Centrifugal Pump Market Size & Share, Growth Forecasts 2035

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Centrifugal Pump Market size is set to surpass USD 68 Billion by the end of 2035, growing at a CAGR of 6% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of centrifugal pump was over USD 37 Billion. The growth of the market can be attributed to the growing need for treating wastewater. Centrifugal pumps are used in the primary treatment phase for pumping and churning the wastewater in primary setting tanks or sedimentation tanks in order to separate particles of solids from the liquid. According to new research conducted by scientists at Utrecht University and the United Nations University, around half of the world's wastewater is treated, rather than the prior estimation of 20%.

In addition to these, factors that are believed to fuel the growth of the centrifugal pump market. Pump makers have been able to create more efficient impellers and pump components given that to new technology such as improved computational fluid dynamics (CFD) and simulation software.

Centrifugal Pump Market: Growth Drivers and Challenges

Growth Drivers

Rising Implementation for Enhancing Irrigation System– A combination of its efficiency, simplicity, and capacity to handle high flow rates, centrifugal pumps with shafts are often employed for irrigation. Irrigation is critical in agricultural settings for giving water to crops, controlling soil moisture, and assuring optimal yield. Agriculture irrigation uses 70% of the global water and more than 40% in some OECD nations. Therefore, irrigation continues to be the top water usage activity in the world.
Increasing Use of Solar Water Pumps– The popularity of solar water pumps gives consumers energy security, especially around areas where grid connectivity is restricted or inconsistent. In comparison to grid-powered pumps, a solar-powered system might reduce greenhouse gas emissions (per unit of energy used for water pumping) by 95-97%. And even more, is reduced when compared to diesel pumps. Further, minimized prices and higher improvements in its technology have increased the adoption of solar pumps.
Growing Demand for Unconventional Energy Resources– Between 2015 and 2040, shale gas output is predicted to increase by more than 125 Bcf day 1, reaching 30% of global natural gas production by 2040. Centrifugal pumps are employed in unconventional energy resources to help in the extraction, transportation, and processing of these resources.

Challenges

High Cost of Initial Setup – Centrifugal pumps have high initial costs, particularly in large-scale industrial applications. This might be a hurdle for small and medium-sized organizations (SMEs) or businesses with limited resources.
Additional Expenditure on Maintenance and Downtime
Shortage of Skilled Workers

Centrifugal Pump Segmentation

Application (Industrial Power, Commercial, Agriculture, Residential)

The industrial segment is estimated to hold 60% share of the global centrifugal pump market in the year 2035. The growth of the segment can be attributed to the rising use of centrifugal pumps across various industries, including food & beverage, pharmaceuticals, power, chemical processing, pulp & paper, and others. Therefore, the rising production of power and growing use for packaged food and juices or bear is expected to drive the segment’s growth. In power plants, centrifugal pumps are utilized for cooling water circulation, boiler feedwater, and a variety of other fluid transfer applications.

End Users (Power Generation, Oil & Gas, Water Treatment & Desalination)

The oil & gas segment in the centrifugal pump market is expected to garner a significant share of around 40% in the year 2035. The growing demand for oil and gas from the petrochemical and aviation sectors will impact the segment growth positively. Centrifugal pumps are used to transport hydrocarbons such as natural gas liquids (NGLs) like propane and butane, as well as petrochemical chemicals like ethylene and propylene. Moreover, it is also employed in refineries for transferring refined products like gasoline, diesel, and jet fuel from one unit to another.

Our in-depth analysis of the global centrifugal pump market includes the following segments:

Type	Vertically Suspended Between Bearing Overhung Impeller
Operation	Air-Driven Electrical Hydraulic
Stage	Single Stage Multistage
Application	Industrial Commercial Agriculture Residential
End User	Power Generation Oil & Gas Water Treatment & Desalination

Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.

Customize this Report

Centrifugal Pump Industry- Regional Synopsis

APAC Market Forecast

The centrifugal pump market in Asia Pacific is projected to be the largest with a share of about 33% by the end of 2035. The growth of the market can be attributed majorly to the growing oil refineries followed by higher consumption of oil in the region. Furthermore, increasing industrialization and rising construction of industrial wastewater treatment plants. In 2021, China's oil refinery capacity will be approximately 17 million barrels per day, up from around 16 million barrels per day the previous year. Moreover, the East Asian country's oil refinery capacity expanded by around 16 million barrels of oil per day between 1970 and 2021.

North American Market Statistics

The North America centrifugal pump market is estimated to be the second largest, registering a share of about 29% by the end of 2035. The growth of the market can be attributed majorly to the increasing concerns about water scarcity and environmental regulations. In the United States, there are over 153,000 public drinking water systems and over 16,000 publicly owned wastewater treatment systems. North America has a well-established and diverse industrial manufacturing sector, creating demand for pumps in different applications within these industries.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the centrifugal pump market?

Ans: Increasing need for wastewater treatment, and rising demand for power and energy are the major factors driving the market growth.

2) What would be the CAGR of the centrifugal pump market over the forecast period?

Ans: The market size of centrifugal pump is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023 â€“ 2035.

3) Who are the major players dominating the centrifugal pump market?

Ans: The major players in the market are Flowserve Corporation, Schlumberger Ltd, Baker Hughes Company, KSB SE & Co. KGaA, Weir Group PLC, CPC Pumps International, Inc., Ebara Corporation, Xylem, Grundfos Holdings A/S, and ITT Inc.

4) Which segment captures the largest market size in the application segment in the centrifugal pump market?

Ans: The industrial segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

5) Which region will provide more business opportunities for the growth of the centrifugal pump market in the future?

Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

Base Year	2022
Forecast Year	2023-2035
CAGR	~6%
Base Year Market Size (2022)	~ USD 37 Billion
Forecast Year Market Size (2035)	~ USD 68 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)