New York, Oct. 10, 2023 (GLOBE NEWSWIRE) --
The global centrifugal pump market size is expected to expand at ~ 6% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 68 Billion by the end of 2035, up from a revenue of ~USD 37 Billion in the year 2022.. The oil and gas industry has been a major driving force behind the growth of the centrifugal pump market. With increasing demand for oil and gas, there is a need for efficient transportation of these resources. Centrifugal pumps have become an essential tool in this process, allowing for the safe and reliable transfer of fluids. According to industry reports, In the year 2021 4.3 billion metric tons of oil were produced worldwide. The global requirement for oil stands at around 93[R1] million barrels per day. Presently the price of a barrel of oil is USD 78, in the year 2022. This growth can be attributed to the increasing demand for energy and the development of new oil and gas fields around the world.
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Centrifugal Pump Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- Oil & Gas segment to garner the highest growth
- Market in North America to grow at a significant rate
Technological Advancements in Centrifugal Pumps to Boost Market Growth
Technological advancements in centrifugal pumps have played a key role in the growth of the market. These advancements have led to improved efficiency, reduced energy consumption, and increased reliability of centrifugal pumps. For example, the use of computational fluid dynamics (CFD) has allowed for better design and optimization of pump components, resulting in higher performance and lower operating costs. In addition, the development of smart pumps[R2] with sensors and monitoring systems has enabled real-time performance tracking and predictive maintenance, reducing downtime and increasing overall productivity. Furthermore, the integration of Internet of Things[R3] (IoT) technology has allowed for remote monitoring and control of pumps, enabling operators to make informed decisions and optimize operations from anywhere in the world.
Centrifugal Pump Market: Regional Overview
The global centrifugal pump market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Demand for Energy Products, Such As Gasoline And Diesel To Drive The Growth In The Asia Pacific Region
The Asia Pacific market of centrifugal pump is estimated to garner the largest revenue by the end of 2035. This is largely due to increasing demand for energy products, such as gasoline and diesel, in the region. China's growing economy is also driving increased demand for oil, which further contributes to the growth of the oil refinery market. In 2021[R4] , China had an oil refinery capacity of about 18 million barrels per day which was an increase from 15 million barrels per day in the previous year. Additionally, the oil refinery capacity in this Asian nation has grown by around 16 million barrels of oil, per day between 1970 and 2021.Additionally, the country's increasing demand for centrifugal pumps, which are used in oil refineries, is expected to drive the growth of the centrifugal pump market in Asia Pacific.
Large Number Of Industrial Manufacturing Plants to Drive the Growth in the North America Region
The North America market of centrifugal pump is estimated to garner the largest revenue by the end of 2035. The region is home to a large number of industrial manufacturing plants, which rely heavily on pumps for their operations. Additionally, the region has a well-established infrastructure for water distribution and wastewater treatment, further increasing demand for pumps. There are more than 153[R5] ,000 public drinking water systems and over 16,000 publicly owned wastewater treatment systems, in the United States. As water scarcity and environmental regulations become more stringent in the region, the need for more efficient pumps has increased, driving the growth of the market.
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Centrifugal Pump Segmentation by Application
- Industrial
- Commercial
- Agriculture
- Residential
The industrial segment is anticipated to hold the largest revenue by the end of 2035. The industrial segment is expected to witness the highest growth due to the increasing demand for packaged food, juices, and beverages. Moreover, the increasing production of electricity is also expected to drive the segment's growth, as centrifugal pumps are commonly used in electricity plants for cooling water circulation, boiler feedwater, and other fluid transfer applications. According to the International Energy Agency (IEA) the global gross electricity production experienced a 1.3% increase in 2019 compared to 2018. It's worth noting that global electricity production has witnessed growth every year since 1974 with the exception of a slight decline, between 2008 and 2009.
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Centrifugal Pump Segmentation by End User
- Power Generation
- Oil & Gas
- Water Treatment & Desalination
The oil and gas segment in centrifugal pump market is anticipated to hold the largest revenue by the end of 2035. Growth in the development of oil and gas infrastructure is expected to benefit the centrifugal pump market in the coming years. According to the BP Statistical[R6] Review of World Energy 2022 global natural gas production reached 4,036.9 billion cubic meters (bcm) in 2021 showing a 4.5% increase from the 3,861.5 bcm recorded in 2020 and a significant rise of around 15% since 2015. Moreover[R7] , there is a projected increase in gas demand by approximately 140 billion cubic meters (bcm), between 2021 and 2025. As natural gas production increases, so does the need for centrifugal pumps for pumping the gas from the wellheads to the pipelines and distribution points. The increased availability of natural gas is also expected to lead to growing demand for centrifugal pumps in various other industries, such as power generation, automotive, and marine.
Centrifugal Pump Segmentation by Stage
- Single Stage
- Multistage
Centrifugal Pump Segmentation by Operation
- Air-Driven
- Electrical
- Hydraulic
Centrifugal Pump Segmentation by Type
- Vertically Suspended
- Between Bearing
- Overhung Impeller
A few of the well-known market leaders in the global centrifugal pump are profiled by Research Nester are ITT Inc., Flowserve Corporation, Schlumberger Ltd, Baker Hughes Company, KSB SE & Co. KGaA, Weir Group PLC, CPC Pumps International, Inc., Ebara Corporation, Xylem, Grundfos Holding A/S., and other key market players.
Recent Development in the Market
- CPC Pumps International, Inc. recently announced the expansion of their product lineup with the introduction of their BB5 pumps. These pumps have been specifically designed to meet the needs of customers particularly in heavy duty pumping and high pressure applications.
- EBARA Corporation unveiled their offering the 3E/3ES pump. This single oriented centrifugal pump features a sleek black design and a compact close coupled configuration. It's ideal for circulation, in HVAC systems heat exchangers and chillers while also minimizing space requirements during installation.
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