The centrifugal pump market is anticipated to witness significant growth throughout the forecast period. Centrifugal pumps are extensively used for pumping water, solvents, oil, acids, and any other liquid for industrial, agricultural, and domestic purposes.
They are used in food, beverage, and chemical processing industry. They have a simple design and prove to be a low-cost solution for various pumping processes. Radial and axial are two main types of centrifugal pumps. Radial pumps create an outward motion of liquid, whereas axial pumps generate fluid motion with the help of a lifting effect created by impeller vanes. Centrifugal pumps possess properties such as energy efficiency, delivery of smooth flow and reliability. They are also corrosion resistant and have a low maintenance cost. Major players in the industry are focusing on development of cost-effective and durable pumps to sustain competition in the centrifugal pump market.
Description
Centrifugal pumps are mechanical devices, which operate by transferring rotational energy from one or more driven rotors, called impellers. Impellers have a series of curved vanes that are typically sandwiched between two discs. The action of the impellers increases the velocity and pressure of the fluids. The pump casing is designed to constrict the fluid from the pump inlet and direct it into the impeller, and controlling the fluid flow prior to discharge. The simple design reduces the number of working parts in the centrifugal pumps, which makes them easy to operate.
COVID-19 Impact analysis
- The COVID-19 pandemic halted the production in the centrifugal pump industry, due to global lockdown. This has hampered the growth of the market in the last few months and is likely to continue in 2021.
- Due to the steep decline in manufacturing activities, COVID-19 has already affected the sales of centrifugal pumps since the second quarter of 2020, and it is anticipated to cause a negative impact on the market in the first half of 2021.
- The major demand for centrifugal pumps was previously noticed in giant manufacturing countries including the U.S., Germany, Italy, UK, India, and China, which are negatively affected by the spread of the coronavirus, thereby declining the demand for centrifugal pumps.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on their cash reserves. Centrifugal pump manufacturers can afford declining sales only for a few months, after which the players have to modify their investment strategies. For instance, various players in the market halted their production activities for several weeks to reduce their expenses. On the contrary, few players adopted employee lay-offs to sustain themselves during the COVID-19 health crisis
- With the increasing number of vaccinations and leniency in restrictions laid by the government, the manufacturing industry has shown signs of recovery, which is a positive factory for the centrifugal pump market.
Top Impacting Factors
Increase in global population has fueled the demand for food and beverage products, thereby increasing the number of processing facilities. Rise in number of food, beverage, and other processing facilities drove the industrial demand for centrifugal pumps as fluids are extensively used in manufacturing of food and beverage products. Rise in number of buildings increased the number of wastewater treatment and water pumping facilities, thereby increasing the use of centrifugal pumps. Furthermore, the availability of centrifugal pumps in various sizes and capacities increased its usability in various applications. The efficiency of centrifugal pumps significantly decreases when pumping high viscosity fluids, so centrifugal pumps are best suited for low pressure, high-capacity pumping applications, which is a major restraint on the growth of centrifugal pump market. According to the UN Water, global water consumption is projected to increase by 1% annually until 2050, increasing the number of water and sewage treatment plants and providing favorable growth opportunities for the centrifugal pump market.
Market Trends
- For major industry players, new products for drainage purposes are launched... For example, in April 2021, Atlas Copco announced more than 30 new heavy-duty and heavy-duty pumps. The new pump can handle up to 1,400 cubic meters of flow per hour.
- Centrifugal pump manufacturers are focusing on expanding its range of pumps for water supply applications. In March 2019, Well Pump, which is a brand of Wilo received NSF61 and NSF372 certification for its entire range of stainless-steel centrifugal pumps.
- Baker Hughes Company, offers the BB5 DDHF range of multistage centrifugal pumps, which can operate in high temperature and pressure conditions and have a low net positive head. The BB5 DDHF range of multistage centrifugal pumps can be used in the oil refining and seawater treatment industries.
Key Benefits of the Report
- This study presents the analytical depiction of the centrifugal pumps industry along with the current trends and future estimations to determine the future investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the centrifugal pumps market share.
- A quantitative analysis highlights the centrifugal pumps market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed centrifugal pumps market analysis based on competitive intensity and how the competition will take shape in coming years.
Centrifugal Pumps Machines Market Report Highlights
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