| Source: Vantage Market Research Vantage Market Research
WASHINGTON, Sept. 09, 2022 (GLOBE NEWSWIRE) — The expansion of the manufacturing sector and the quickening development of residential and commercial infrastructure will fuel the growth of the worldwide Centrifugal Pump Market. The increase in investment in the construction sector, which sped up urbanization, is blamed for the growth. The market’s expansion is to blame for the high demand for these types of pumps in the agricultural industry.
The industrial forecast would also be impacted by the rising demand for hydrocarbons to meet diverse power generation needs. One of the most frequently utilized types of pumps, Centrifugal Pump Markets, is employed in a wide variety of applications. It is interconnected with numerous industry verticals to effectively transfer liquids in bulk volumes and provide fluids with the best dynamic head and flow rates. The Global Market revenue was valued at USD 36.1 Billion in 2021.
The Global Centrifugal Pump Market size is forecast to reach USD 49.7 Billion by 2028 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 5.5% during the forecast period; states Vantage Market Research, in a report, titled “Centrifugal Pump Market Size, Share & Trends Analysis Report by Operation Type (Electrical, Hydraulic, Air Driven), by Type (Overhung Impeller, Vertically Suspended, Between Bearing), by Stage (Single Stage, Multistage), by End Users (Industrial, Commercial & Residential), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
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Key Industry Findings & Insights from the report:
List of Prominent Players in Centrifugal Pump Market:
Extensive Application across a Wide Range of Industries and Increasing Construction Activities in Residential and Commercial Spaces
Centrifugal units have been driven by the ongoing need to increase pressure and deliver water to execute various activities in a variety of verticals, including food and beverage, maritime, metal manufacturing, chemicals, and many more. Viscosity, temperature, specific gravity, pressure, density, and vapor pressure of the working fluid are only a few variables that affect how these goods can be used in various capacities and sizes.
Over time, there has been a noticeable growth in the construction of new homes and businesses. In addition, various governmental and private organizations are investing much money in emerging and developed countries to renovate existing buildings and build new ones. These types of pumps help provide energy-efficient solutions to meet water transfer and HVAC (Heating, Ventilation, and Air-conditioning) needs in buildings and deal with fluctuating or low-pressure issues.
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Growing Integration of Innovative Technologies to Efficiently Operate Product
A Centrifugal Pump Market is prone to pump different fluids having several contaminants that may impede the system’s productivity. Therefore, maintaining the pumps’ working conditions is essential to extending product life and overall efficiency. The ability to remotely diagnose problem conditions has been successfully shown by numerous industry participants using cutting-edge technologies, including network-based monitoring, the Internet of Things (IoT), and many others. For instance, at the international trade show ACHEMA, which was hosted in Germany, KSB displayed their new “KSB guard” platform to monitor pump systems utilizing network sensors. The ground-breaking innovation seeks to equip the pumps with temperature and vibration sensors to identify alterations in operating behavior for improved retrofitting and maintenance.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide and the Global Centrifugal Pump Market is not an exception. Governments across the world implemented several measures like strict lockdown to ensure social distancing norms to restrict the swift spread of the pandemic. The Centrifugal Pump Market suffered as the manufacturing units around the world were forced to shut down during the initial stages of the pandemic. Small and medium-scale companies which are the backbone technology providers to the Centrifugal Pump Market industry were directly affected due to the epidemic. Furthermore, the rollout for the Centrifugal Pump Market industry too is taken into consideration as the aftereffects of the pandemic are gradually coming down since the beginning of 2022.
The situation is seen to improve in the second half of 2022 as more supplies resume normal. Vantage Market Research, while performing the analysis study for the Global Centrifugal Pump Market has considered the impact of COVID-19 on the Centrifugal Pump Market globally and the subsidiaries for the Centrifugal Pump Market industry. In addition, the demand and supply chain is considered while estimating the current and forecast market size for the Global Centrifugal Pump Market industry for all the regions and countries based on the following data points:
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The report on Centrifugal Pump Market highlights:
Asia Pacific is expected to dominate the growth of Centrifugal Pump Market in 2021.A multifold expansion in manufacturing and processing industries will complement the region’s outlook, which will accompany a rapidly rising energy demand. China, India, Japan, Australia, and Southeast Asian nations are major players in the region.
Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on “Centrifugal Pump Market Size, Share & Trends Analysis Report by Operation Type (Electrical, Hydraulic, Air Driven), by Type (Overhung Impeller, Vertically Suspended, Between Bearing), by Stage (Single Stage, Multistage), by End Users (Industrial, Commercial & Residential), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)“.
In May 2020: Wilo expanded its presence with the establishment of a new headquarter and production facility in Cedarburg, Wisconsin, US. The new headquarters will bring the combined operations of Wilo USA, Weil Pump, Scot Pump, and Wilo Machine Co. to a single production site.
In April 2020: Pleuger expanded its presence in Singapore to strengthen its footprint in the Asian market.
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