Market Size of NA Centrifugal Pumps Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 5.10 % |
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?
North America Centrifugal Pumps Market Analysis
The North America Centrifugal Pumps Market is expected to register a CAGR of 5.1 % during the forecast period 2022-2027. Furthermore, the outbreak of COVID-19 has significantly impacted pump OEMs' business performance in 2021. The drop in oil prices to their lowest level in history, the deterioration of US-China trade relations, the closure of rigs by small oil enterprises, and massive job cuts in both the United States and Canada have all impacted the North American marketplace.
- The rapidly developing residential and commercial infrastructure and the expansion of the manufacturing sector are propelling the North American centrifugal pump market. In addition, The rapid urbanization is attributed to increased investment in the construction industry. The growing market is responsible for the high demand for these types of pumps in various sectors.
- For instance, in February 2021, the Canadian government's announced to invest CAD 14.9 billion (USD 12 billion) in public transportation projects over the next eight years will promote long-term output in the Canadian construction industry.
- The expansion of chemical, oil, and gas refining and processing industries is also expected to generate significant growth in the market. Moreover, technological advancements that have enabled deep-water and ultra-deep-water explorations are expected to increase oil production and provide market growth opportunities during the forecast period.
- For instance, according to the IEA, oil and gas investment in North America (Canada, the United States, and Mexico) is expected to lead the way at nearly USD 8.1 trillion between 2021 and 2025, with oil accounting for almost USD 4.9 trillion and gas accounting for almost USD 3.2 trillion. The increasing demand for oil and gas is expected to drive the demand for centrifugal pumps across the region.
- Moreover, autonomous technologies are increasingly being adopted across various industries. The factors such as the increasing adoption of autonomous technologies and the replacement of traditional ones are also augmenting the market growth.
- For instance, in April 2022, Deere & Company announced to make a new move toward unmanned technologies and formed a joint venture with California-based GUSS Automation LLC. The joint venture focuses on specific California high-value crop systems. Also, the GUSS, which stands for Global Unmanned Spray System, utilizes Myers two-stage centrifugal pump.
North America Centrifugal Pumps Industry Segmentation
A centrifugal pump is a mechanical device that moves a fluid by transferring rotational energy from one or more driven rotors known as impellers. Fluid enters the rapidly rotating impeller along its axis and is expended by centrifugal force along its circumference via the vane tips. The study is segmented by Flow Type (Axial, Radial, Mixed) and Number of Stages (Single Stage and Multi-Stage) in various End-user industries such as Oil & Gas, Chemicals, Food & Beverage, Water & Wastewater, Pharmaceutical, Power, Construction, Metal & Mining, among others. The impact of Covid-19 on the market and affected segments are also covered under the scope of the study. Further, the disruption of the factors impacting the market's growth in the near future has been covered in the study regarding drivers and restraints.
By Flow Type | |
Axial | |
Radial | |
Mixed |
By Number of Stages | |
Single Stage | |
Multi Stage |
By End-user Industries | |
Oil & Gas | |
Chemicals | |
Food & Beverage | |
Water & Wastewater | |
Pharmaceutical | |
Power Generation | |
Construction | |
Metal & Mining | |
Other End-user Industries |
By Country | |
United States | |
Canada |
NA Centrifugal Pumps Market Size Summary
The North America centrifugal pumps market is poised for significant growth, driven by the rapid development of residential and commercial infrastructure, as well as the expansion of the manufacturing sector. Urbanization and increased investment in construction are key factors contributing to the high demand for centrifugal pumps across various industries. The market is further bolstered by the expansion of the chemical, oil, and gas refining and processing industries, alongside technological advancements that facilitate deep-water explorations. These developments are expected to enhance oil production and create new opportunities for market growth. The adoption of autonomous technologies and the replacement of traditional systems are also contributing to the market's expansion, as seen in strategic partnerships and innovations within the industry.
The centrifugal pumps market in North America is characterized by its competitive landscape, with major players such as Flowserve Corporation, Xylem, Inc., Schlumberger Ltd, and ITT Inc. actively participating in product launches and strategic alliances to meet the growing demands of end-users. The market's growth is supported by substantial investments in oil and gas infrastructure, particularly in the United States and Canada, where the petroleum industry plays a crucial role in the economy. Additionally, the Canadian market benefits from well-developed oil and gas, food and beverage industries, and significant government investments. The demand for centrifugal pumps is further driven by rising construction investments and the need for efficient fluid handling solutions in various sectors.
NA 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 - Porters 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 Assessment of Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Flow Type
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2.1.1 Axial
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2.1.2 Radial
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2.1.3 Mixed
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2.2 By Number of Stages
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2.2.1 Single Stage
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2.2.2 Multi Stage
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2.3 By End-user Industries
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2.3.1 Oil & Gas
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2.3.2 Chemicals
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2.3.3 Food & Beverage
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2.3.4 Water & Wastewater
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2.3.5 Pharmaceutical
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2.3.6 Power Generation
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2.3.7 Construction
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2.3.8 Metal & Mining
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2.3.9 Other End-user Industries
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2.4 By Country
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2.4.1 United States
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2.4.2 Canada
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NA Centrifugal Pumps Market Size FAQs
What is the current NA Centrifugal Pumps Market size?
The NA Centrifugal Pumps Market is projected to register a CAGR of 5.10% during the forecast period (2024-2029)
Who are the key players in NA Centrifugal Pumps Market?
Schlumberger Limited, Iwaki America Inc., Xylem, Inc., Flowserve Corporation and ITT Inc. are the major companies operating in the NA Centrifugal Pumps Market.