The centrifugal pump market experienced a significant surge, marking revenues nearing US$35 Bn in 2021. Spurred by tightening regulations around water treatment and purification, the market finds itself poised for substantial growth in the foreseeable future.
Escalating Demand in Water and Wastewater Treatment Plants
With water scarcity becoming an increasing global concern, the demand for wastewater treatment plants is projected to soar in the upcoming years. The World Health Organization (WHO) predicts that by 2026, almost half of the global population could find themselves in water-stressed areas. Centrifugal pumps, recognized for their adeptness in large-volume pumping, have become instrumental in water and wastewater treatments.
Governmental bodies have taken note, laying down stringent regulations and setting standards for potable water. Acts such as the Clean Water Act (CWA) and the Safe Drinking Water Act (SDWA) in the U.S. have bolstered the development of water and wastewater treatment facilities, providing a consequent boost to the centrifugal pump market.
Infrastructure and Construction Surge Bolsters Demand
The renewed focus on infrastructure development, along with the booming construction sector due to population growth, has further intensified the demand for centrifugal pumps. These pumps, apart from offering solutions in the water supply, are pivotal in HVAC equipment requirements, particularly in addressing low-pressure challenges.
Multi-stage Pumps: The Markets New Darling
Offering attributes such as energy efficiency, reduced internal friction losses, and cost-effectiveness, multi-stage pumps are quickly emerging as the preferred choice in the centrifugal pump market. Their versatility, catering to a myriad of applications from irrigation to high-pressure cleaning, is set to drive their demand even higher in the coming years.
Asia Pacific Holds the Reins
The centrifugal pump market finds its most prominent champion in the Asia Pacific region. With developing nations like China and India offering a conducive business environment, bolstered by continued economic growth and burgeoning industrial infrastructure, the market has found a fertile ground for expansion. Factors like growing crude oil consumption and a surge in the establishment of new refineries only add to the regions attractiveness.
A Competitive Arena
The centrifugal pump market sees key players focusing on collaborations, mergers, and acquisitions. Notable moves include IDEX Corporations acquisition of Airtech Group Inc. in 2021 and Alfa Laval ABs contract with Framo for Floating Production, Storage, and Offloading (FPSO) vessels. Industry stalwarts like Grundfos, Xylem, Kirloskar Brothers Limited, and Wilo Group continue to shape the markets trajectory.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa):
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