Centrifugal Pump Market Worth US$ 36,879.0 Million by 2028 at a CAGR of 5.6% Globally, COVID-19 Impact and Analysis by The Insight Partners

NEW YORK, Aug. 30, 2021 /PRNewswire/ -- According to new research study on "Centrifugal Pump Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Stage, Operation Type, Type, Sector, and Geography," Growing Emphasis on Wastewater treatment to Provide Growth Opportunities for Centrifugal pump Market Players during 2021–2028. The market is projected to reach US$ 36,879.0 million by 2028 from US$ 25,154.3 million in 2021; it is expected to register a CAGR of 5.6% during 2021–2028.

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Rising awareness among masses about the long-term effects of pesticides and fertilizers used in agricultural practices has triggered the demand for organic food produce. However, environmental or climatic uncertainties make conventional farming methods challenging. Modern farming methods such as hydroponics and vertical farming use controlled indoor environment, and they can be employed to grow vegetables, fruits, and species organically, without the use of pesticides and fertilizers. In hydroponics, the aquaculture is used to nourish the sapling, and in vertical farming, trance minerals are used to nourish the sapling. Water is a major element that is circulated to provide nourishment to the roots of sampling. Centrifugal pumps are widely used for circulating water. Moreover, these techniques allow producers to adopt organic farming practices and ensure optimum utilization of limited space. Thus, the increasing adoption of modern farming practices owing to growing demand for organic food is projected to generate ample growth opportunities for the centrifugal pumps market players.

The COVID-19 pandemic has had a negative impact on the global centrifugal pump market. Since the outbreak of COVID-19, all construction sites across the world have been temporarily closed to combat the spread of the virus and comply with the social distancing norms laid down by local and federal government bodies. Moreover, the closure of construction sites and manufacturing units is resulting into logistic issues. However, as the manufacturing processes resumed from the 3rd quarter of 2020, and the demand for centrifugal pump started to recover, manufacturers were able to stabilize the overall revenue and cash flow.

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Enormous Use of Water in Mining Activities to Boost Centrifugal Pump Market Growth

Mining activities such as transportation of ore and waste in slurries and suspension, separation of minerals using chemical processes, controlling temperature via cooling systems around power generators, suppression of dust during mineral processing, dewatering of mines require enormous volume of water. Centrifugal pumps play a vital role in these applications. Moreover, with the growing rate of industrialization and urbanization, and increasing need of energy, the demand for minerals is projected to rise significantly during the forecast period, which would fuel adoption of centrifugal pumps, thus driving the market growth.  

Centrifugal Pump Market: Sector Overview

Based on Sector, the centrifugal pump is segmented into oil & gas, chemicals & petrochemicals, mining, power generation, automotive, agriculture, HVAC, wastewater management, and others. The wastewater often contains various inorganic and organic materials, and minerals that can be hazardous in nature. These constituents need to be treated and separated from the water before discharging it into water steams. Centrifugal pumps are among the widely used pumps at wastewater management facilities; they are employed for transferring the water from through various processed. European countries have well-established wastewater treatment process, while in several countries in Asia Pacific, and the Middle East and Africa, these practices are gaining traction with the growing government support through strengthening of the regulatory framework for the treatment of wastewater, which is subsequently driving the centrifugal pumps market.

Centrifugal pump Market: Competitive Landscape and Key Developments

EBARA CORPORATION; Grundfos Holding A/S; KIRLOSKAR BROTHERS LIMITED; KSB SE & Co. KGaA; PLEUGER INDUSTRIES; Sulzer Ltd; The Weir Group PLC; Tsurumi Manufacturing Co., Ltd.; WILO SE; and Xylem Inc. are among the key players that are profiled during this market study. In addition to these players, several other essential market players were studied and analyzed to get a holistic view of the global centrifugal pump market and its ecosystem.

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In 2021, Spiber Thailand Ltd., a local subsidiary of Spiber Inc., received the Model GSO pumps and cooling water pumps, among other things, from EBARA Corporation. The factory officially opened at the end of March 2021.

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