Future Market insights (FMI’s) report on centrifugal pump market offers a comprehensive analysis of various trends and opportunities affecting growth through 2021. It offers detailed analysis of growth drivers and restraints influencing expansion across various segments in terms of product type and application type. The reports also highlight strategies adopted by the leading market players to keep pace with the latest trends.
As per the latest market analysis by Future market Insights (FMI), the centrifugal pump market is poised to exhibit positive growth through 2021. Its valuation is forecast to surpass around US$ 29 Bn in 2021. The global sales are projected to increase at 4.6% CAGR between 2021 and 2031.
Increasing investments in construction industry, rising oil and drilling activities, and high demand for centrifugal pumps in agricultural sector are some of the factors driving centrifugal pump market.
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Centrifugal pumps are perhaps the most common type of pumps used in a range of applications. With a variety of configurations available, centrifugal pumps are widely used because of their design simplicity, high efficiency, wide range of capacity and head, smooth flow rate and ease of operation and maintenance.
As the demand for fresh water continues to rise, regional governments and organizations are compelled to implement stringent regulations and initiatives to process wastewater management. Centrifugal pumps are readily deployed in effluent treatment plants as they can easily pump low viscous liquids with excessive flow rates.
Manufacturers are setting high standards in terms of innovation and sustainability. A new series of pumps are being launched at affordable prices. Smart water technologies are being integrated into these pumping systems.
Industries such as oil & gas and water & wastewater treatment are exhibiting increasing adoption of advanced technologies such as the Internet of Things (IoT) to improve operational efficiency.
Upgrading aging units and construction of new wastewater treatment facilities are expected to create opportunities for the installation of centrifugal pumps. According to the study, water and wastewater applications are anticipated to hold over 1/3rd of the global market share by the end of 2031. Steered by surging demand for fresh drinking water, sales in the centrifugal pump market will increase.
As per FMI, demand in North America will increase by 15.4% in 2021. Increasing oil and gas activities and construction of new wastewater treatment facilities are some of the factors driving the market in this region.
“Favorable policies implemented by governments, encouraging advancement in wastewater management and expansion of the oil and drilling sector will continue to fuel the demand for centrifugal pumps in the future,” says the FMI analyst.
Key Takeaways from Centrifugal Pump Market Survey
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Key players operating in the centrifugal pump market are focusing on expanding their product portfolio. They have adopted various organic and inorganic growth strategies such as mergers and acquisitions, new product launches, partnerships and collaborations to strengthen their global footprint.
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Some of the prominent players operating in the centrifugal pump market profiled by FMI are:
More Insights on the Global Centrifugal Pump Sales Outlook
FMI provides an unbiased analysis of centrifugal pump market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for centrifugal pump with a detailed segmentation on the basis of:
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Key Questions Covered in the Centrifugal Pump Sales Outlook Report
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