Market Size of Multi-Stage Centrifugal Pumps Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 5.76 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Multi-Stage Centrifugal Pumps Market Analysis
The multi-stage centrifugal pumps market is expected to grow at a CAGR of 5.76% during the forecast period, 2022-2027. The COVID-19 pandemic has negatively impacted the oil and gas and power generation activities worldwide. The decline is caused mainly due to delays in project construction activities and supply chain disruptions, reducing the demand for multistage centrifugal pumps across the regions.
- The increased use of centrifugal pumps in upstream and downstream sectors for various applications in the end-user industries, along with the low cost and compact size of the pump, is driving the multistage centrifugal pump market over the forecast period.
- Moreover, the ongoing technological advancements that have enabled deep-water and ultra-deepwater explorations are expected to increase oil production and provide market growth opportunities for the market studied.
- For instance, in June 2022, Flowserve Corporation, a significant provider of flow control products and services for global infrastructure markets, announced a contract to supply pumps to TMGcore, Inc., a Texas-based leading provider of high-performance computing solutions specializing in liquid immersion cooling technology.
- In April 2021, KSB Ltd, a pump manufacturing company, delivered a main boiler feed water pump, BFP (RHD-350), and Booster Pump-BP (YNK 350-620) for Nuclear Power Corporation of India Ltd. (NPCIL). It marked a milestone for KSB Ltd. in developing the pump for 700 MW Indian Pressurised Heavy Water Reactors (PHWRs) & adding a new product to its product line, which already boasts a range of pumps for nuclear application.
- Further, in December 2021, Grundfos launched the largest CR pump, CR 255 model, to celebrate the 50 years of delivering pump technologies. Grundfos' range of CR pumps is the vertical multistage centrifugal inline pumps used predominantly for water supply, water treatment, and almost all industrial solutions. The new CR 255 model delivers a water pressure of up to 400 m and achieves a maximum water flow of up to 320 m3/h, the equivalent of supplying water to 9,500 people.
Multi-Stage Centrifugal Pumps Industry Segmentation
The market study analyses the market trends and opportunities for different types of multi-stage centrifugal pumps, such as Horizontal pumps and Vertical Pumps, that are used in the various end-user industry application, including Oil & Gas, Chemicals, Food & Beverage, Water & Wastewater, Pharmaceutical, Power Generation, Metal & Mining, among others in various geographies. The impact of COVID-19 on the market and affected segments are also covered under the scope of the study. Further, the disruption factors impacting the market's growth in the near future have been covered in the study in terms of drivers and restraints.
By Type | |
Horizontal Pumps | |
Vertical Pumps |
By End-User Industry | |
Oil & Gas | |
Chemicals | |
Food & Beverage | |
Water & Wastewater | |
Pharmaceutical | |
Power Generation | |
Metal & Mining | |
Other End-User Industries |
By Geography | |
North America | |
Europe | |
Asia Pacific | |
Latin America | |
Middle East and Africa |
Multi-Stage Centrifugal Pumps Market Size Summary
The multi-stage centrifugal pumps market is poised for significant growth, driven by increased utilization in various end-user industries such as oil and gas, chemical, and power generation. The market's expansion is supported by the pumps' low cost and compact size, making them ideal for a range of applications in upstream and downstream sectors. Technological advancements facilitating deep-water explorations are further expected to bolster oil production, creating additional growth opportunities. The market is characterized by competitive dynamics, with major players like Kirloskar Brothers Limited and The Weir Group PLC holding substantial market shares. These companies are enhancing their presence through strategic acquisitions and innovations, such as Atlas Copco's acquisition of CPC Pumps International Inc. and the launch of new product lines by KBL and Grundfos.
The market's growth trajectory is also influenced by substantial investments in infrastructure and energy efficiency measures, particularly in the water and wastewater treatment sectors. Government initiatives, such as the Infrastructure Investment and Jobs Act in the United States, are allocating significant funds for water infrastructure upgrades, which is expected to drive demand for multi-stage centrifugal pumps. Additionally, the expansion of operations by companies like Sundyne in India and the introduction of smart planning platforms by Suez highlight the industry's focus on leveraging technology for improved efficiency and decision-making. The North American region, with its abundant oil reserves and increasing natural gas production, is a key area of growth, supported by projects like Equinox Gold's Greenstone mine in Canada.
Multi-Stage Centrifugal Pumps Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porter's Five Forces Analysis
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1.2.1 Bargaining Power Of Suppliers
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1.2.2 Bargaining Power Of Buyers
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1.2.3 Threat Of New Entrants
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1.2.4 Threat Of Substitutes
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1.2.5 Intensity Of Competitive Rivalry
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1.3 Industry Value Chain Analysis
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1.4 Impact of Covid-19 on the market
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Horizontal Pumps
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2.1.2 Vertical Pumps
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2.2 By End-User Industry
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2.2.1 Oil & Gas
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2.2.2 Chemicals
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2.2.3 Food & Beverage
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2.2.4 Water & Wastewater
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2.2.5 Pharmaceutical
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2.2.6 Power Generation
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2.2.7 Metal & Mining
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2.2.8 Other End-User Industries
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2.3 By Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia Pacific
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2.3.4 Latin America
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2.3.5 Middle East and Africa
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Multi-Stage Centrifugal Pumps Market Size FAQs
What is the current Multi-Stage Centrifugal Pumps Market size?
The Multi-Stage Centrifugal Pumps Market is projected to register a CAGR of 5.76% during the forecast period (2024-2029)
Who are the key players in Multi-Stage Centrifugal Pumps Market?
Kirloskar Brothers Limited, Circor International Inc., The Weir Group, Baker Hughes Company and Ebara Corporation are the major companies operating in the Multi-Stage Centrifugal Pumps Market.