The report covers market changing aspects including drivers, restraints, opportunities, and trends expected to encouragement the expansion of the Centrifugal Pump Market during the said period. The report also provides market attractiveness analysis, by geography, and market share analysis, by key players respectively. Some of the prominent participants in the Global Centrifugal Pump Market are Flowserve Corporation, KSB AG, Sulzer AG, Ebara Corporation, Grundfos Holding A/S, Xylem Inc, ITT Inc., The Weir Group PLC, Wilo SE and Tsurumi Manufacturing Co., Ltd.
Asia Pacific region to dominate the global centrifugal pumps market through 2018-2024
Asia Pacific region held the largest market share in centrifugal pumps market in 2017.China held the largest market share in Asia Pacific Centrifugal pumps market, 2017. There is a Presence of large number of established player and local players in China. Local players in China are capable of producing centrifugal pumps for less than many of their competitors. In addition growth in various end-use industries such as Manufacturing, Industrial, Chemicals, Pharmaceutical, Food Production, waste management and agriculture in Asia pacific region too would augment the market growth. North America and Europe region to grow at steady growth rate throughout the forecast period.
Growth in Infrastructure and rapid urbanisation to drive the Centrifugal pumps market
There is a steady growth in infrastructure over the globe in segments such as roads, highways, ports, railways and power that creates a demand for the centrifugal pumps. Also with increase in urbanisation there would be profound focus on water conservation and waste water management. Also, scarcity of water has also given rise to waste water management, which has led, municipalities and industrial units across cities to install wastewater treatment facilities.
Furthermore, centrifugal pumps are used to plant water for agricultural crops, with increase in agricultural automation activities the demand for centrifugal pumps would increase gradually.
Revival of oil and gas industry and development of energy efficient pumps to create growth opportunities
Due to decline in oil prices, upstream activities in oil and gas industries were reduced, as companies were operating on low margins and were not in a position to do CAPEX activities. With the gradual increase in oil prices, a revival in oil and gas industry could be expected which in turn can increase the demand for the centrifugal pumps, due to its wide use in upstream activities. Also, introduction of new energy efficient pumps could create a demand for this pumps, as most of industries look forward to reduce their electricity consumption that helps in cost reduction.
Strong focus on organic growth development
Prominent companies in the manufacturing of centrifugal pumps include Flowserve Corporation, KSB AG, Sulzer AG, Ebara Corporation, Grundfos Holding A/S, Xylem Inc., ITT Inc., The Weir Group PLC, Wilo SE and Tsurumi Manufacturing Co., Ltd. Most of these manufacturers spend only 2% of their total turnover on R&D of new technologies and pump types. Also, these participants are focusing on developing energy efficient pumps. Similarly, these pumps are likely to attract the attention of commercial and residential end users that wish to reduce their operational costs.