The centrifugal pump market is estimated to reach a market size of USD 30.65 Billion in 2017 and grow at a CAGR of 3.83%, from 2017 to 2022.
Growing industrial demand accompanied by increasing investments in wastewater treatment plants in developing countries mainly in Asia Pacific and the Middle East are the key factors driving the centrifugal pump market during the forecast period.
The report segments the centrifugal pump market, on the basis of type, into overhung impeller, vertically suspended, and between bearings. The overhung impeller segment led the centrifugal pump market in 2016. Overhung impeller pumps are widely used in various applications including residential, commercial buildings, and industrial settings for light applications. They are also used in the power generation sector by various end-users due to their lower costs as compared to between bearing pumps.
The global centrifugal pump market, by stage, has been segmented into single stage and multistage, with the latter segment growing at a faster pace. Multistage pumps provide many key benefits as they are capable of operating in a wide range of flow/head scenarios. Driven by higher efficiency and increasing investments in the industrial sector, the number of multistage installations is expected to increase during the forecast period.
The report further segments the centrifugal pump market, by end-user, into industrial and commercial and residential. The industrial segment is expected to grow at the highest CAGR during the forecast period. The growing demand from the water and wastewater and agriculture sectors is driving the industrial segment, especially in countries such as India, Saudi Arabia, Thailand, Vietnam, Malaysia, and Nigeria. As centrifugal pumps are preferred for industrial operations, a rise in the demand from the industrial sector is expected to drive the growth of the global centrifugal pump market during the forecast period.
In this report, the centrifugal pump market has been analyzed with respect to 6 regions, namely, Asia Pacific, Europe, North America, South America, Middle East, and Africa. Asia Pacific is expected to dominate the centrifugal pump market during the forecast period due to increased investments in water and wastewater infrastructure in India and countries in South-East Asia and growing industrialization in the region. The figure below shows the projected market sizes of various regions with respective CAGRs for 2022.