North America Centrifugal Pump Market Size (2024 - 2029)

The North America Centrifugal Pump market is anticipated to experience growth, driven by increased demand in the refinery and petrochemical sectors post-pandemic, as well as rising natural gas needs in the power industry. Despite challenges posed by the rapid expansion of renewable energy, the oil and gas segment is expected to lead the market due to the extensive use of pumps across various sectors. Technological advancements in deep-water explorations are also projected to enhance oil production, contributing to market expansion. The United States holds the largest share in the region, supported by its numerous petrochemical refineries and oil and gas activities.

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Market Size of North America Centrifugal Pump Industry

north-america-centrifugal-pump-market
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 4.26 %
Market Concentration Medium

Major Players

North America Centrifugal Pump Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America Centrifugal Pump Market Analysis

The North America Centrifugal Pump market is expected to register a CAGR of more than 4.26% during the forecast period of 2022-2027. Due to the outbreak of COVID-19 and mutations, crude oil and gas price volatility has led to a delay in refining and petrochemical projects, which are expected to hinder the market studied. However, post-pandemic, the cost of crude oil increased, increasing the demand for associated centrifugal pumps used in refinery and petrochemical sectors. In addition, increased demand for natural gas in the power industry in North America would aid the market. However, the rapid growth of renewable energy would restrain the market.

  • The oil and gas end-user segment is likely to dominate the centrifugal pumps market, owing to the increased use of different types of pumps in the upstream, midstream, and downstream sectors for several distinctly different applications.
  • Moreover, technological developments that have rendered deep-water and ultra-deep-water explorations are expected to increase oil production and provide opportunities for market growth during the forecast period.
  • The United States is the largest market in the region due to many petrochemical refineries, oil and gas activities, and natural gas power production facility.

North America Centrifugal Pump Industry Segmentation

The North America Centrifugal Pumpar market includes:

End-User
Oil and Gas
Power Sector
Petrochemical and Chemical Industries
Other End Users
Geography
United States
Canada
Mexico
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North America Centrifugal Pump Market Size Summary

The North America Centrifugal Pump market is poised for growth, driven by the increasing demand in the oil and gas sector, particularly in the United States. The market is expected to experience a steady expansion, supported by the rising need for centrifugal pumps in refinery and petrochemical applications as crude oil prices recover post-pandemic. The oil and gas industry remains a significant end-user, with pumps being utilized across upstream, midstream, and downstream operations for various applications such as gas transportation and enhanced oil recovery. The abundance of low-priced natural gas, coupled with technological advancements in exploration and production, is further propelling the market's growth. However, the rapid expansion of renewable energy sources poses a potential challenge to the market's trajectory.

The United States stands out as the largest market within the region, bolstered by its extensive oil and gas, power, and chemical industries. The country's refining capacity and ongoing projects are expected to drive demand for centrifugal pumps, particularly in the petrochemical sector, which is experiencing growth due to the shale revolution and increased solar and wind energy uptake. Additionally, the development of natural gas infrastructure projects, including LNG facilities, is anticipated to create significant opportunities for pump manufacturers. The market is moderately consolidated, with key players such as Atlas Copco AB, Ingersoll Rand Inc., and Baker Hughes Company playing a pivotal role in shaping the competitive landscape.

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North America Centrifugal Pump 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 2027

    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 Industry Attractiveness - 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 End-User

      1. 2.1.1 Oil and Gas

      2. 2.1.2 Power Sector

      3. 2.1.3 Petrochemical and Chemical Industries

      4. 2.1.4 Other End Users

    2. 2.2 Geography

      1. 2.2.1 United States

      2. 2.2.2 Canada

      3. 2.2.3 Mexico

North America Centrifugal Pump Market Size FAQs

The North America Centrifugal Pump Market is projected to register a CAGR of greater than 4.26% during the forecast period (2024-2029)

Atlas Copco AB, Ingersoll Rand Inc., Baker Hughes Company, Sundyne, Elliott Group and Howden Group are the major companies operating in the North America Centrifugal Pump Market.

North America Centrifugal Pump Report Snapshots

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