Centrifugal Pump Market Size, Share & Trends Analysis Report By Stage (Single Stage, Multistage), By Design (Radial, Axial), By Type, By End-use (Agriculture, Chemical), By Region, And Segment Forecasts, 2023 - 2030

Centrifugal Pump Market Size & Trends

The global centrifugal pump market size was valued at USD 50.42 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 3.5% from 2023 to 2030. The rising residential and commercial infrastructure coupled with the expansion of the manufacturing industry globally is expected to drive the demand for centrifugal pumps globally. The rapid spending on agricultural equipment by major developing countries is also anticipated to bolster product demand. The demand for centrifugal pumps for pumping solvents, water, oils, organics, bases, acids, and any thin liquids is escalating in industrial, agricultural, and domestic applications. The pump offers numerous benefits like corrosion resistance, smooth flow, low maintenance, size & application versatility, etc. These features are anticipated to expand the product demand during the forecast period.

Increasing investments in the exploration and production activities by the oil & gas companies in the U.S. are anticipated to boost the demand for centrifugal pumps in the oil & gas industry. The rising number of infrastructure upgrades, in terms of changing or the installation of new pipelines, is expected to have a positive impact on the growth of the market.

The evolution of 3D-printed impellers and the use of modeling software are the primary examples of how technological advancements are spurring growth. These developments help to improve pump performance, reduce production costs, and produce a higher flow rate and outlet pressure. It is anticipated that additional factors, such as rising investments in desalination in industrial facilities and rising demand for energy-efficient centrifugal pumps would fuel the market growth.

In addition, the United Nations Sustainable Development Goal 6 aims at ensuring access to water and sanitation for all people across the globe by the year 2030 and is nudging governments to take steps in the right direction. Rising government initiatives to provide safe drinking water are anticipated to have a positive impact on the growth of the centrifugal pump industry over the forecast period.

The global industrial sector is moving toward sustainable development, resulting in the continuous development and implementation of new technologies and innovations that have a minimum impact on the environment. The continuously rising investments in R&D activities for the incorporation of advanced technologies in centrifugal pumps are expected to fuel the growth of the market during the forecast period. For instance, in October 2022, Sulzer extended the company’s high-performance products portfolio for the desalination sector by the launch of MSN-RO and A-RO pumps that would deliver and higher efficiency lower total costs for desalination projects.

Stage Insights

The single-stage segment led the market and accounted for 62.8% of the global revenue share in 2022. The single-stage segment is expected to grow progressively during the forecasted years owing to stable working performance in installation and requires low pressure with a high flow rate.

The single-stage centrifugal pump primarily finds its application in industrial pumping, slurry pumping, and sewage pumping. The single-stage centrifugal pump is also preferred for applications with low-to-moderate dynamic heads. These pumps are majorly employed in water pumping stations because of their low maintenance cost and better reliability.

The multi-stage segment is expected to register a CAGR of 4.2% over the forecast period. This particular segment is expected to grow progressively over the forecast period owing to high energy efficiency, easy installation, lower internal friction losses of these variants, and optimized operation.

The multi-stage centrifugal pump is available in different proportions based on application, volume, and budget. The small-size pumps are appropriate for applications such as water supply piping, heating plants, firefighting operations, agriculture, autoclaves, boiler feed, irrigation, and others.

Design Insights

The radial flow pump segment led the market and accounted for 65.0% of the global revenue share in 2022. Radial flow pumps work by pushing water toward the outside edge of a revolving impeller. The discharge is then caught by the pump casing, where the kinetic energy is transformed into pressure energy before leaving the pump.

The mixed flow pump market is expected to bolster owing to benefits including high low rates with low-pressure requirements, improved discharge rates with relatively low head velocities, and the ability to be adjusted to operate effectively and efficiently with little aerodynamic loss.

The demand for axial flow pumps is projected to increase as a result of the recent global growth of the water and wastewater treatment industries. This is due to a combination of factors, including population growth, rapid urbanization and industry, and technical improvements, including an increase in the demand for freshwater. Throughout the forecast period, the market is also anticipated to be driven by increased government spending on the growth of the power-generating and petroleum sectors.

Type Insights

The overhung impeller segment led the market and accounted for 46.2% of the global revenue share in 2022. Overhung impellers are widely used in commercial, residential, and industrial applications, which has contributed to the expansion of the overhung market. Due to their lower cost when compared to bearing pumps, they are also used in several end-use sectors for the generation of power.

