Research Reports
Centrifugal Pump Market: Maintaining a Strong Outlook – Here’s Why
Centrifugal Pump Market: Maintaining a Strong Outlook – Here’s Why
Published by mark itwired
Posted on August 24, 2021
Global Banking and Finance Review
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Published by mark itwired
Posted on August 24, 2021
As per Future Market Insights (FMI), the global market for centrifugal pumps is anticipated to rise at a CAGR of 4.6% between 2021 and 2031, surpassing a valuation of US$ 29 Bn by the end of 2021.
Rising adoption of centrifugal pumps in industrial sector owing to its features including, plain design, ease of repair, easy operations, and maintenance will create positive growth opportunities for the market.
Surging demand for multi-stage centrifugal pumps driven by ease in installation, high energy-efficiency, low internal friction losses and optimized control and operation are spurring sales prospects. According to the study, the multi-stage pump will account for 55% of the market share by the end of 2031.
Besides this, the market will continue gaining from application in processes industries such as chemical, food processing, manufacturing, and pharmaceuticals. FMI has estimated the industrial sector to account for nearly 60% of centrifugal pumps sales in 2021.
Regionally, North America will remain a highly lucrative market. Demand outlook remains fairly positive for the U.S. and Canada markets in North America. Sales in Canada are expected to rise at a healthy CAGR of 4% over the forecast period driven by increasing scope for applications in oil rigs and crude oil industry.
GCC countries such as the UAE, Qatar, Oman, Bahrain, Iraq, and Kuwait will continue offering lucrative prospects for growth. The presence of numerous oil reserves across the regions will remain a primary growth driver.
Besides this, investment to bolster upstream production will continue creating attractive opportunities for growth.
“Increasing shift towards incorporating Internet of Things will enable pump operators to monitor velocity, flow rate, and more from remote locations, thereby driving sales of centrifugal pumps over the forecast period.” says the Future Market Insights analyst.
Request a report sample to gain comprehensive insights at https://www.futuremarketinsights.com/reports/sample/rep-gb-498
Key Takeaways from Centrifugal Pumps Market Survey
Key Drivers
Key Restraints
For information on the Research Approach used in the Report, Request Methodology@ https://www.futuremarketinsights.com/ask-question/rep-gb-498
Competitive Landscape
Key players in the market are focusing on expansions and innovations to gain a competitive edge in the market. For instance,
In 2021, Kirloskar Brothers Limited, a pump manufacturing company, announced the launch of a new manufacturing division named, Advanced Technology Product Division (ATPD) for nuclear end use applications.
Other market players are undertaking mergers and acquisitions to strengthen their position in the market. For instance,
In 2019, ITT Corporation announced the acquisition of Rheinhütte Pumpen Group, a market-leading manufacturer and designer of centrifugal and axial flow pumps, from Aliaxis Group S.A. This strategic acquisition will contribute in expanding ITT’s portfolio of highly engineered industrial pump technologies.
Some of the leading players operating in the centrifugal pumps market profiled by Future Market Insights are:
More Valuable Insights on Market
FMI, in its new report, offers an unbiased analysis of the global centrifugal pumps market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in centrifugal pumps market with detailed segmentation:
By Product Type:
By Application Type:
By Region:
We Offer tailor-made Solutions to fit Your Requirements, Request Customization@ https://www.futuremarketinsights.com/customization-available/rep-gb-448
Key Questions Covered in the Centrifugal Pumps Market Report
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As per Future Market Insights (FMI), the global market for centrifugal pumps is anticipated to rise at a CAGR of 4.6% between 2021 and 2031, surpassing a valuation of US$ 29 Bn by the end of 2021.
Rising adoption of centrifugal pumps in industrial sector owing to its features including, plain design, ease of repair, easy operations, and maintenance will create positive growth opportunities for the market.
Surging demand for multi-stage centrifugal pumps driven by ease in installation, high energy-efficiency, low internal friction losses and optimized control and operation are spurring sales prospects. According to the study, the multi-stage pump will account for 55% of the market share by the end of 2031.
Besides this, the market will continue gaining from application in processes industries such as chemical, food processing, manufacturing, and pharmaceuticals. FMI has estimated the industrial sector to account for nearly 60% of centrifugal pumps sales in 2021.
Regionally, North America will remain a highly lucrative market. Demand outlook remains fairly positive for the U.S. and Canada markets in North America. Sales in Canada are expected to rise at a healthy CAGR of 4% over the forecast period driven by increasing scope for applications in oil rigs and crude oil industry.
GCC countries such as the UAE, Qatar, Oman, Bahrain, Iraq, and Kuwait will continue offering lucrative prospects for growth. The presence of numerous oil reserves across the regions will remain a primary growth driver.
Besides this, investment to bolster upstream production will continue creating attractive opportunities for growth.
“Increasing shift towards incorporating Internet of Things will enable pump operators to monitor velocity, flow rate, and more from remote locations, thereby driving sales of centrifugal pumps over the forecast period.” says the Future Market Insights analyst.
Request a report sample to gain comprehensive insights at https://www.futuremarketinsights.com/reports/sample/rep-gb-498
Key Takeaways from Centrifugal Pumps Market Survey
Key Drivers
Key Restraints
For information on the Research Approach used in the Report, Request Methodology@ https://www.futuremarketinsights.com/ask-question/rep-gb-498
Competitive Landscape
Key players in the market are focusing on expansions and innovations to gain a competitive edge in the market. For instance,
In 2021, Kirloskar Brothers Limited, a pump manufacturing company, announced the launch of a new manufacturing division named, Advanced Technology Product Division (ATPD) for nuclear end use applications.
Other market players are undertaking mergers and acquisitions to strengthen their position in the market. For instance,
In 2019, ITT Corporation announced the acquisition of Rheinhütte Pumpen Group, a market-leading manufacturer and designer of centrifugal and axial flow pumps, from Aliaxis Group S.A. This strategic acquisition will contribute in expanding ITT’s portfolio of highly engineered industrial pump technologies.
Some of the leading players operating in the centrifugal pumps market profiled by Future Market Insights are:
More Valuable Insights on Market
FMI, in its new report, offers an unbiased analysis of the global centrifugal pumps market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in centrifugal pumps market with detailed segmentation:
By Product Type:
By Application Type:
By Region:
We Offer tailor-made Solutions to fit Your Requirements, Request Customization@ https://www.futuremarketinsights.com/customization-available/rep-gb-448
Key Questions Covered in the Centrifugal Pumps Market Report
Explore Wide-ranging Coverage of Various Reports
Large Industrial Displays MarketFMI’s analysis gives an insight into key market trends, strategies, regional players and various segments on the basis of form, type, application and region.
Water Softening Systems Market Find insights into global market scenario and segmentation on the basis of ingredients, application, source and region.
Telecom Tower Power System Market FMI’s report highlights parent market trends and strategies in the market with segments and dynamics through the forecast period (2019-2029).
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