Centrifugal Pump Market Forecast to Surpass $51.5 billion by 2028 with a CAGR of 5.4%

According to a new market research report, The global centrifugal pump market is estimated to grow from USD 39.7 billion in 2023 to USD 51.5 billion by 2028, at a CAGR of 5.4% during the forecast period.

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Centrifugal pumps play a vital role across various stages of the oil & gas industry, spanning from exploration and processing to transportation to end consumers, covering the entire value chain of the industry. These pumps are predominantly employed for fluid transfer purposes in this sector. As the post-pandemic economy recovers and experiences growth, coupled with supply limitations arising from challenging geopolitical circumstances, there is a projected upsurge in oil & gas exploration and production. This, in turn, is expected to drive an increase in the demand for centrifugal pumps during the forecast period.

Key Market Players-
Product launches are among the key growth strategies adopted by a few leading companies, including Xylem Inc. (US), Sulzer (Switzerland), KSB (Germany), Grundfos Holding A/S (Denmark), and Flowserve Corporation (US), to enhance their position in the centrifugal pump market. Apart from product launches, companies operating in this market also focus on contracts and agreements to enhance their market share and regional presence.

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Recent Developments

In January 2023, Grundfos Holding A/S acquired Water Works Inc. based in San Diego, US, and expanded the water treatment solutions platform inside the Industry division. Water Works got integrated intos MECO, strengthening the Group's water solutions offerings to the life science and biopharmaceutical segments.
In January 2023, Xylem Inc. entered into an agreement under which Xylem will acquire Evoqua, a leader in mission-critical water treatment solutions and services.
In March 2022, Flowserve Corporation entered into a partnership agreement with Gradiant to help address the most challenging problems in water and wastewater treatment. This partnership will combine Flowserve's flow control solutions and product expertise with Gradiant's water treatment technology to provide unparalleled total water treatment solutions for the customers.

Grundfos stands as a prominent manufacturer and supplier of advanced pumps, offering a wide range of products including circulator pumps, centrifugal pumps, submersible motors, intelligent pump systems, and related accessories. Their offerings cater to various sectors such as residential and commercial buildings, HVAC OEM, irrigation and agriculture, water supply, and sewage applications. The company operates across four key business segments: Domestic Building Services, Industry, Commercial Building Services, Water Utility, and Others.

Flowserve Corporation is a manufacturer of flow control systems. It offers aftermarket services for these systems. The portfolio of the company includes pumps, valves, seals, automation solutions, and aftermarket services to support various end-use industries such as oil and gas, chemicals, power generation (including nuclear, fossil, and renewable energy sources), and water management.

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Asia Pacific is expected to be the largest region in the centrifugal pump market

Asia Pacific is expected to be the largest centrifugal pump market during the forecast period. The growth of the global and regional economies is significantly influenced by increased investments in the construction industry. Countries like China, India, Indonesia, and others in the Asia Pacific region are actively investing in infrastructure development projects, which in turn drives the demand for centrifugal pumps and contributes to market growth. Additionally, the agriculture sector holds great importance in emerging economies, where conventional irrigation techniques are commonly used. To enhance irrigation efficiency and agricultural productivity, governments of many emerging economies are providing subsidies and incentives. This further boosts the demand for centrifugal pumps in the region

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