Centrifugal Pump Market Poised to Grow at a CAGR of 4.9% by 2024
Infinium Global Research has added a new report on Centrifugal Pump Market. The report presents analysis of global as well as regional markets of centrifugal pump market over the period of 2016 to 2024.
Key factors responsible for driving the centrifugal pump market includes use of centrifugal pumps in wastewater treatment plant. With increasing number of wastewater treatment plants to overcome the pervasive storage of water the demand for centrifugal pump would increase. In addition, rapid urbanization across the globe would also augment the market growth. However, the Centrifugal pumps market is expected to face certain challenges owing stagnancy in oil and gas industries. Market players are focusing on development of energy efficient pumps because of increasing energy costs and growing environmental awareness among end users.
Among the Geographies, Asia Pacific has the highest market share in 2017 and is expected to increase its dominance over the forecast period. Large number of Chinese players in the market manufacturing low priced centrifugal products are responsible for driving growth in this region. Moreover the growth in various end-use industries such as Manufacturing, Industrial, Chemicals, Pharmaceutical, Food Production, waste management and agriculture in Asia pacific region too would augment the market growth. North America and Europe to grow at steady growth rate throughout the forecast period.
Prominent companies in the manufacturing of centrifugal pumps include Flowserve Corporation, KSB AG, Sulzer AG, Ebara Corporation, Grundfos Holding A/S, Xylem Inc., ITT Inc., The Weir Group PLC, Wilo SE and Tsurumi Manufacturing Co., Ltd. Most of these manufacturers spend only 2% of their total turnover on R&D of new technologies and pump types. Also, these participants are focusing on developing energy efficient pumps. Similarly, these pumps are likely to attract the attention of commercial and residential end users that wish to reduce their operational costs.
Moreover, the growth matrix presented by Infinium Global Research identifies the key investment markets in the near future, this will not only help the companies to understand the competitive position in the global centrifugal pump market but also make strategic decisions to capture the most lucrative markets in the near future. The market size is presented in terms of value for the historic year 2016 and estimated for forecast period of 2018-2024.
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The recent report identified that Asia Pacific dominated the global centrifugal pump market over the last couple of years, while emerging markets of Asia-Pacific and Latin America are anticipated to contribute significantly to the growth in the centrifugal pump market worldwide.
The report segments the global centrifugal pump market on the basis of Product Type and End-User.
Global Centrifugal Pump Market by Product Type
· Single Stage Pump
· Multi Stage Pump
· Axial & Mixed Flow Pumps
· Submersible Pumps
· Seal-less & Circulator Pump
Global Centrifugal Pump Market by End-User
Companies Profiled in the Report
· Flowserve Corporation
· KSB AG
· Sulzer AG
· Ebara Corporation
· Grundfos Holding A/S
· Xylem Inc
· ITT Inc.
· The Weir Group PLC
· Wilo SE
· Tsurumi Manufacturing Co., Ltd.
About Infinium Global Research
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