The Centrifugal Pump Market is estimated to be valued at US$ 42,578.04 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Centrifugal pumps are mechanical devices that transfer liquids through the use of continuous power. They are used to move or transfer water, sewage, slurries, and a variety of chemical and petrochemical liquids. Centrifugal pumps have wide applications in industries such as oil & gas, chemicals, construction, mining, food & beverages, wastewater treatment, and others. Their advantages include simple design, easy construction and maintenance, high mechanical efficiency, and ability to handle viscous and dirty liquids.
Market key trends:
One of the key trends driving the growth of the centrifugal pump market is the rising industrialization and increasing commercial activities globally. According to the World Bank, industrial value added increased from US$ 11,476.59 billion in 2010 to US$ 21,309.36 billion in 2020. The expansion of industries such as chemicals, oil & gas, pharmaceuticals, food processing, and others is increasing the demand for centrifugal pumps for various process requirements such as transferring, pumping, and transporting liquids. Additionally, increasing construction activities aimed at infrastructure development including residential and commercial spaces are also spurring the adoption of centrifugal pumps for dewatering and sewage management applications. Development of smart pump systems integrated with IoT technology is another trend gaining traction in the market. These pumps equipped with sensors enable remote monitoring and predictive maintenance, thereby improving operational efficiency.
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