Water and Wastewater Treatment Demand Fuels Centrifugal Pump Market
The global centrifugal pump market achieved a valuation of over US $35 billion in 2021 and is projected to maintain robust growth. Stringent regulations in the water treatment and purification sector, aimed at addressing environmental concerns, are expected to remain the primary growth catalyst for the market. The increasing adoption of centrifugal pumps in water and wastewater treatment applications, driven by their capability to handle large volume pumping, is set to drive market expansion.
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Growing Need for Water and Wastewater Treatment Plants
As the world grapples with water scarcity and rising water demand, wastewater treatment plants are poised for significant expansion. Projections indicate that nearly half of the global population will inhabit water-stressed areas by the end of 2026, according to the World Health Organization (WHO). Given this scenario, centrifugal pumps are well-suited for water and wastewater treatment, playing a crucial role in meeting growing water requirements. Laws governing water regulations, like the Clean Water Act (CWA) and Safe Drinking Water Act (SDWA), are driving the development of water treatment facilities to ensure water quality standards are met. These factors combined with the need for water across various industries are expected to contribute to the growth of the centrifugal pump market.
Infrastructure Development and Construction Drive Adoption
The focus on infrastructure development and rising construction activities, driven by population growth, is anticipated to fuel demand for centrifugal pumps. Investment in renovation projects and smart city initiatives is also on the rise. Centrifugal pumps find application in the construction sector due to their energy-efficient solutions for water supply, HVAC equipment requirements, and pressure-related challenges. Their role in addressing low pressure and energy efficiency positions them as key assets in construction activities. The increasing urbanization and smart city initiatives are expected to further boost the centrifugal pump market.
Multi-stage Pumps Lead the Market
Multi-stage pumps are projected to be a dominant segment in the centrifugal pump market, accounting for a significant share. Their operational efficiency, reduced internal friction losses, ease of installation, and cost-effectiveness contribute to their popularity. These pumps offer energy efficiency benefits due to their smaller impeller diameters and tighter impeller clearances. Their application spans irrigation, mining, reverse osmosis, high-pressure cleaning, fuel delivery, and pressurizing water for firefighting. The versatility and benefits of multi-stage pumps are expected to drive their adoption and subsequently market growth.
Asia Pacific Remains the Frontrunner
The Asia Pacific region, particularly developing economies, is poised to continue its dominance in the global centrifugal pump market. The regions rapid industrial infrastructure expansion and favorable business environment attract investments. Robust growth in processing and manufacturing activities further augments the demand for centrifugal pumps. Countries like China and India are expected to contribute significantly, driven by economic growth and increased demand for these pumps. The rise in crude oil consumption, water treatment facilities, and demand for petroleum products fuels the installation of new refineries in the region, further supporting market growth.
Competitive Landscape
Key players in the centrifugal pump market are focusing on collaborations, mergers, alliances, and acquisitions to strengthen their market presence. Notable instances include IDEX Corporations acquisition of Airtech Group Inc. in 2021 and Wilo Groups establishment of a new production facility and headquarters in the US in 2020. Major players in the market include Grundfos, Xylem, KSB Company, Flowrox, Dover Corporation, ITT Corporation, Kirloskar Brothers Limited, Wilo Group, and The Weir Group PLC.
Browse Centrifugal Pump Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: https://www.fairfieldmarketresearch.com/report/centrifugal-pump-market
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