Centrifugal Pump Market: Size, Growth, Regional Analysis, And Market Analysis

Centrifugal Pump:

A centrifugal pump is a mechanical device that moves a fluid by transferring rotational energy from one or more impellers or driven rotors. Fluid enters the impeller along its axis and is cast out throughout its circumference by centrifugal force through the impeller's vane tips. The impeller's operation increases the fluid's velocity and pressure while also directing it to the pump's exit. The pump casing is designed to compress fluid entering the pump, direct it into the impeller, and then slow and control it before discharge.


Market Growth:

From an anticipated USD 36.6 billion in 2021, the global Centrifugal Pump Market will grow at a CAGR of 5.9% to USD 48.8 billion by 2026. The primary factors driving the growth of the centrifugal pump market are increased investments in the construction industry due to increasing urbanization and high demand for centrifugal pumps in the agriculture sector.


The onset of the COVID-19 pandemic has halted the centrifugal pump market's growth. This lull is mostly due to economic contractions, which have resulted from a halt in investments from a variety of end-use industries. Because mining businesses do not have the authority to run their mines with full worker strength because of the mounting COVID-19 cases worldwide, market growth for mining has been modest. According to the current market condition, the mining industry will need 2–3 years to recover. The need for centrifugal pumps has decreased as mining activities around the world have slowed.


Furthermore, because of the global shutdown and supply chain disruptions, the spread of COVID-19 is anticipated to harm enterprises that manufacture centrifugal pumps.


Regional Analysis:

China, Japan, India, South Korea, Bangladesh, and the Rest of Asia Pacific are the countries that make up the Asia Pacific area. Malaysia, Singapore, and Australia make up the rest of Asia Pacific. The region's domination can be attributed to rapid economic expansion. Because of the low cost of raw materials and labour, the region attracts investors to build up manufacturing enterprises. Industrial activity is increasing as a result of reduced manufacturing costs and local government backing. One of the factors boosting the Centrifugal Pump Market in the Asia Pacific is increased R&D spending.


Key Players:

Flowserve Corporation, Schlumberger Ltd, Baker Hughes Company, KSB SE & Co. KGaA, and Weir Group PLC, among others, are the major key players of the Centrifugal Pump Market.

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