Market Research Report
Centrifugal Pump Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
|Published by||IMARC Services Private Limited||Product code||945285|
|Published||Content info||105 Pages
Delivery time: 2-3 business days
|Centrifugal Pump Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025|
|Published: June 18, 2020||Content info: 105 Pages||
The global centrifugal pump market grew at a CAGR of around 4% during 2014-2019. A centrifugal pump is a mechanical device that is designed to increase the pressure of fluids during transportation. It converts the rotational kinetic energy to hydrodynamic energy, which is used for accelerating fluids, such as chemicals, water, wastewater, sludge treatment liquids, bleaches, oil and resins. The fluid enters the pump impeller, which is placed near the rotating axis and is accelerated and moved radially into a diffuser, from where it exits. Some of the common types of centrifugal pumps include single-stage, multi-stage, axial, submersible, circular flow and mixed flow pumps. These pumps offer steady delivery, convenience for operation, vertical or horizontal mounting, high-speed movements and minimal maintenance requirements.
Rapid industrialization, along with increasing product demand from the wastewater treatment sector, is among the key factors driving the growth of the market. Furthermore, the growing need to replace existing industrial pumps in the pharmaceutical and food and beverage industries is also providing a boost to the market growth. In line with this, there is widespread product adoption in the oil and gas industry for conducting exploratory activities in offshore and deep-water fields across the globe. Additionally, various technological advancements, such as the development of 3D printed impellers and the utilization of modeling software, is acting as another growth-inducing factor. These advancements aid in enhancing the performance of the pumps, minimizing production costs and delivering a higher flow rate and outlet pressure. Other factors, including the growing demand for energy-efficient centrifugal pumps and increasing investments for desalination in industrial plants, are projected to drive the market further. Looking forward, IMARC Group expects the global centrifugal pump market to exhibit stable growth during the next five years.