Centrifugal Pump Market size is forecast to reach $39.73 billion by 2025, growing at a CAGR of 3.57% from 2020 to 2025. The increasing off-field exploration activities in North American and APAC regions is set to boost the demand for the centrifugal pumps. The significant usage of suction pump, impeller pump and others in the extraction, processing and many other application in the oil and gas sector is set to boost the market growth rate during the forecast period 2020-2025. In addition the deployment of the centrifugal pumps in vacuum cleaners and the increasing demand for these products, especially robot vacuum cleaners is set to the demand for centrifugal pumps in the manufacturing sector.
By type - Segment Analysis
Single stage pumps are analysed to hold highest market share in 2019 at 69.2% and are analysed to grow at highest rate during the forecast period. This is mainly attributed to the various applications in numerous industries including agriculture, industrial, power generation plants, petroleum, mining, chemical, pharmaceutical, and many others. Multi stage pumps are highly employed in the oil plants for the extraction as they require high pressure. As an impact of the global lockdowns due to COVID-19 the crude oil cost has decreased to a historical low level thereby impacting on the growth of the market.
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By End user- Segment Analysis
Oil and gas is the dominant industry in 2019 owing to the wide spread applications of the centrifugal pumps in extraction and processing applications. However, the significant rise in the environmental issues requiring the mandatory addressing is curbing the production of crude oil and is set to impact the centrifugal pump market during the forecast period. Power generation is also analysed a significant share in the centrifugal pumps market owing to their deployment in natural-gas based production plants. This shift from conventional fuels is majorly due to the environmental impact. In addition, the significant usage of the centrifugal pumps in the washing machine dryers, vacuum cleaners and so on is set to boost the market growth rate driven by increased adoption in APAC region.
Geography - Segment Analysis
APAC is analysed to be the dominant region in the centrifugal pump market owing to their deployment in the oil and gas industry. As stated by OPEC, Asia- Pacific region has 13% of the global crude oil reserves and 38% of its gas accounting to its current production of around 37% and 58% of global oil and gas respectively. In August 2018, Indian Oil Corp. announced plans to double its refining capacity in India by 2030 from production of 80.7million metric tonnes in 2018 to 150 MMTPA by the year 2030. Adding to this, the growing projects for the wastewater treatment plants and the rising investment in the water wastewater treatment sector in the region is set to escalate the market growth rate during the forecast period.
Drivers – Centrifugal pump market
Increasing demand for Waste water treatment
As stated by the World Economic Forum, water is one of the five global risks in 2018. As stated by United Nations Economic and Social Commission for Asia and the Pacific, about 90% of wastewater in Asia is discharged without proper treatment thereby impacting on health, ecosystems and water security. Therefore the dire need of treating the waste water has attracted many projects across the globe requiring the centrifugal pumps thereby contributing to the growth of the market.
Growing demand for alternate power generation
Owing to the growing environmental concerns many countries have posed stringent regulations to minimize the extraction of crude oil thereby reducing the crude oil extracts. The shift towards the alternative fuels such as natural gas for power generation and the deployment of the centrifugal pumps in the processing applications is also a major factor supporting the growth of the centrifugal pump market during the forecast period 2020-2025.
Challenges – Centrifugal pump market
Decreasing growth of the crude oil industry
The centrifugal pumps are majorly deployed in the crude oil extraction and processing applications. The breakdown of COVID-19 at a global level has majorly impacted an already declining crude oil industry. The prices of crude oil has severely declined in many regions due to the lockdown imposed by many countries. Adding to this, the rising environmental concerns with the crude oil derivatives and strict government regulations to curb them is set to further hinder the growth of the market during the forecast period.
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Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Centrifugal pump market. Centrifugal pump driver market is expected to be dominated by major companies such as Flowserve Corp., Schlumberger Ltd., General Electric (Baker Hughes), KSB SE & Co. KGaA and Weir Group PLC among others.
Acquisitions/Technology Launches/Partnerships
In 2017, GE has acquired Baker Hughes Co. for $7.4bn thereby expanding the product portfolio in the oil and gas sector including the centrifugal pumps as well.
Key Takeaways
APAC region holds the highest market share in 2019 and is estimated to grow at highest rate during the forecast period owing to the high consumption of crude oil as the centrifugal pumps are majorly deployed in this sector.
Oil and gas is analyzed to be the major end user industry holding a significant share during 2019. The high applications of centrifugal pumps in downstream and midstream sectors will drive the market.
The growing demand for the centrifugal pumps in waste water treatment in many major countries such as China, US and so on are set to drive the market during the forecast period.
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According to IMARC Group’s latest report, titled “Centrifugal Pump Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global centrifugal pump market exhibited stable growth during 2015-2020.
Looking forward, IMARC Group expects the market to grow at a CAGR of around 4% during 2021-2026.Centrifugal pumps are mechanical devices that convert rotational kinetic energy to hydrodynamic energy.
These pumps are commonly characterized by improved operational convenience and enhanced steady delivery with high-speed movements.As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic.
These observations will be integrated into the report.Request for a free sample copy of this report: https://www.imarcgroup.com/centrifugal-pump-market/requestsampleMarket Trends and Drivers:The global centrifugal pump market is primarily driven by widespread product utilization in water treatment applications.
Moreover, the increasing investments by various governing bodies to replace existing industrial pumps in the pharmaceutical and food sectors is also creating a positive outlook for the market.
The market is further driven by the growing demand for centrifugal pumps in the oil and gas industry to facilitate exploratory activities in offshore and deep-water fields.
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According to a research report "Cognitive Assessment and Training Market by Assessment Type (Pen- and Paper-Based, Hosted, Biometrics), Component, Application (Clinical Trial, Screening & Diagnostics, Brain Training, Academic Research), Vertical, and Region - Global Forecast to 2021", published by MarketsandMarkets, the cognitive assessment and training market size is expected to grow from USD 1.98 Billion in 2016 to USD 8.06 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 32.3%.Browse 63 market data tables and 47 figures spread through 150 pages and in-depth TOC on "Cognitive Assessment and Training Market - Global Forecast to 2021"The major forces driving this market are aging global population, increasing awareness about brain fitness, and advancements in technology.
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The new generation in this region is more concerned toward the benefits of cognitive training, which is not just limited to patients with cognitive dysfunctions.
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