Centrifugal Pump Market: 2020 COVID – 19 Analysis, Opportunities and Forecast to 2023
Global centrifugal pump market has been segmented based on type, stage, end-user, and region.
(firmenpresse) - Centrifugal Pump Market Overview
The centrifugal pump is commonly used in industries such as water & wastewater, power, chemical, oil & gas, and others. Advantages of centrifugal pump includes easy to handle, compact in size, and can be used to lift highly viscous liquid such as paper pulp, muddy and sewage water, sugar molasses, and oil. Adapting to the recent novel COVID-19 pandemic, the impact of the COVID-19 on Centrifugal Pump Market is included in the present report.
The global centrifugal pump market is estimated to expand at 4.01% CAGR during the forecast period. Centrifugal pump device which is required to move fluids by means of the transfer of rotational energy through impellers. These types of pumps are mainly used for pumping water in the industrial and residential properties. They are also majorly used in agriculture sector, municipal water and wastewater plants, power generation plants, petroleum, and chemical industries, among others.
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The growing demand for centrifugal pump market is attributed to the growing infrastructure development across the globe and rising demand for water conservation and investment in water & wastewater industry. Countries such as US, China, Germany, India, and others are focusing on desalination and investment in water treatment plants to improve the efficiency of water intensive industries such as power, paper & pulp, chemical, oil & gas, and others. One of the major restraints for the global centrifugal pump market is the cavitation effect in centrifugal pumps.
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Prominent Players
The key players of the global centrifugal pump market are Xylem (US), Grundfos (Denmark), Flowserve (US), KSB (Germany), Circor International (US), Sulzer (Switzerland), ITT Corporation (US), Wilo (Germany), Ebara Corporation (Japan), Pentair (US), Someflu (France), Baker Hughes, A GE Company (US), and Weir (UK).
Industry Segmentation
Based on end-user, the market is segmented as water & wastewater, oil & gas, chemical, power, and others. Water & wastewater segment is estimated to dominate the market during the forecast period due to rising investment in waste water industry across the globe. The awareness level of water reuse has increased due to the decreasing level of groundwater globally. Industrial sector consumes a large volume of water, and due to depleting reserves of groundwater, the reuse of water has become essential. The governments across the world are focusing on the development of strict regulatory policies to build sustainable water systems which would in turn drive the use of centrifugal pumps in this industry.
Regional Outlook
Region wise, North America held the largest market share of the global Centrifugal Pump market in 2017. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to the rising investment infrastructure development. Moreover, he increased demand from the water and wastewater sector, moderate demand from constructions sector, rising urbanization, and supportive government plans are expected to drive the market for centrifugal pumps in Asia Pacific region. The pumps market would be mainly driven by the growing need for water conservation in the countries such as US and Canada.
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Datum: 01.06.2020 - 14:57 Uhr
Sprache: Deutsch
News-ID 613500
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Typ of Press Release: Financial
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Date of sending: 1/6/2020
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