June 17, 2024 12:21 ET | Source: Dimension Market Research Dimension Market Research
New York, June 17, 2024 (GLOBE NEWSWIRE) -- Overview Petrochemical Flow Pump
The Global Centrifugal Pump Market is expected to reach USD 55,035.6 million in 2024, with a CAGR of 3.8% from 2024 to 2033.
The global need for centrifugal pumps is pushed by the infrastructural development, production sector growth, and extensive investments in agriculture. These pumps are crucial for diverse sectors, together with agriculture, enterprise, and oil & gas. These pumps are essential for a variety of industries including agriculture, industry, and oil and gas, offering benefits such as smooth flow and low maintenance Technological advances, such as 3D printed impellers, improve productivity and efficiency.
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Additionally, initiatives under SDG 6 related to water quality and enhanced R&D related to environmentally friendly technologies, exemplified by the Sulzer A-RO pumps are driving the market growth.
Centrifugal Pump Market: Competitive Landscape
Centrifugal pump manufacturers employ strategies like mergers, acquisitions, joint ventures, new product development, and geographical expansions to enhance market presence. For example, Xylem, Inc. opened a global pump production facility in Egypt to produce Split-Case Centrifugal and End-Suction pumps for irrigation, and HVAC, & expand its industrial influence. This flow permits Xylem to higher serve customers and meet evolving marketplace demands at the same time as leveraging regional growth possibilities.
Some of the prominent market players:
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The single-stage centrifugal pump segment dominates due to its consistent operation, low-pressure needs, and high flow rate, making it ideal for slurry, sewage, and industrial pumping. It offers high reliability and low maintenance costs. The multi-stage segment is expected to grow significantly by 2032, driven by optimal energy use, ease of installation, and suitability for diverse applications like irrigation and firefighting.
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The Asia Pacific region is projected to lead the global centrifugal pump market with a 48.9% share in 2024, driven by a growing population and favorable financial conditions. North America is set for substantial growth from 2024-2033 due to technological advancements and increased R&D. Europe’s growth is fueled by stringent water treatment policies and industrial automation. In Latin America, abundant gas and oil reserves and infrastructure expansions drive demand for centrifugal pumps.
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Recent Developments in the Centrifugal Pump Market
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