Global Centrifugal Pumps Market - Growth, Trends, and Forecast (2018 - 2023)

The global centrifugal pumps market has witnessed some volatility in its demand in the past few years mainly due to the downturn in the oil & gas upstream sector. However, the industry has started to recover in 2017 with an increase in spending and outlook is seems to be positive on account of increasing crude oil price and an increase in activity, especially in North America. Increasing concern towards wastewater treatment has been one of the major drivers in the past few years, which has helped to reduce the level of shock from oil & gas industry. The commercial HVAC sector is expanding faster than any other industries and the growth in demand for centrifugal pumps in the commercial HVAC sector is expected to be the fastest in the Asia-pacific region. In the Middle East & Africa region, Qatar is expected one of the largest markets in the recent years on the back of its initiative to diversify its economy and preparations for the upcoming World Cup.

Rising Demand from Water & Wastewater Sector is driving the Market

The awareness level of water reuse has increased in recent years majorly attributed to decreasing level of groundwater across the world. Industrial sector consumes a large volume of water, and due to depleting reserves of groundwater, the reuse of water has become an imperative. The governments across the world are focusing on the development of strict regulatory policy to build sustainable water systems including development of centralized systems for proper distribution and design of water treatment models. China, under the 13th Five-Year-Plan (2016-2020), has planned to invest around RMB 559 billion or 0.75 percent of its GDP on its water treatment industry. Such developments are likely to promulgate the water and wastewater infrastructure development. The deployment of centrifugal pumps due to development of water and wastewater infrastructure is anticipated to increase in the near future.

Asia-Pacific to Dominate the Centrifugal Pumps Market Share

Asia-Pacific is witnessing huge economic growth which has resulted in the development of industrial infrastructure. The industrial infrastructure in the region is witnessing growth on account of business-friendly policies. Most of the countries in the Asia-Pacific region is in a growing phase, and the high rate of population growth has led to an increased requirement for water supply. Crude oil consumption in the region is growing at 3-4% in the past three years and accounted for around 35.2% of the global consumption. Increasing population and industrialization support the growth in consumption. Demand for centrifugal pumps, which is used to transport crude oil, have increased significantly in the past few years. Most of the countries in the Asia-pacific region have positive outlook pertaining to industries such as water and wastewater, oil & gas, etc. which, in turn, drives the demand for centrifugal pumps.

Key Developments in the Centrifugal Pumps Market

December 2017: Dover Corporation planned to spin off its upstream energy businesses within the Energy segment known as Wellsite. The new entity will be a standalone publicly traded company focused on providing a full range of oil & gas production technologies and solutions.

The major players include - Flowserve Corporation, Grundfos Holding A/S, KSB AG, ITT Inc., Sulzer Ltd., Ebara Corp., Weir Group plc, Schlumberger Ltd., Baker Hughes, Inc., Clyde Union, Inc., and Dover Corporation, amongst others.

Reasons to Purchase This Report

• Current and future centrifugal pumps market outlook in the developed and emerging markets
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness fastest growth during the forecast period
• Identify the latest developments, and strategies employed by the major market players
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