Centrifugal Pumps Market Size (2024 - 2029)

The centrifugal pump market is anticipated to experience significant growth, driven by increased exploration and production activities in offshore deep-water oil and gas fields, particularly in North America and Africa. Despite challenges posed by volatile crude oil and gas prices, which may lead to cost-cutting and project delays, the market is expected to benefit from advancements in technology that facilitate deep-water explorations. The Asia-Pacific region is projected to dominate the market due to substantial economic growth and the expansion of industrial infrastructure.

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Market Size of Centrifugal Pumps Industry

Centrifugal Pumps Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 5.40 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration Low

Major Players

Centrifugal Pumps Market Major Players

*Disclaimer: Major Players sorted in no particular order

Centrifugal Pumps Market Analysis

The global centrifugal pumps market is expected to register a CAGR of more than 5.4% during the forecast period.

COVID-19 caused problems in the supply chain, which hurt the market for centrifugal pumps.However, the market rebounded in 2022.

  • Demand for centrifugal pumps is likely to be driven by things like increased exploration and production in offshore deep-water oil and gas fields in places like North America and Africa.
  • However, volatile crude oil and gas prices are likely to affect the centrifugal pump market due to cost-cutting and delayed projects by the E&P companies.
  • During the forecast period, new technologies that make deep-water and ultra-deep-water explorations possible are expected to increase oil production and create opportunities for market growth.
  • During the forecast period, Asia-Pacific is expected to be the biggest and fastest-growing region. This is because of the huge economic growth that has led to the growth of industrial infrastructure in the region.

Centrifugal Pumps Industry Segmentation

Centrifugal pumps are used to transport fluids by converting rotational kinetic energy into the hydrodynamic energy of the fluid flow. The rotational energy typically comes from an engine or electric motor. The centrifugal pumps market is segmented by stage, end-user, impeller type, and geography. By stage, the market is segmented into single-stage pumps and multi-stage pumps. By end user, the market is segmented into oil & gas, power generation, and other end users. By impeller type, the market is segmented into open, partially open, and enclosed. The report also covers the market size and forecasts for the centrifugal pump market across the regions. For each segment, market sizing and forecasts have been done based on revenue (USD billion).

Stage
Single-stage Pumps
Multi-stage Pumps
End-User
Oil and Gas
Power Generation
Other End-Users
Impeller Type
Open
Partially Open
Enclosed
Geography
North America
Europe
Asia-Pacific
South America
Middle-East and Africa
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Centrifugal Pumps Market Size Summary

The centrifugal pump market is poised for significant growth, driven by increasing demand in the oil and gas sector, particularly due to exploration and production activities in offshore deep-water fields. The market is recovering from the supply chain disruptions caused by the COVID-19 pandemic, with new technologies enabling deeper explorations expected to further boost oil production and market opportunities. The Asia-Pacific region is anticipated to be the largest and fastest-growing market, fueled by rapid industrial infrastructure development and economic growth. The region's demand for centrifugal pumps is also supported by the need for water supply and treatment facilities, as well as the expansion of crude oil refining capacities, particularly in China.

In addition to the oil and gas sector, the centrifugal pump market is experiencing growth due to the increasing need for low sulfur fuels, prompting infrastructure upgrades in refineries. The market is characterized by fragmentation, with key players such as Flowserve Corporation, Schlumberger Ltd, and KSB SE & Co. KGaA actively participating in product innovations and acquisitions to enhance their offerings. The demand for centrifugal pumps is further bolstered by the rising consumption of natural gas and the expansion of water treatment projects in developing countries, particularly in the Asia-Pacific region, where environmental awareness and water scarcity issues are driving the need for efficient water management solutions.

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Centrifugal Pumps Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2028

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitute Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Stage

      1. 2.1.1 Single-stage Pumps

      2. 2.1.2 Multi-stage Pumps

    2. 2.2 End-User

      1. 2.2.1 Oil and Gas

      2. 2.2.2 Power Generation

      3. 2.2.3 Other End-Users

    3. 2.3 Impeller Type

      1. 2.3.1 Open

      2. 2.3.2 Partially Open

      3. 2.3.3 Enclosed

    4. 2.4 Geography

      1. 2.4.1 North America

      2. 2.4.2 Europe

      3. 2.4.3 Asia-Pacific

      4. 2.4.4 South America

      5. 2.4.5 Middle-East and Africa

Centrifugal Pumps Market Size FAQs

The Centrifugal Pumps Market is projected to register a CAGR of greater than 5.40% during the forecast period (2024-2029)

KSB SE & Co. KGaA , Weir Group PLC , Flowserve Corporation, Schlumberger Ltd and Baker Hughes Company are the major companies operating in the Centrifugal Pumps Market.

Centrifugal Pumps Market Report Snapshots

Centrifugal Pump Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)