241 Users Online
North and Water Pumps Market Segmented By Single Stage Pumps, Multi Stage Pumps, Axial and Mixed Pumps, Submersible Pumps, Circulator Pumps as Centrifugal Pump and Reciprocating Pumps, Rotary Pumps as Positive Displacement Pumps
Centrifugal pumps are widely used in industrial applications due to their design and function. These pumps are tipped to be the dominant segment outpacing the market expansion and growth of positive displacement pumps. The centrifugal pump segment was estimated to account for a major market value share of more than 90% in 2016 and is expected to gain more than 20 BPS over the forecast period.
The centrifugal pump segment is expected to create incremental $ opportunity of more than US$ 3,000 Mn between 2016 and 2024. The segment is expected to reach a market value of more than US$ 12,000 Mn by the end of 2024 expanding at a CAGR of 4.0%.
FREE Report Sample is Available
In-depth report coverage is now just a few seconds away
Get FREE Report Sample
There has been an increasing adoption of micro disc pumping and variable frequency drive technology for centrifugal pumps. Micro disc pumping technology enables manufacturers to create small-sized and energy efficient centrifugal pumps.
With ongoing trends such as size reduction, portability, and variable frequency drive operation, demand for small, silent, energy-efficient, and high performance centrifugal pumps is fast gaining traction. Increasing energy costs and growing environmental awareness among end users is expected to drive demand for energy-efficient and cost-effective centrifugal pumps over the forecast period.
Depreciating pump efficiency coupled with increasing overhead costs are the key issues for end use industries that rely on centrifugal pumps. Energy-efficient centrifugal pumps reduce annual energy costs and in turn create a positive impact on the environment.
Most of the centrifugal pump manufacturers are focusing on optimization of centrifugal pumping systems and increasing production speed. Moreover, rising demand for effective industrial infrastructure, including that for energy and water in developing regions and retrofitting, upgrades and replacement of ageing components in developed regions is anticipated to drive the growth of the centrifugal pumps segment over the forecast period.
Centrifugal pumps have been witnessing a higher demand from process industries with growing output, especially in the chemicals, pulp and food and beverage industries. Moreover, rising demand for energy-efficient manufacturing operations in developed nations is in turn expected to increase expenditure in new pumping equipment, ultimately driving the demand for centrifugal pumps.
Make This Report Your Own
Take Advantage of Intelligence Tailored to your Business Objective
Get a Customized VersionThe presence of a large number of Chinese players offering low-priced water pumps acts as a restraint to most North and Latin America players offering centrifugal pumps. The emergence of China as a major producer of low-cost water pumps has disrupted the market to a certain extent. To overcome this challenge, international pump vendors are differentiating their products through various additional services and integration of advanced technologies.
The slowdown in capital expenditure across industrial sectors is another factor that is acting as a restraint for the growth of the centrifugal pumps segment. This is due to recessive economic performance across industrial sectors where the supply-to-demand ratio is at a higher rate, thereby prompting the industries to curb their output production and stall their upcoming expansion / capacity enhancement plans.
In North America, the centrifugal pumps market is likely to create total incremental $ opportunity of more than US$ 2,000 Mn between 2016 and 2024, expanding at a CAGR of 4.0%. North America was estimated to hold more than 80% value share of the North & Latin America centrifugal pumps market by the end of 2016.
The Latin America regional centrifugal pumps market is anticipated to record total incremental $ opportunity of more than US$ 600 Mn between 2016 and 2024, expanding at a CAGR of 4.0%. The growth in mining operations and macroeconomic growth of overall industrial and infrastructure sectors are projected to be the major driving factors boosting the development of the centrifugal pump market in Latin America.
Browse North America & Latin America’s Water Pump Market Report Press Release
Sales Team
Client Partner
|
By Product Type |
|
|
By Application |
|
|
By Countries |
|
|
By Type |
|
Company Profiles (Details – Overview, Financials, Strategy, Recent Developments, Market Share Analysis)
Major Players
