The global vertical multistage centrifugal pump market size was USD 4555.8 million in 2022 and market is projected to touch USD 6101.91 million by 2031, exhibiting a CAGR of 3.3% during Forecast Period.
The vertical multistage centrifugal pumps market is primarily driven by the growth of various end-use industries like power generation, oil & gas, and pharmaceuticals globally. Growing electricity demand from both residential and industrial sectors is augmenting the demand for new power plants worldwide. Deep Well Submersible Pump
According to the International Energy Agency, global electricity demand is expected to grow by 2.1% annually till 2040. Furthermore, rising oil & gas production activities to meet the surging energy needs will also contribute to the pumps market expansion during the forecast period.
Ease of operation, maintenance and parts replacement of vertical pumps compared to other types is another factor fueling their adoption across various industries.
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Driver: Growing power generation and energy needs is driving demand for vertical multistage centrifugal pumps
The demand for power generation is increasing significantly across the world to fulfill the rising energy requirement. Various power generation methods such as thermal, hydroelectric, wind and solar require efficient pumping systems to transfer water, oil or other liquids.
Vertical multistage centrifugal pumps are ideal for such applications due to their ability to efficiently pump liquids to greater heights in one single unit. They help reduce infrastructure and operational costs for power plants.
Moreover, growing industrialization and infrastructural development is also fueling the need for abundant and reliable energy supply which in turn is driving the sales of vertical multistage centrifugal pumps.
Driver: Increasing investments in water and wastewater treatment plants creating opportunities for pump manufacturers
With growing global population, demand for clean water is rising steadily. Several countries and municipalities are undertaking large investment programs to develop water supply networks and wastewater treatment facilities.
Efficient and hassle-free pumps are imperative for the functioning of these plants. Vertical multistage centrifugal pumps have emerged as the pump of choice for water and wastewater treatment owing to their hydraulic design offering multiple pressure stages within a single casing.
This makes them suitable for applications requiring transfer of liquids to significant heights. Rising global focus on sustainable water management through increased investments in water treatment infrastructure is fueling the vertical multistage centrifugal pump market.
Major players in the vertical multistage centrifugal pumps market are Pentair Water Groups, Grundfos, C.R.I. Pumps Private Limited, Crane Engineering, Carver Pump Company, Oswal Pumps Limited, National Oilwell Varco., Desmi, Dab Pumps Spa P.I., Baiyun, Shakti Pumps (I), Xylem, Inc., Kolmeks Oy, and Lenntech B.V.
This Report lets you identify the opportunities in Vertical Multistage Centrifugal Pump Market by means of a region:
⦿ North America (the United States, Canada, and Mexico) ⦿ Europe (Germany, UK, France, Italy, Russia and Turkey, etc.) ⦿ Asia-Pacific (China, Japan, Korea, India, Australia, and Southeast Asia (Indonesia, Thailand, Philippines, Malaysia, and Vietnam)) ⦿ South America (Brazil etc.) ⦿ The Middle East and Africa (North Africa and GCC Countries)
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Opportunity: Growing popularity of circulating pumps for HVAC and boiler applications
Heating, ventilation and air conditioning systems along with industrial boiler operations require efficient circulating pumps for fluid transfer applications. Rising installations of district heating networks, central chilled water plants, commercial buildings with advanced HVAC systems and power plants are opening up new opportunities for circulating pump manufacturers.
Vertical multistage centrifugal pumps have gained immense popularity in such applications owing to their unique hydraulic design permitting multi-stage pressurizing of fluids within a compact casing. This allows for higher flow rates and pressures to be achieved with lower energy consumption compared to other pump types normally used in HVAC and boiler plant circulating duties.
The market potential for these pumps in HVAC and industrial boiler segments is expected to experience significant gains going forward.
Trend: Emergence of smart centrigual pump technologies with IIoT connectivity
To enhance operational efficiency and equipment performance monitoring, manufacturers are increasingly focusing on development of smart centrifugal pump technologies integrated with industrial internet of things (IIoT). This allows collecting pump performance data that can be analyzed for predictive maintenance and troubleshooting.
Key players are offering vertical multistage centrifugal pumps equipped with sensors for monitoring pump parameters such as flow rate, pressure, temperatures and vibrations in real-time. Cloud-based analytics of the data helps optimize process efficiency.
The integration of IIoT capabilities is emerging as a prominent trend in the vertical multistage centrifugal pump landscape. This will support improved asset and life cycle management for pump owners.
Key questions answered in the report include:
ᗒ How Vertical Multistage Centrifugal Pump Market industry market will boom in 2024?
ᗒ which are prominent key players will be growing the market?
ᗒ Which enterprise size accounted for the largest data center colocation market share?
ᗒ What is the Compound Annual Growth Rate(CAGR) of the market during the forecast period (2024-2031)?
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