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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~6% |
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Base Year Market Size (2022) |
~ USD 37 Billion |
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Forecast Year Market Size (2035) |
~ USD 68 Billion |
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Regional Scope |
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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:
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Type |
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Operation |
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Stage |
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Application |
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End User |
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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.
Author Credits: Rushikesh, Richa Gupta
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