $55.14 billion by 2030, advancing at a CAGR of 5.80% during 2021–2030. This can be mainly attributed to the rapid urbanization, coupled with the surging investments in the construction industry and high demand for wastewater management in developed countries.

In addition, the adoption of these systems is increasing in the chemical and oil & gas industries, which is set to boost the market growth in the forecast period. Moreover, the integration of IoT with these systems, for the monitoring of the flow rate and velocity from remote locations, is offering lucrative opportunities for the market outlook. These integrated systems further assist during possible fault situations, by allowing for runtime data gathering, reporting, and visualization.

Integration of AI in Pumps Is Key Trend

By leveraging the power of AI algorithms and big data analytics, water pumps can use the available real-world operational knowledge to make better decisions, in order to improve service delivery and lower costs. AI and machine learning are primarily used to make critical decisions, such as making the most of the capital investments and cutting operational costs. Operators no longer need to take complicated factors into account to make important decisions, using IoT, which is enabled by multi-layer perceptron neural networks and a set of sensors. Whether it is turning the devices on and off or scheduling maintenance, AI can optimize pump runtime, so that it only uses energy when needed, thus helping save costs.

Electrical Category Dominates Market

The electrical category held the largest revenue share in 2021, and it is expected to register the highest CAGR in the forecast period. This is ascribed to the surging use of these systems in the oil & gas industry to boost production capacity. In addition, their adoption is increasing in the domestic, agriculture, and industrial sectors, attributed to their high efficiency and reliability.

Single Stage Category Leads Market

The single stage category accounted for the larger revenue share, in 2021 due to the high use of these variants in industrial pumping, slurry pumping, and sewage pumping. In addition, their high performance in installations demanding high flow rates and low pressures are driving the category size.

APAC Is Largest Leader

APAC accounted for the highest value in 2021, due to the presence of prominent players and swift economic expansion in countries including China, India, and Japan. In addition, the favorable government policies and lower manufacturing costs in these countries are significantly improving the market outlook in the region. Moreover, the region is attracting companies to establish manufacturing plants with the low cost of labor and raw materials, which is positively widening the product availability in the region.

In North America, the U.S. has emerged as the leading country, and it is expected to witness the higher CAGR, due to the rapidly developing commercial and residential infrastructure and surging investments in the construction sector, coupled with the rampant urbanization. Additionally, the expansion of the oil & gas and chemical industries and technological advancements are positively influencing the market size.

The major players operating in the global centrifugal pump market are Flowserve Corporation, Ebara Corporation, Sulzer Management Ltd., Grundfos Holding A/S, Kirloskar Brothers Limited, KSB SE & Co. KGaA, Gardner Denver Inc., ITT Inc., Torishima Pump Mfg. Co. Ltd., and The Weir Group PLC.