Several causes, including accelerating industrialization, technical advancements, and expanding urbanization, have contributed to the dramatic increase in the demand for energy fuel during the past few years. The penetration of the centrifugal pump is anticipated to increase in several end-use industries, including water and wastewater treatment, power generation, and oil and gas.

The vertically suspended pumps are offered by different companies some product offering includes VS1/VS2 vertically suspended pumps, VS3 vertically suspended axial flow, VS4 vertical sump pump, VS0 submersible pumps, and many others. The wide product offering by different companies is expected to bolster market growth during the forecast period.

End-use Insights

The agriculture end-use led the market and accounted for 26.0% of the global revenue share in 2022. Increasing urban population, rising investment, and favorable government policies promoting the agriculture sector are projected to foresee tremendous demand for centrifugal pumps in the agriculture sector in developing markets including China, India, and Bangladesh.

Furthermore, the implementation of the National Infrastructure Program is expected to play an important role in increasing the penetration of water treatment facilities on a domestic level, which is expected to promote the demand for centrifugal pumps in construction and building services over the forecast period.

The chemical end-use segment is likely to grow at a progressive CAGR of 4.8% over the forecast period. The increasing number of chemical production facilities in developed as well as developing countries are, in turn, projected to promote the growth of the centrifugal pump industry over the forecast period.

The agricultural segment is expected to observe progressive growth during the forecast period owing to flexibility, broad working range, cost-effective operation for small farmers, etc. Additionally, the market would observe in the commercial sector owing to the deployment of centrifugal pumps in the sprinklers & fountains, swimming pools, domestic heating, firefighting stations, ventilation, HVAC, sewage, irrigation, etc.

Regional Insights

The Asia Pacific led the market and accounted for 47.2% of the global revenue share in 2022. The robust consumer base has led to a significant surge in demand for centrifugal pumps. Furthermore, improving economic conditions, a rising population and the presence of one of the biggest manufacturing sectors are projected to impact the regional growth positively.

The North America region is likely to grow at a CAGR of 2.0% over the forecast period owing to the presence of highly developed technology industries, advanced processing capabilities, a highly skilled workforce, and growing R&D initiatives in the country. The growth in applications & high competition have resulted in manufacturers focusing on new technological advancements for providing better products.

Europe has the second-largest market share and the most stringent laws in place concerning water treatment. Stringent government regulations, industrial automation, top mergers & acquisitions, strategic policies, and expansions are expected to propel the demand for market growth.

Central & South America accounted for 6.9% of the global revenue share in 2022. The robust presence of oil & gas reserves in, Brazil, Columbia, Venezuela, and Argentina is expected to have a positive impact on the market. Furthermore, airport expansions and the development of large-scale commercial structures, especially in Brazil and Columbia, are anticipated to drive the demand for centrifugal pump products over the forecast period.

Key Companies & Market Share Insights

Manufacturers of centrifugal pumps undertake several strategies, including mergers, acquisitions, joint ventures, new product developments, and geographical expansions, to enhance their market penetration and cater to the changing technological demand for equipment from various applications such as industrial and municipal.

For instance, in May 2023, Xylem, Inc. launched a global pump manufacturing site in Egypt. Leading water brands including Flygt; Lowara; and Bell & Gossett will be manufactured and assembled at the new Xylem Egypt Plant, which will also produce parts and full units. The Xylem Egypt Plant will first produce Split-Case Centrifugal pumps for various uses, including irrigation, HVAC, and commercial building services, as well as End-Suction pumps for industry and irrigation. Some prominent players in the global centrifugal pump market include:

• Grundfos

• Xylem

• Flowserve

• ITT Corporation

• CIRCOR International

• Baker Hughes

• Gardner Denver

• Ebara Corporation

• Kirloskar Brothers Limited

• Tsurumi Manufacturing

Centrifugal Pump Market Report Scope

Global Centrifugal Pump Market Report Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global centrifugal pump market report based on stage, design, type, end-use, and region:

• Stage Outlook (Revenue, USD Billion, 2018 - 2030)

  • Single Stage

  • Multistage

• Design Outlook (Revenue, USD Billion, 2018 - 2030)

  • Radial Flow Pump

  • Mixed Flow Pump

  • Axial Flow Pump

• Type Outlook (Revenue, USD Billion, 2018 - 2030)

  • Overhung Impeller

  • Between Bearing

  • Vertically Suspended

• End-use Outlook (Revenue, USD Billion, 2018 - 2030)

  • Agriculture

  • Construction & Building Services

  • Water & Wastewater

  • Power Generation

  • Oil & Gas

  • Chemical

  • Others

• Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • France

    • Germany

    • Italy

    • UK

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • UAE