CHICAGO -- According to the new market research report "Centrifugal Pump Market by Type (overhung impeller, vertically suspended, between bearing), operation type (electric, hydraulic, air driven), stage (single stage, multistage), end user (industrial, commercial, residential), Region-Global Forecast to 2026," published by MarketsandMarkets, the global centrifugal pump market is projected to grow at a CAGR of 5.9%, to reach a size of USD $48.8 billion by 2026, from an estimated USD $36.6 billion in 2021. Intensified demand for water and wastewater management in developed countries and rising investments in the construction industry due to rapid urbanization are the key factors driving the growth of the centrifugal pumps market. Likewise, the upgradation of aging and construction of new water and wastewater treatment facilities and adoption of solar-powered centrifugal pumps are expected to offer lucrative opportunities for the centrifugal pump market during the forecast period.
By stage, the single stage segment is expected to be the fastest growing segment of the centrifugal pump market during the forecast period.
The single stage pump segment is expected to exhibit the highest CAGR in the centrifugal pump market, by stage, between 2020 and 2026. These pumps are widely used in the industrial sector as they can handle large flow volumes of fluids. Increased investments in infrastructure and solar power plants and the growing household sector in developing countries are the key factors driving the fast growth of the single stage segment of the centrifugal pump market.
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By type, the overhung impeller segment is expected to dominate the centrifugal pump market during the forecast period.
The overhung impeller segment of the centrifugal pumps market held the largest market size in 2020, and the trend is expected to continue during the forecast period. Overhung impeller pumps are primarily used for water supply systems. These pumps are generally single-stage pumps and require less floor space owing to their compact designs. Overhung-impeller centrifugal pumps are manufactured in different configurations with pump sizes ranging from small industrial 25 mm end-suction designs to large API 610- compliant pumps. As a result, various industries, power plants, as well as residential and commercial buildings utilize these pumps for their water supply needs. The sustained growth of the industrial and commercial sector, hence, is expected to drive the growth of this segment during the forecast period.
By end user, the commercial and residential segment is projected to be the fastest growing segment in the centrifugal pump market during the forecast period.
The commercial and residential segment of the centrifugal pump market, by end user, is estimated to grow at the highest CAGR during the forecast period. The demand for centrifugal pumps in the commercial and residential sectors is swelling at a high rate owing to their high efficiency and low power consumption. The commercial and residential end users primarily utilize these pumps for building services, construction dewatering, and HVAC applications. Also, there are rising concerns regarding proper sanitation, as well as the effective treatment of wastewater and the development of irrigation facilities. Furthermore, developing regions like Asia Pacific have a high demand for centrifugal pumps used in domestic applications like heating, ventilation, and air-conditioning. These factors are expected to further lead to the fastest growth of this segment.
Asia Pacific is expected to be the largest and fastest-growing market during the forecast period.
In this report, the centrifugal pump market has been analyzed for six regions, namely, Asia Pacific, Europe, North America, South America, Middle East, and Africa. By country, the Asia Pacific region, has further been segmented into China, Japan, India, South Korea, Bangladesh, and Rest of Asia Pacific. The scope of the rest of Asia Pacific region includes countries like Thailand, Australia, and Singapore. The dominant applications for centrifugal pumps in the region include water & wastewater treatment, commercial & residential complexes, and the agricultural sector. The tremendous population of the region leads to a high demand for food, leading to the growth of the agricultural sector. The sector is also compelled to improve yields with limited available resources and focus more on protecting crops from unexpected climatic changes. Furthermore, rapid industrialization and infrastructural developments in the region also offer growth opportunities for the Asia Pacific centrifugal pump market.
