Centrifugal Pump Market Report 2024

This Centrifugal Pump market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The centrifugal pump market size has grown strongly in recent years. It will grow from $38.64 billion in 2023 to $40.85 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth during the historic period can be attributed to increased demand in agriculture, the growing adoption of solar-water pumps, heightened food production needs, expanding residential and commercial infrastructure, and a growing aging population.

The centrifugal pump market size is expected to see strong growth in the next few years. It will grow to $51.83 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to the rising use of single-stage centrifugal pumps, increased demand for freshwater, growing interest in electric variants, higher expenditures on construction, and increased oil and gas production. Key trends during this period include technological advancements, the adoption of solar-based centrifugal pumps, the implementation of modern technologies, the development of advanced technologies, and the creation of energy-efficient centrifugal pumps.

The growth of the agriculture sector is projected to drive the expansion of the centrifugal pumps market. This sector includes the production, processing, and distribution of crops, livestock, and other agricultural products. The expansion is driven by shifts in dietary habits, heightened awareness of environmental concerns, and increased investments in agricultural research, development, and infrastructure. Centrifugal pumps play a crucial role in enhancing agricultural efficiency and productivity by providing reliable solutions for water management, irrigation, and related activities. For example, the Department for Environment Food & Rural Affairs, a UK-based government agency, reported in February 2024 that the average farm business income (FBI) across all UK farms rose significantly from $50,461 (£46,500) in 2020/21 to $78,133 (£72,000) in 2021/22. This growth in the agriculture sector is consequently boosting the centrifugal pumps market.

Key players in the centrifugal pump market are focusing on developing innovative products such as magnetic drive (mag-drive) pumps to improve efficiency, reduce maintenance, and enhance safety by eliminating the need for shaft seals. Magnetic drive pumps, or mag-drive pumps, are designed to avoid traditional shaft seals, cutting down on maintenance costs and preventing leaks of hazardous fluids. For example, in February 2024, DESMI, a Denmark-based industrial pump manufacturer, introduced its mag-drive centrifugal pumps for handling corrosive and volatile fluids. These pumps feature a hermetically sealed design and an efficient magnetic coupling system, ensuring reliable and safe operation in challenging conditions. This technology improves operational safety and efficiency, meeting the needs of industries with stringent fluid handling requirements, such as chemical processing and pharmaceuticals.

In March 2023, KSB, a German company specializing in pump manufacturing, acquired Bharat Pumps for an undisclosed amount. This acquisition is intended to bolster Bharat Pumps and Compressors' pump business in India. The strategic move enables KSB to gain full ownership of the technology behind a range of pump products, including reciprocating and centrifugal pumps. Bharat Pumps, based in India, is known for producing various types of pumps, with a focus on reciprocating and centrifugal models.

Major companies operating in the centrifugal pump market are General Electric Company, Dover Corporation, Schlumberger Ltd., Baker Hughes Co., Ingersoll Rand Inc., WEG S.A., Alfa Laval AB, Ebara Corporation, Grundfos Holding A/S, Pentair plc, Flowserve Corporation, Sulzer Brothers Ltd., ITT Inc., Weir Group plc, Gardner Denver LLC, CIRCOR International Inc., Ruhrpumpen Group, DESMI A/S, Shakti Pump Ltd., HERMETIC-Pumpen GmbH, Klaus Union GmbH & Co. KG, CP Pumpen AG, HOMA Pumpenfabrik GmbH, The PROLAC HCP Pump, Mody Pumps Inc., PSP Pumps Pvt. Ltd.

Asia-Pacific was the largest region in the centrifugal pump market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the centrifugal pump market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the centrifugal pump market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A centrifugal pump is a mechanical device that moves fluids by converting rotational kinetic energy from an electric motor or engine into hydrodynamic energy. It utilizes a rotating impeller to generate liquid flow through the pump. Centrifugal pumps are extensively used across various industries, including water and wastewater treatment, chemical processing, and oil and gas, and are valued for their efficiency, reliability, and ability to handle high flow rates.

The primary types of centrifugal pumps include overhung impellers, between bearings, and vertically suspended pumps. Vertically suspended pumps are designed to operate in a vertical position, enabling them to be submerged in water or other fluids. The different stages of centrifugal pumps include single-stage and multistage, with operations such as electrical, air-driven, and hydraulic. These pumps are utilized by various end-users, including industrial, agricultural, and domestic sectors.

The centrifugal pumps market research report is one of a series of new reports that provides centrifugal pumps market statistics, including centrifugal pump industry global market size, regional shares, competitors with a centrifugal pumps market share, detailed centrifugal pumps market segments, market trends, and opportunities, and any further data you may need to thrive in the centrifugal pump industry. This centrifugal pumps market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The centrifugal pump market consists of sales of inline pumps, vertical pumps, submersible pumps, end suction pumps, and horizontal split case pumps. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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