Global Centrifugal Pump Market 2020 Industry research report provides an In-Depth analysis that includes an executive summary, definition, and scope of the market.
Centrifugal Pump Market Research Report – Global Forecast till 2023
Centrifugal Pump is a type of pump that uses impeller to move water or other fluids. These pumps are used to induce flow by increasing the pressure of the fluid. The centrifugal pump is commonly used in industries such as water & wastewater, power, chemical, oil & gas, and others. Advantages of centrifugal pump includes easy to handle, compact in size, and can be used to lift highly viscous liquid such as paper pulp, muddy and sewage water, sugar molasses, and oil.
The global centrifugal pumps market began to expand its worth and valuation since 2017, after some instability which was witnessed in the past few years due to the downturn in the oil & gas upstream sector mainly. However, continuous increase in expenditure in the market resulted to be positive on account of increasing crude oil price and an increase in activity, especially in North America.
By this development, the long-term outlook of the centrifugal pumps market is predicted to remain positive with the market value on the track to register at a CAGR of 4.01% by the year 2022. Market Research Future delivers key insights and presents a revised forecast of the global centrifugal pump market in its latest report.
Also Read: http://www.marketwatch.com/story/centrifugal-pump-market-2020-current-trends-industry-growth-analysis-covid-19-impact-segmentation-size-share-key-development-and-forecast-to-2023-2020-08-20
Global Centrifugal Pumps Market Segmental Analysis
In the reports of MRFR, the market for centrifugal pumps market includes some important segmentation. These segmentations have been done by type, by stage, by end-user, and by region.
By mode of type, the market is classified into overhung impeller, vertically suspended, and between bearing. Of these, vertically suspended is expected to be the leader in the market flow during the forecasted year. The leading factors owes to advantages driven by vertically suspended segment is as it is used in 75% less floor space compared to horizontal pumps with electric motor drives. Therefore, there has an increase in the demand for multistage pumps in commercial buildings, petroleum, oil & gas, and industrial process services, which are increasing the value of the market for vertically suspended centrifugal pumps.
By the mode of end-user, the market includes segments of water & wastewater, oil & gas, chemical, power, and others. The water & wastewater segment is estimated to capture the highest growth rate in the market drawn in the years to come.
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The key players of global centrifugal pump market are Xylem (US), Grundfos (Denmark), Flowserve (US), KSB (Germany), Circor International (US), Sulzer (Switzerland), ITT Corporation (US), Wilo (Germany), Ebara Corporation (Japan), Pentair (US), Someflu (France), Baker Hughes, A GE Company (US), and Weir (UK).
Region wise, North America held the largest market share of the global Centrifugal Pump market in 2017. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to the rising investment infrastructure development. Moreover, he increased demand from the water and wastewater sector, moderate demand from constructions sector, rising urbanization, and supportive government plans are expected to drive the market for centrifugal pumps in Asia Pacific region. The pumps market would be mainly driven by the growing need for water conservation in the countries such as US and Canada.
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